Jobless Claims Drop by 16,000

June 16, 2011 9:00 AM, EDT

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Initial jobless declined by 16,000 to 414,000 last week, the Labor Department said Thursday.

Economists had forecast the rate to drop to 420,000, Bloomberg reported.

The four-week moving average, a less volatile measure, held at to 424,750.

Continuing jobless claims for the previous week ended June 4 fell by 21,000 to 3.68 million, Labor said.

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