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Jobless Claims Dropped Last Week

"Fewer Americans applied for unemployment benefits last week, suggesting hiring will pick up," the Associated Press writes.

According to the Employment and Training Administration, 404,000 people filed first-time claims for the benefits, down by 37,000 from 441,000 the week before.

The agency adds that:

"The 4-week moving average was 411,750, a decrease of 4,000 from the previous week's revised average of 415,750."