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U.S. Initial Jobless Claims Drop Much More Than Expected

A report released by the Labor Department on Wednesday showed first-time claims for U.S. unemployment benefits slid to their lowest level in over fifty years in the week ended November 20th.

The Labor Department said initial jobless claims tumbled to 199,000, a decrease of 71,000 from the previous week's revised level of 270,000.

Economists had expected jobless claims to edge down to 260,000 from the 268,000 originally reported for the previous week.

With the much bigger than expected decrease, jobless claims fell to their lowest level since hitting 197,000 in November of 1969.

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