US jobless claims fall more than expected

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

US initial jobless claims decreased by 10,000 from the previous week’s unrevised level to 268,000.

Economists had been expecting a smaller drop, to 275,000.

This marked 64 consecutive weeks of initial claims below 300,000 - the longest streak since 1973.

Meanwhile, the four-week moving average of new claims came in at 278,500, up 2,750 from the previous week’s unrevised average.

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.