Initial jobless claims rise less than expected

Initial jobless claims rose less than expected.

Claims rose to 265,000, below economists’ expectations of 268,000, according to Bloomberg.

The four-week moving average was 268,000, an increase of 750 from the previous week’s revised average.

Last week, claims fell by more than expected to 259,000 — the lowest level since October 16.

Claims have now run under 300,000 for 54 straight weeks — the longest streak since 1973 — as the labour market continues to accelerate towards full employment.

“Overall, the claims data signal that the labour market continues to improve,” wrote JP Morgan’s Daniel Silver after the report.

“And the initial claims data do not show any obvious major shift in momentum between the reference periods for the February and March employment reports; between these weeks — the weeks ending February 13 and March 12, respectively — the level of claims rose 3,000 while the four-week average declined 5,000,” he added.

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