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U.S. initial jobless claims drop to lowest level since December 1969

Staff Writer |
The number of Americans filing for unemployment benefits fell to the lowest level since 1969 last week, according to figures from the Labor Department.

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U.S. initial jobless claims dropped by 8,000 to 207,000 from the previous week's level, which was revised up by 1,000. This was the lowest level since 6 December 1969 and beat expectations for an increase to 220,000.

Meanwhile, the four-week moving average declined by 2,750 to 220,500 from the previous week's average, which was revised up by 250.

The four-week average is considered more reliable as it smooths out sharp fluctuations in the more volatile weekly figures, giving a more accurate picture of the health of the labour market.


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