Initial jobless claims held steady

Initial jobless claims held steady at 254,000 from the prior week.

Economists were expecting claims to rise slightly to 265,000, according to Bloomberg.

Claims have not risen above 300,000 for 71 straight weeks - the longest stretch in 43 years.

The four-week moving average was 259,000 a decrease of 5,750 from the previous week's unrevised average of 264,750.

Last week, claims fell by 16,000.