MW: Initial jobless claims dip; ongoing claims at record high
First-time claims for state unemployment benefits dipped down in the latest weekly data, while continuing claims reached a record high, the Labor Department reported Thursday. The number of initial claims in the week ending Feb. 7 fell 8,000 to 623,000, a level that is 84% higher than the same period in the prior year. The four-week average of initial claims rose 24,000 to 607,500 -- the highest level since November 1982 and up 76% from the prior year. For the week ending Jan. 31, the number of Americans receiving state jobless benefits rose 11,000 to a record 4.81 million. The four-week moving average of continuing claims also reached a record, rising 73,750 to 4.75 million. The data go back to 1967.
