Initial jobless claims rise more than expected

The number of Americans filing for unemployment benefits rose more than expected last week, according to the Labor Department.

US initial jobless claims were up by 13,000 to 277,000, missing expectations of a slightly smaller increase to 270,000.

This marked the 67th consecutive week claims were below 300,000 - the longest streak since 1973.

The four-week moving average of new claims was 269,250, down 250 from the previous week’s unrevised average of 269,500.

The four-week average is considered more reliable as it smooths out sharp fluctuations in the more volatile weekly figures, giving a more accurate picture of the health of the labour market.