Initial claims dropped more than expected.
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Initial claims drop more than expected
The latest reading on initial jobless claims.
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Claims, fell by 19,000 to 238,000.
Economists had forecast claims would dip to
Initial jobless claims are used as a real-time proxy for the pace of layoffs since people usually file for benefits soon after they lose their jobs.
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The four-week moving average was 243,000, an uptick of 750 from the previous week's unrevised average of 242,250.
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