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Initial jobless claims fell by 14,000 to 418,000 last week, the Labor Department said Thursday.

Economists had called for a rate of 420,000, Bloomberg reported.

The prior week’s claims, initially reported at 428,000, were revised to 432,000.

The four-week moving average, a less volatile measure, fell to 424,750, from 427,750.

Continuing jobless claims for the previous week ended June 25 fell by 43,000 to 3.68 million, Labor said.