US initial jobless claims drop to 261,000

US initial jobless claims fell by 1,000 to a seasonally adjusted 261,000 in the week ended Aug. 20, the Labor Department said Thursday. The reading was below analysts expectations of 265,000 claims.

Continuing jobless claims dropped 30,000 to 2.145 million in the week ended Aug. 13, slightly below the 2.153 expected.