New US jobless claims drop to lowest level since March

Stocks were higher yesterday, as weekly data on US unemployment benefit claims showed that new jobless claims fell to 787,000 last week from 842,000 the week prior. Officials also revised downwards the number of people who filed a new jobless claim in the two weeks before that, with the final total for the week ending October 3 coming in at 767,000 the lowest figure since March. An apparent stagnation in the recovery of the US labour market has been one fear weighing on investors in recent months, and next weeks figure will be watched closely for signs of a sustained positive trend.

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