Initial claims for unemployment benefits in the U.S. fell back sharply in the week ending April 11, while continuing claims surged to a new all-time high, the U.S. Department of Labor reported.
Initial claims fell to 610k following an upward revision of the previous week's claims to 663k from 654k. Initial claims were forecast to come in at 660k.
The four-week moving average for initial claims eased to 651,000 from 659,500 in the week prior.
Meanwhile, continuing claims rose to their highest level ever and first time above 6 million with 6.022 million claims reported for the reference week April 4, a larger number than the consensus forecast for a rise to 5.893 million. The previous week's level of 5.840 million, the former all-time high, was revised up to 5.850 million.
The four-week moving average for continuing claims rose to 5.796 million, up from 5.650 million in the previous week.