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Initial jobless claims dipped by 1,000 last week to 400,000, the fewest in almost four months, Labor Department said Thursday.

Economists had forecast a rate of 405,000, Bloomberg reported.

The four-week moving average, a less volatile measure, fell to 407,750, from 414,500.

Continuing jobless claims for the previous week ended July 23 rose 10,000 to 3.73 million, Labor said.