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