Initial claims for state unemployment declined by 8,000 in the Feb. 7 week to 623,000, the Labor Department reported yesterday.
The decline, though modest, came as a relief after a cumulated 161,000 increase over the previous four weeks of consecutive gains that brought the Jan. 31 level to the highest in more than 26 years.
The Jan. 31 level was revised up to 631,000 from an initially reported level of 626,000, reaching its highest level since Oct. 30, 1982, when it was 637,000.
A Market News International survey had expected the initial claims level to be 610,000 this week, with forecasts ranging from 600,000 to 625,000.
The four-week moving average for initial claims in the Feb. 7 week rose 24,000 to 607,500, the highest level since Nov. 13, 1982, when it was 612,000.
Continuing claims rose 11,000 in the Jan. 31 week, reaching a record high level of 4.810 million. The Labor Department said the largest level in the data series was 4.713 million on Nov. 6, 1982.
— Market News International
