U.S. jobless claims drop to two-month low as labor market firms

September 22, 2016 12:39 PM

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U.S. jobless claims drop to two-month low as labor market firms

WASHINGTON The number of Americans filing for unemployment benefits unexpectedly fell last week to a two-month low, pointing to labor market strength that could pave the way for the Federal Reserve to raise interest rates by December.

The upbeat initial jobless claims data came a day after the U.S. central bank left interest rates unchanged but strongly signaled it could raise borrowing costs by the end of the year, citing a recent pickup in economic growth and continued progress in the labor market.

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