Initial claims for unemployment benefits in the U.S. fell in the week of April 25, while continuing claims surged to a new all-time high, the U.S. Department of Labor reported.
Initial claims fell to 631k, against expectations for a flat reading, and following an upward revision of the previous week's 640k figure to 645k.
The four-week moving average for initial claims eased to 637k from 648k in the week prior.
Meanwhile, continuing claims rose to a new high of 6.271 million reported for the reference week April 18, a larger number than the consensus forecast of 6.200 million. The previous week's level of 6.137 million was revised up to 6.138 million.
The four-week moving average for continuing claims rose to 6.076 million, from 5.944 million in the previous week.
By Stephen Huebl
©CEP News Ltd. 2009