President Barack Obama looks at the menu as he orders his lunch before holding a round table discussion with local small business owners at Grand Central Bakery in Seattle, Washington, Aug. 17, 2010.

US  first-time weekly jobless benefit claims rose to the highest level in 9 months last week.

The US Department of Labor reported today that in the week ending Aug. 14th, the advance figure for seasonally adjusted initial claims was 500,000, an increase of 12,000 from the previous week's revised figure of 488,000. The 4-week moving average was 482,500, an increase of 8,000 from the previous week's revised average of 474,500.

The advance number for continuing claims during the week ending Aug. 7 was 4,478,000, a decrease of 13,000 from the preceding week's revised level of 4,491,000. The 4-week moving average was 4,526,750, a decrease of 1,500 from the preceding week's revised average of 4,528,250.

David Resler, Nomura Securities commented: "The total count of jobless workers continuing to draw regular state benefits casts a slightly brighter light on the job market. That count fell 13k (in the week ended August 7) and was at the second lowest level since late in 2008 when the downturn was intensifying…To be sure, it is likely that many of those workers exiting the regular state programs are moving to one of the federal extended benefits programs. Data on those jobless workers lag initial claims by two weeks and continuing claims by one week and the latest report provides more evidence that retroactive reinstatement of those programs is generating a flood of claimants over the next several weeks."

The government releases its weekly jobless claims report, with CNBC's Rick Santelli and Jim Iurio, TJM Institutional Services: