Initial jobless claims rise more than expected

Initial jobless claims totaled 272,000 last week.

Economists had estimated that 270,000 first-time claims for unemployment insurance were filed, according to Bloomberg.

Claims totaled 262,000 in the prior period, which was the lowest weekly tally since November, and a big beat compared to estimates.

This week, the four-week moving average — which evens out some of the volatility — fell 1,250 to 272,000. The trend in claims is still low and has run below 300,000 on a weekly basis for nearly a year as the labor market proves resilient.

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