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2015.04.3008:39:00UTC+00U.S. Weekly Jobless Claims Pull Back Much More Than Expected

In an upbeat sign for the labor market, the Labor Department released a report on Thursday showing that first-time claims for U.S. unemployment benefits pulled back to their lowest level in fifteen years in the week ended April 25th.

The Labor Department said initial jobless claims dropped to 262,000, a decrease of 34,000 from the previous week's revised level of 296,000.

Economists had expected jobless claims to edge down to 288,000 from the 295,000 originally reported for the previous week.

With the much bigger than expected decrease, jobless claims fell to their lowest level since hitting 259,000 in the week ended April 15, 2000.

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