Initial US weekly unemployment claims drop 3,000 to 258,000

A key measure of the US jobs market improved slightly during the latest reference week, but still overshot economists' forecasts.

Initial US unemployment claims declined by 3,000 to reach 258,000 over the week ending on 25 March, according to the Department of Labor.

Economists had forecast a print of 250,000.

A preliminary estimate of 261,000 initial claims for the week before was unchanged.

The four-week moving average, which aims to smoothe out some of the week-to-week volatility, jumped by 7,750 to 246,500.

Secondary unemployment claims, those which are not filed for the first time and referencing the week ending on 18 March, rose by 65,000 to 2.052m.