US initial jobless claims rise a little more than expected

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

US initial jobless claims were up 18,000 to 251,000 from the previous week’s downwardly-revised 233,000, which was a touch more than the 250,000 level analysts had expected.

This marked the 90th consecutive week of initial claims below 300,000 – the longest streak since 1970.

The four-week moving average came in at 251,000, down 2,000 from the previous week’s average, which was revised down by 500 to 253,000.

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.