US jobless claims rise more than expected

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

US initial jobless claims were up 21,000 from the previous week’s unrevised level to 275,000, which was more than the 2,000 increase expected by economists.

This marked the 94th consecutive week of initial claims below 300,000 – the longest streak since 1970.

The four-week moving average was 263,750, up 6,000 from the previous week’s unrevised level.

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.