US initial jobless claims drop by most in almost four years

Labor Market - Initial jobless claims fell to 231,000, below estimates [1] - The previous week's jobless claims were revised up by 1,000 to 264,000 [1] - Continuing jobless claims decreased to 1.92 million from 1.927 million [2] - Texas experienced fraud in jobless claims filings the week prior [1] Economic Indicators - Philadelphia Fed Manufacturing Index jumped to 2320% from 030% [2] - Philadelphia Fed Prices Paid Index dropped to 4680% versus 6680%, indicating inflation improvement [2]