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Initial Jobless Claims Fall for Fifth Straight Week to Three-Month Low

The labor market remains hot as layoffs continued to decline in the latest week, despite fears of a slowdown in the U.S. economy. New jobless claims dropped by 5,000 to 213,000 in the week ended Sept. 10, according to the U.S. Department of Labor. Jobless claims have declined for five consecutive weeks and are at the lowest level in 15 weeks. Economists surveyed by the Wall Street Journal had estimated new claims would total 225,000.