U.S. Weekly Jobless Claims Drop Much More Than Expected

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A report released by the Labor Department on Thursday showed a much bigger than expected decline in first-time claims for U.S. unemployment benefits in the week ended November 28th.

The Labor Department said initial jobless claims dropped to 712,000, a decrease of 75,000 from the previous week’s revised level of 787,000.

Economists had expected jobless claims to edge down to 775,000 from the 778,000 originally reported for the previous month.

On Friday, the Labor Department is scheduled to release a more closely watched report on the employment situation in the month of November.

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