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U.S. Weekly Jobless Claims Drop To 787,000

A report released by the Labor Department on Thursday showed a decrease in first-time claims for U.S. unemployment benefits in the week ended October 17th.

The Labor Department said initial jobless claims fell to 787,000, a decrease of 55,000 from the previous week's revised level of 842,000.

Economists had expected jobless claims to drop to 860,000 from the 898,000 originally reported for the previous week.

Along with the notable downward revision to the previous week's number, the report showed initial jobless claims in the week ended October 3rd were downwardly revised to 767,000 from 845,000.

The Labor Department noted the latest release reflects actual counts for California, which has completed its pause in processing of initial claims and resumed reporting actual unemployment insurance claims data.

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