Does A Drop In Jobless Claims Really Reflect An Improving Labor Market?
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Wall Street suffered its biggest loss in nearly a month on Thursday after increasing fears over a banking crisis in Cyprus, as well as weak euro-zone economic data disappointment investors. Although initial jobless claims in the U.S. rose to 336,000, from an upwardly revised 334,000 the previous week, the Labor Department said Thursday that a four-week moving average showed initial claims are at their lowest level in five years. According to the Department of Labor, the number of Americans desig