Initial jobless claims rise less than expected

Initial jobless claims rose less than expected.

Claims rose to 265,000, below economists’ expectations of 269,000, according to Bloomberg.

The four-week moving average was 259,750, an increase of 250 from the previous week’s revised average.

The report noted no special factors affecting this week’s initial claims.

Last week’s claims level was revised down by 6,000 to 259,000.

Claims have now run under 300,000 for 55 straight weeks — the longest streak since 1973 — as the labour market continues to accelerate toward full employment.

“Today’s release also includes revisions of both initial and continuing claims dating back to 2011,” Thomas Simons of Jefferies wrote after the report. “Most of the changes were relatively modest, but the most notable aspect of the revisions is that claims for the week of March 5th (3 weeks ago) were revised down to 253K which is, as far as we can tell, the lowest weekly claims figure since November 24th, 1973.

“Considering population and labour force growth over the past 43 years, this is a remarkable statistic and it continues to suggest that not that much slack remains in the labour market.”

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