U.S. jobless claims drop, continuing claims lowest since 2007

The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to a strengthening labor market. Initial claims for state unemployment benefits declined 27,000 to a seasonally adjusted 300,000 for the week ended May 24, the Labor Department said on Thursday. Through the volatility, however, claims continued to suggest the labor market was firming. That covered the household survey week, from which the unemployment rate will be calculated.

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