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Initial jobless claims fell to their lowest point in three years last week, prompting a modest rally for stocks on Wall Street, indicating a sign of strength for the economy.
US government announced on Thursday that number of US people applied for jobless benefits requests moved down another time previous week supplying additional proof that the US labor market persists to grow.
The US jobless rate fell to 9.7 percent as the economy added 431,000 jobs in May, but the vast majority were temporary government hires and the private sector remains extremely weak, according to Labour Department figures released Friday.