US initial jobless claims dropped by 2,000 last week to a total of 250,000, the US Department of Labor reported today. The previous week’s level was revised downward by 10,000.
Economists polled by The Wall Street Journal had forecast 260,000 applications for the latest week, Market Watch reported.
Meanwhile, the four-week moving average of claims fell by 2,750 in the week ended Aug. 13 to a level of 246,750.