The number of people who applied for new unemployment benefits fell by 11,000 to 346,000 in the week ended June 1 but initial claims remained in a range indicating modest improvement in job-market trends. Economists polled by MarketWatch had expected a seasonally adjusted claims figure of 345,000. The average of new claims over the past month, a more reliable gauge than the volatile weekly number, rose by 4,500 to 352,500 to mark the highest level in six weeks, the Labor Department said Thursday. Also, the government said continuing claims decreased by 52,000 to a seasonally adjusted 2.95 million in the week ended May 25. Continuing claims, issued with a one-week lag, reflect the number of people already receiving benefits. Initial jobless claims from two weeks ago, meanwhile, were revised up to 357,000 from an original reading of 354,000, based on more complete data collected at the state level.
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