Initial jobless claims unexpectedly decline

The number of Americans filing for unemployment benefits unexpectedly fell last week, according to data released by the Labor Department.

US initial jobless claims fell by 5,000 from the previous week’s unrevised level to 249,000.

This marked the 83rd consecutive week of initial claims below 300,000 – the longest streak since 1970.

The four-week moving average came in at 253,500, down 2,500 from the previous week’s unrevised level. This is the lowest level for this average since 9 December, 1978.

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.