U.S. Jobless Claims Pull Back Sharply After Two Straight Weekly Increases

Following two straight weekly increases in first-time claims for U.S. unemployment benefits, the Labor Department released a report on Thursday showing initial jobless claims pulled back by much more than expected in the week ended August 1st. The report said initial jobless claims tumbled to 1.186 million, a decrease of 249,000 from the previous week's revised level of 1.435 million.