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Initial claims unexpectedly tumble
(Mervin Sealy from Hickory, North Carolina, takes part in a protest rally outside the Capitol Building in Washington, October 5, 2011. Demonstrators were demanding that Congress create jobs, not make budget cuts during the protest.Reuters/Jason Reed)
Initial jobless claims unexpectedly tumbled.
Claims decreased by 15,000 to 234,000 from the prior week's revised level.
Meanwhile, economists had forecast that claims would tick up to 252,000, according to the Bloomberg consensus.
Claims have now been below 300,000 for 98 straight weeks.
Moreover, the 4-week moving average was 246,750, a decrease of 10,250 from the previous week's revised average. This is the lowest level for the average since November 3, 1973, when it was 244,000.
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