Jobless claims fall sharply to 4-month low
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Fewer people applied for unemployment aid last week, the third drop in four weeks.
The Labor Department says initial claims for jobless aid dropped by 24,000 to a seasonally adjusted 435,000. Many Wall Street economists expected a smaller decrease.
If the decline continues, it could signal meaningful improvement in the job market. The four-week average of claims, a less volatile measure, fell 10,000 to 446,500.
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That's the lowest level for the average since the week that ended Sept. 13, 2008, just before the financial crisis intensified that weekend with the collapse of Lehman Brothers.
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