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US initial jobless claims drop to 218,000

Seasonally adjusted initial claims for U.S. unemployment benefits decreased 4,000 to 218,000 in the week ended June 9 from the previous week's unrevised level of 222,000, according to the U.S. Department of Labor.

Econoday had forecast weekly jobless claims of 225,000.

The four-week moving average fell 1,250 to 224,250 from the previous week's unrevised average of 225,500.

The advance seasonally adjusted insured unemployment rate was unchanged at 1.2% for the week ended June 2. Insured unemployment during that week came in at 1,697,000 — the lowest level since Dec. 1, 1973 — down 49,000 from the previous week's revised level of 1,746,000.