First-time claims for U.S. unemployment benefits unexpectedly saw another modest decrease in the week ended August 20th, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims edged down to 261,000, a decrease of 1,000 from the previous week's unrevised level of 262,000. Economists had expected claims to rise to 265,000.
With the slight decrease, jobless claims moved lower for the third straight week, falling to their lowest level since hitting 252,000 in the week ended July 16th.
Jobless claims remained below the 300,000 level for the 77th consecutive week, reflecting the longest streak since 1970.
The Labor Department said the less volatile four-week moving average also dipped to 264,000, a decrease of 1,250 from the previous week's unrevised average of 265,250.
Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also fell by 30,000 to 2.145 million in the week ended August 13th.
The four-week moving average of continuing claims still inched up to 2,155,250, an increase of 250 from the previous week's unrevised average of 2,155,000.
Next Friday, the Labor Department is scheduled to release its more closely watched report on the employment situation in the month of August.
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