Jobless claims come in better than expected

Initial jobless claims came in at 263,000 for the week according to the Labor Department.

This is better than economists expectation of 265,000.

The number maintains the now 78 straight week streak of claims coming in under 300,000. This is the longest such streak since 1970.

Last week claims beat expectations with just 261,000 applying for unemployment insurance against expectations of 265,000.

The check on the strength of the labor market comes one day before the jobs report for August, one of the most closely watched economic data points of the month.