Initial jobless claims unexpectedly dropped.
Claims, which count the number of people who applied
for unemployment insurance for the first time, fell by 2,000 to
Economists had forecast that claims would rise to 245,000
from the prior week’s reading of 238,000.
Initial jobless claims are used as a real-time proxy for the pace
of layoffs since people usually file for benefits soon after they
lose their jobs.
The four-week moving average came in at 243,500, an increase
of 500 from the previous week’s unrevised average of 243,000.