Initial jobless claims drop more than expected to a 5-month low

Initial jobless claims fell more than expected last week, to 259,000.

That's the lowest level since October 16.

Economists had estimated, according to Bloomberg, that first-time filings for unemployment insurance totaled 275,000. The prior period's print was revised lower by 1,000 to 277,000.

Claims have now run under 300,000 for a full year, as the labor market continues to accelerate towards full employment.

The four-week moving average, which accounts for volatility, fell by 2,500 to 267,500. It declined for a fourth straight week.

Bespoke Investment noted that not-seasonally-adjusted claims are back down to the lowest levels since 1973.

This data punctuates a rather quiet week on the US economic calendar.

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