Jobless Claims Fall 31K To 639K

New U.S. claims for state unemployment benefits fell last week for only the third time since the start of the year, though they remained at a level consistent with a steep decline in February payrolls.

Initial claims for jobless benefits fell 31,000 to 639,000 after seasonal adjustments in the week ended Feb. 28, the Labor Department said in a weekly report. The previous week, already a 26-year high, was revised to show an even sharper drop of 670,000. Wall Street economists had expected a smaller decline of 12,000 last week, according to a Dow Jones Newswires survey. Jobless claims have nearly doubled in the last year.

The four-week average, which aims to smooth volatility in the data, rose 2,000 to 641,750, the highest since October 1982.