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U.S. unemployment claims dropped to their lowest level since May last week, indicating strong demand for workers despite recent storms and strikes, Bloomberg reports.
For the week ending Nov. 9, initial jobless claims decreased by 4,000, to 217,000, falling below the median forecast of 220,000 in a Bloomberg survey of economists.
Current jobless claims are below the two-year average, with the four-week moving average of new jobless claims reaching its lowest level since May, according to Labor Department data released Thursday.
Federal Reserve officials cut interest rates last week by a quarter percentage point, partially to maintain a strong labor market. Wednesday’s consumer price data also reveals unwavering inflation pressures.
