Initial jobless claims rose less than expected.
Claims inched up slightly to 260,000, up from last week’s 259,000.
Meanwhile, economists had forecast that claims ticked up slightly to 265,000.
This is the fifth week in a row claims came in better than expected.
Additionally, this is now the 80th week in a row that initial claims have been below 300,000 — the longest streak since 1970.
“Each week’s print adds more evidence that the labour market is approaching maximum employment and layoff activity remains subdued,” wrote Jefferies’ Ward McCarthy in commentary. “Each week’s print also adds evidence that claims are at a frictional level and that they are unlikely to move lower from here.”
As for the four-week moving average, it came in at 260,750, a dip of 500 from the previous week’s unrevised average of 261,250.