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US Jobless Claims Fall More Than Forecast in Tight Labor Market

  • Applications for unemployment insurance drop to 210,000
  • Fed raising rates may slow hiring or lead to layoffs this year
A worker packages cast iron cookware at a factory in South Pittsburg, Tennessee.
A worker packages cast iron cookware at a factory in South Pittsburg, Tennessee.Photographer: Luke Sharrett/Bloomberg
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Applications for US unemployment insurance declined last week by more than forecast, underscoring a persistently tight labor market.

Initial unemployment claims decreased by 8,000 to 210,000 in the week ended May 21, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for a drop to 215,000.