Initial jobless claims unexpectedly dropped

Elena Holodny

Jun 2, 2016, 18:00 IST

Reuters/Jason Reed

Mervin Sealy from Hickory, North Carolina, takes part in a protest rally outside the Capitol Building in Washington, October 5, 2011. Demonstrators were demanding that Congress create jobs, not make budget cuts during the protest.

Initial jobless claims unexpectedly dropped to 267,000.

Economists were expecting claims to tick up slightly to 270,000 from last week's 268,000.

The reading has now been below the threshold of 300,000 for 65 straight weeks - the longest streak since 1973.

The 4-week moving average came in at 276,750, a decrease of 1,750 from the previous week's unrevised average of 278,500.

The report noted no special factors.

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