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Jobless claims drop

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Jobless claims drop

Decrease of 10,000 beats expectations.

The Labor Department today reported that seasonally-adjusted initial claims for unemployment insurance for the week ended November 1 were 278,000, a decrease of 10,000 from the previous week's revised figure.

Analysts had expected a drop to 285,000.

The 4-week moving average, which smoothes out volatility to a certain extent, decreased 2,250 to 279,000, which is the lowest level since 2000.

The news follows a report this week by payroll processing giant ADP that 230,000 jobs were created in October.  Friday, the government releases nonfarm payroll figures for October, which is expected to be in line with the ADP report.

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