MW: Initial jobless claims fall; record ongoing claims
WASHINGTON (MarketWatch) -- The number of first-time claims for state unemployment benefits fell 24,000 to 601,000 in the week ended June 6, the Labor Department reported Thursday. Economists polled by MarketWatch had expected an initial claims level of 620,000. The four-week average of initial claims fell 10,500 to 621,750. In the week ended May 30, continuing claims for benefits reached a new record high, rising 59,000 to 6.82 million from an upwardly revised level in the prior week. Continuing claims have set fresh record highs for 19 consecutive weeks. The four-week average of these continuing claims rose 57,250 to a record 6.75 million. The level of initial claims is up 55% 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 5.1%, the highest rate since December 1982.
