Initial US jobless claims fell less than expected

Initial jobless claims fell less than expected.

Claims, which count the number of people who applied for unemployment insurance for the first time in the past week, dipped by 3,000 to 258,000.

Economists had forecast that claims fell to 247,000.

This marks the fourth straight week that jobless claims came in higher than expected, which is the longest streak of higher readings since January 2016, as the analysts at Bespoke Investment noted.

The four-week moving average came in at 254,250, an increase of 7,750 from the previous week’s unrevised average of 246,500.

Last week, claims rose by 15,000 to 258,000, which marked the first print above 250,000 in eight weeks.

Initial jobless claims are used as a real-time proxy for the pace of layoffs and the overall health of the labour market since people usually file for benefits soon after they lose their jobs.

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