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US New Unemployment Claims Drop

FILE: Hundreds of people line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, on June 18, 2020.

WASHINGTON — The U.S. Labor Department reported Thursday that initial jobless claims slipped in the week ending June 24. Continued claims came down from a recent peak as well.

Initial claims dropped by 26,000 to 239,000, according to Labor Department figures, a level lower than analysts had predicted.

"The data are a reminder that labor markets are still quite tight," said Nancy Vanden Houten, lead U.S. economist at Oxford Economics.

This raises the risk that the Fed lifts interest rates again next month, she added.