Initial jobless claims rose slightly more than expected.
Claims, which count people applying for unemployment insurance for the first time, came in at 251,000, slightly above economists’ forecasts of 250,000.
Last week, claims unexpectedly dropped to 235,000 – their lowest level since November 24, 1973.
Claims have now been below 300,000 for 90 consecutive weeks.
Initial jobless claims are used as a real-time proxy for the pace of layoffs and the overall health of the labor market, since people usually file for benefits soon after they lose their jobs.
The 4- week moving average was 251,000, a decrease of 2,000 from the previous week's revised average. The previous week's average was revised down by 500 from 253,500 to 253,000.