U.S. weekly jobless claims drop more than expected to 240,000
The report said initial jobless claims dipped to 240,000, a decrease of 5,000 from the previous week's revised level of 245,000.
Economists had expected jobless claims to edge down to 242,000 from the 244,000 originally reported for the previous week.
The Labor Department said the less volatile four-week moving average fell to 241,750, a decrease of 2,500 from the previous week's revised average of 244,250.
Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, rose by 3,000 to 1.968 million in the week ended July 22nd.
The four-week moving average of continuing claims edged up to 1,964,750, an increase of 750 from the previous week's revised average of 1,964,000.
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