Initial jobless claims fall by 10,000

Initial jobless claims fell by 10,000 to 258,000 last week, according to the Department of Labour.

Economists had forecast that first-time filings for unemployment insurance fell to 255,000, according to Bloomberg. The total number has not crossed 300,000 for 92 straight weeks.

Claims offer a real-time look into the rate of layoffs and job losses, since many people file for benefits soon after they lose their jobs. This data series, at the lowest level since the 1970s, has been proof of the labour recovery after the recession and the reduction of slack in the market.

NOW WATCH: NASA just spotted a massive hole growing on the sun — ┬áhere’s what it means

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at