Initial claims for state unemployment benefits fell 13,000 to 432,000 in the Aug. 16 week, the Labor Department reported Thursday, coming off its recent peak, but up 60,000 from the July 12 employment survey week level.

The four-week moving average rose 7,250 to 445,750 in the Aug. 16 week, the highest level since the Dec. 1, 2001 week, when the four-week average stood at 453,750.

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