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U.S. Weekly Jobless Claims Drop More Than Expected

A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits dropped more than expected in the week ended May 11th.

The report said initial jobless claims slid to 212,000, a decrease of 16,000 from the previous week's unrevised level of 228,000. Economists had expected jobless claims to dip to 220,000.

On the other hand, the Labor Department said the less volatile four-week moving average climbed to 225,000, an increase of 4,750 from the previous week's unrevised average of 220,250.

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