US jobless claims drop more than expected

The number of Americans filing for unemployment benefits fell more than expected last week, underscoring the robustness of the labour market. Initial claims for state unemployment benefits dropped 11,000 to a seasonally adjusted 254,000 for the week ended November 5, the Labor Department said on Thursday. Claims for the prior week were unrevised. It was the 88th consecutive week that claims remained below 300,000, a threshold associated with a healthy labor market. That is the longest stretch since 1970, the department said. US stocks pared gains slightly following the data, while the dollar rose modestly against the euro.