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US initial jobless claims steadied at 276K last week

FXStreet (Mumbai) - The first time application for the unemployment benefits in the US last week stayed unchanged, but well below the 300 mark indicating a sustained improvement in the labor market.

The initial jobless claims held at 276,000 in the week ended Nov. 7, compared to the expected drop to 270,000. Overall, the number remains around 255,000 reached in mid-July, which was the lowest level since late 1973.

The four-week average of claims, which shows a clearer picture of the labour market strength, climbed to 267,750, the highest since the end of September, from 262,750 in the prior week. Meanwhile, continuing claims rose by 5,000 to 2.174 million in the week ended Oct. 31.

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