WASHINGTON (MarketWatch) -- After reaching new weekly record highs since January, the number of continuing claims for state unemployment benefits has finally declined, decreasing by 15,000 to 6.74 million in the week ended May 23, the Labor Department reported Thursday. However, the four-week average of these claims rose by 88,750 to 6.69 million, a record-high level. First-time applications for benefits fell 4,000 to 621,000 in the week ended May 30, reaching the lowest level since early May. Economists surveyed by MarketWatch had expected an initial claims level of 625,000. The four-week average of these first-time claims rose 4,000 to 631,250. The level of initial claims is up 68% from the same period in the prior year, and the level of ongoing claims is more than double last year's level. The insured unemployment rate - the proportion of insured workers who are collecting benefits - remained at 5%.

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