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Jobless Claims in U.S. Dropped More Than Forecast Last Week

Fewer Americans than forecast filed applications for unemployment benefits last week, a sign the labor market continues to gain traction.

Jobless claims fell 26,000 to 319,000 in the week ended May 3 from a revised 345,000 in the prior period, the Labor Department reported today in Washington. The median forecast of 52 economists surveyed by Bloomberg called for a decrease to 325,000.