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Story summary
- Initial unemployment claims rose 10,000 to 200,000 for the week ending May 2.
- The four-week moving average fell to 203,250, down 4,500 from the prior week.
- Unemployment benefit recipients dropped to 1.77 million for the week ending April 25, the lowest since January 2024.
- The Federal Reserve (Fed) kept its benchmark overnight rate at 3.50%-3.75%, citing inflation and Middle-East instability.
