WASHINGTON — Initial jobless claims dropped to 407,000 for the week ending Nov. 20, the Labor Department reported Wednesday.

Continuing jobless claims fell for the fifth straight week, settling at 4.182 million.

Economists expected 435,000 initial jobless claims and 4.280 million continuing jobless claims.

For the previous week, initial claims were revised to 441,000 while continuing claims were revised to 4.324 million.

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