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Finance: Initial jobless claims climb more than expected

The latest read on initial jobless claims will be out at 8:30 a.m. ET.

Economists forecast that claims, which count the number of people who applied for unemployment insurance for the first time in the past week, climbed to 240,000.

Last week, claims fell to 234,000 from an upwardly revised 235,000.

Initial jobless claims are used as a real-time proxy for the pace of layoffs and the overall health of the labor market since people usually file for benefits soon after they lose their jobs.

 

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