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U.S. Weekly Jobless Claims Inch Up Less Than Expected To 208,000

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After reporting a much bigger than expected drop in first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report on Thursday showing a modest rebound in initial jobless claims in the week ended September 14th.

The report said initial jobless claims inched up to 208,000, an increase of 2,000 from the previous week's revised level of 206,000.

Economists had expected jobless claims to climb to 213,000 from the 204,000 originally reported for the previous week.

Despite the upward revision, jobless claims in the previous week were at their lowest level since hitting a nearly 50-year low of 193,000 in April.

Meanwhile, the Labor Department said the less volatile four-week moving average edged down to 212,250, a decrease of 750 from the previous week's revised average of 213,000.

The report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also fell by 13,000 to 1.661 million in the week ended September 7th.

The four-week moving average of continuing claim also dipped to 1,677,500, a decrease of 3,750 from the previous week's revised average of 1,681,250.

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