By Ruth Mantell
WASHINGTON (MarketWatch) -- The number of initial claims for regular state unemployment insurance benefits rose 2,000 to 484,000 in the week ended August 7, reaching the highest level since February, the Labor Department reported Thursday. Economists polled by MarketWatch had expected a level of 463,000. The four-week average of initial claims -- a more accurate gauge of employment trends -- rose 14,250 to 473,500, also the highest level since February. For the prior week, the initial claims level was revised higher to 482,000 from a previous estimate of 479,000. The number of workers who continued to receive state unemployment checks fell by 118,000 to 4.45 million in the week ended July 31. The four-week average of these continuing claims fell 64,500 to 4.52 million. Altogether, about 9.8 million people were collecting some type of unemployment benefit in the week ended July 24, up from about 8.6 million in the prior week. Much of the gain is from resumed payments to beneficiaries following Washington's recent approval of new federal funds for extended benefits.
