Global Market: US weekly jobless claims drop more than expected

US weekly jobless claims dropped more than expected, though the decline was partly attributed to the Juneteenth public holiday. Continuing claims, however, rose by 21,000 to a seasonally adjusted 1.821 million for the week ended June 13, while the jobless rate has held at 4.3% for three straight months. The median duration of unemployment climbed to 11.6 weeks in May, the longest since November 2021, pointing to cautious hiring despite no widespread layoffs.