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Drop In Jobless Claims May Lead To Initial Strength On Wall Street

(RTTNews) - The major U.S. index futures have edged higher on Thursday following the release of a report from the Labor Department showing first-time claims for U.S. unemployment benefits declined by much more than anticipated in the week ended August 8th.

The Labor Department said initial jobless claims tumbled to 963,000, a decrease of 228,000 from the previous week's revised level of 1.191 million.

Economists had expected jobless claims to slide to 1.120 million from the 1.186 million originally reported for the previous week.

With the much bigger than expected decrease, jobless claims dropped below 1 million for the first time since the week ended March 14th.

Stocks may subsequently extend the rally seen in the previous session, although buying interest may be somewhat subdued.
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