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Jobless claims fall unexpectedly

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Jobless claims fall unexpectedly

Decrease of 14,000 beats analyst expectations.

The Labor Department today reported that seasonally-adjusted initial claims for unemployment insurance for the week ended August 2 were 298,000, a decrease of 14,000 from the previous week's revised figure.

Analysts had expected claims to come in at 305,000.

The 4-week moving average, which smoothes out volatility to a certain extent, decreased 4,000 to 293,500.

The 4-week moving average is the lowest since 2006, providing further evidence of a strengthening jobs market.

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