US initial jobless claims dropped to 2.4m, continuing claims rose to 25m

US initial jobless claims dropped -249k to 2438k in the week ending May 16. Four-week moving average of initial claims dropped -501k to 3042k. Continuing claims rose 2525k to 25073k in the week ending May 9. Four-week moving average of continuing claims rose 2314k to 22002k.

Full release here.

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