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The number of people filing for jobless claims dropped during the first week of July. The four-week moving average of initial unemployment claims fell by 9,750 in the week ended July 7 to 376,500, according to seasonally adjusted numbers released today by the U.S. Department of Labor.
The four-week moving average reduces the volatility of the weekly numbers, which dropped sharply.
Total initial claims for the week fell by 26,000 to 350,000 — the lowest number in four years, CNN.com reported. However, the drop may have been the result of seasonal adjustment factors, according to CNN.com.