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US weekly jobless claims drop; producer prices unexpectedly rise in June

Fed Chair Janet told lawmakers that economy was healthy enough for central bank to raise rates

Reuters  |  Washington 

The number of Americans filing for unemployment benefits fell last week for the first time in a month and producer prices unexpectedly rose in June, likely keeping the Federal Reserve on track for a third interest rate increase this year. Persistently low layoffs point to a buoyant labour market that is sustaining economic growth, while the uptick in producer prices suggests a recent moderation in inflation was likely temporary. Initial claims for state unemployment benefits dropped 3,000 to a seasonally adjusted 247,000 for the week ended July 8, the Labor Department said on ...

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First Published: Thu, July 13 2017. 18:44 IST