US initial jobless claims rise less than expected

The number of Americans filling for unemployment benefits increased less than expected last week, according to data from the Labor Department.

US initial jobless claims rose 1,000 from the previous week’s unrevised level of 259,000, versus expectations for a jump to 265,000.

This marked the 80th consecutive week claims were below 300,000 – the longest streak since 1970.

The four-week moving average came in at 260,750, down 500 from the previous week’s unrevised average of 261,250.

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