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U.S. Jobless Claims Hold Steady

The current account gap widened

The number of people filing for state unemployment benefits for the first time held steady at a 20-month high last week, remaining elevated for a third straight week in what may be an early indication of a softening labor market in the face of the Federal Reserve's aggressive credit tightening.

On Thursday, data from the Bureau of Labor Statistics (BLS) showed 264,000 new claims were filed for jobless benefits on a seasonally adjusted basis in the week ended June 17, unchanged from the prior week's upwardly revised level, which is the highest level of initial claims activity since October 2021.

The median expectation among economists polled by Reuters was for 260,000 new claims.

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