US initial jobless claims fall more than expected

US jobless claims fell more than expected last week, the Labor Department revealed on Thursday.

Initial jobless claims dropped 4,000 in the week to 13 August to 262,000, compared to an unrevised 266,000 the previous week. Economists had pencilled in 265,000 claims.

The four-week moving average rose 2,500 to 265,250 from the prior week's unrevised average of 262,750.

It marked the 76th consecutive week of initial claims below 300,000, the longest streak since 1970.

The Labor Department said there were no "special factors impacting this week's initial claims".