U.S. jobless claims fall more than expected
U.S. initial jobless claims decreased by 10,000 from the previous week's unrevised level to 268,000. Economists had been expecting a smaller drop, to 275,000.
This marked 64 consecutive weeks of initial claims below 300,000 - the longest streak since 1973.
Meanwhile, the four-week moving average of new claims came in at 278,500, up 2,750 from the previous week's unrevised average.
The four-week average is considered more reliable as it smooths out sharp fluctuations in the more volatile weekly figures, giving a more accurate picture of the health of the labour market. ■