U.S. initial jobless claims fell the most in nearly a year last week

.S. initial jobless claims fell the most in nearly a year last week, following last week's disappointing jobs report, potentially easing some concerns that the labor market is cooling too quickly. Initial claims fell by 17,000 to 233,000 in the week ended Aug. 3, Labor Department data showed Thursday. Claims fell in Michigan, Missouri and Texas, states that have seen large increases in recent weeks. The drop in initial claims may have helped reassure the market that the labor force is simply returning to its pre-epidemic trend and not deteriorating rapidly. Last week's weaker-than-expected nonfarm payrolls report led to a global market sell-off and sparked calls for the Federal Reserve to start cutting interest rates well before its September meeting. Initial claims data fluctuate this time of year due to school summer vacations and auto plant restructuring.