Initial jobless claims dropped by 10,000 to 245,000 in the seven days stretching from May 28 to June 3. Initial claims count people who apply for benefits after losing their jobs. New applications for benefits have registered less than 300,000 for 118 straight weeks, the longest run since the early 1970s. The more accurate four-week average of new claims, meanwhile, rose by 2,250 to 242,000. Last month it fell to a 44-year low. So-called continuing claims, which count people already collecting government checks, dipped by 2,000 to 1.92 million. They’ve been under 2 million for eight straight weeks, a feat that last occurred in 1973-74.