Claims for Jobless Benefits Drop

According to the Department of Labor, the number of Americans filing new claims for unemployment benefits declined last week, a sign the labor market’s slow recovery was gaining traction. Initial claims for state unemployment benefits fell by 9,000 to a seasonally adjusted 363,000. The four-week moving average, which smoothes out volatility, dropped by 1,500 to a 367,250. Economists generally think a reading below 400,000 points to an increase in employment.

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