Economic news

U.S. jobless claims drop due to impact of hurricanes

The number of applications for unemployment benefits slumped sharply last week, but the near-term prospect for the U.S. labor market still remained affected by destructive hurricanes.

Initial claims for unemployment insurance slipped 23,000 to a seasonally adjusted 259,000 for the week ended Sept. 16, the Labor Department said.

The jobless rate recently has reached a 16-year trough of 4.3%, vacant positions are at a record peak and businesses continue to hire at a high pace.

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