US jobless claims rise unexpectedly
Updated : 12:34
The number of Americans filing for unemployment benefits unexpectedly rose last week, according to data released by the Labor Department.
US initial jobless claims were up 7,000 from the previous week’s unrevised level to 265,000. Economists had been expecting claims to be unchanged at 258,000.
This marked the 87th consecutive week of initial claims below 300,000 – the longest streak since 1970.
The four-week moving average came in 257,750, up 4,750 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.