Weekly Jobless Claims Drop More Than Expected

Claims for unemployment benefits dropped more than expected last week, Reuters reported. The claims dropped 15,000, rounding out the total week's claims to 281,000. Initial claims for state unemployment benefits dropped 15,000, to a seasonally adjusted 281,000 for the week ended July 11, the Labor Department said on Thursday. Analysts predicted the claims would reach 285,000. The drop ended three straight weeks of increases, and experts are pointing to a solid labor market. While claims can increase during summer months due to factories closing for maintenance, some remain open for production.

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