US initial jobless claims dropped more than forecast

FXStreet (Mumbai) - The US labor department data released today showed the initial jobless in the last week dipped 20K to a seasonally adjusted 268K. Economists had called for a rise to 285K from the previous week’s print of 282K.

The data indicates labor market strength despite the slowdown in the economic activity witnessed in the first quarter of 2015. The four-week average of the claims, a less volatile measure, tumbled 14,750 to 285,500. Over the past 12 months, the average has fallen 11.7%.