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The number of Americans filing initial jobless claims fell sharply last week, indicating that the labor market was not shaken by stock market volatility, the yield curve reversed and that the economy was in danger of sinking into a recession.
Unemployment claims declined from 12,000 to 209,000 seasonally adjusted for the week ended Aug. 17. Economists expected a smaller drop, to 216,000.
The previous week had been revised from 1,000 to 221,000.
Weekly claims can be volatile, so economists tend to view the four-week moving average as a better indicator of the health of the labor market. This increased slightly from 500 to 214,500.
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