Initial jobless claims plunge more than expected

Initial jobless claims just plunged more than expected.

Claims, which provide a reading of the labour market’s health and the pace of layoffs, fell by 28,000 to 235,000.

Economists had forecast that claims would fell to 260,000, down from the prior week’s reading of 265,000.

Claims have been below 300,000 for 96 straight weeks — the longest streak since 1970.

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