US initial jobless claims dropped more than expected last week

FXStreet (Mumbai) - The US labor department data released on Thursday showed the first time applications for unemployment benefits fell to 267K in the week ended June 13, beating the estimate of 275K.

Jobless claims below 300K for 15th consecutive week

The jobless claims dropped by 12K last week. The number stayed below 300K for the 15th straight week, a sign labor market momentum continues to strengthen. The prior week’s reading was unrevised at 279K. The four-week average of claims, which provides a more accurate picture of the labor market strength, dropped to 276,750 from 278,750 the week before

Meanwhile, the continuing claims decreased by 50,000 to 2.22 million in the week ended June 6.