US initial jobless claims rise less than expected

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

US initial jobless claims rose by 9,000 to 257,000 from an upwardly-revised 248,000, coming in ahead of expectations for an increase to 260,000.

This marked the 60th consecutive week claims were below 300,000, the longest streak since 1973.

Meanwhile, the four-week moving average of new claims was 256,000, down 4,750 from the previous week’s revised average.

This marked the lowest level for this average since December 1973, when it was 252,250.

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.