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U.S. labor market continues to improve as weekly jobless claims drop more than expected

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(Kitco News) - The U.S. labor market continues to see improvement as fewer workers applied for unemployment insurance last week.

The latest data shows claims at their lowest level since the U.S. economy was devastated by the COVID-19 pandemic.

Thursday the U.S. Labor Department said that weekly jobless claims fell by 40,000 to 751,000, down from the previous week’s revised estimate of 787,000 claims.

Market consensus called for initial claims to be round 773,000.

The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it flattens week-to-week volatility – fell to 787,750, a drop of 24,500 claims from the previous week.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 7.756 million during the week ending Oct. 17, down by 709,000 from the previous week.

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