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US weekly jobless claims drop

US weekly jobless claims drop

New claims for US unemployment insurance benefits fell last week, according to official data released Thursday, pointing to continued improvement in the labor market.

Initial jobless claims, a sign of the pace of layoffs, fell to 340,000 in the week ending May 18, down 23,000 from the upwardly revised prior week’s reading, the Labor Department said.

The four-week moving average of claims slipped by 500 to 339,500.

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