U.S. initial jobless claims increase to 274,000

The number of Americans initially applying for unemployment aid rose last week, but remained at a low level amid a strong job market.

In the week ending April 30, the advance figure of seasonally adjusted initial claims for jobless benefits increased to 274,000, an increase of 17,000 from the unrevised level of the previous week, the U.S. Labor Department said Thursday.

This marks 61 consecutive weeks of initial claims below 300,000, a benchmark for real job growth or loss in the economy, the longest streak since 1973, said the Labor Department.

Meanwhile, the four-week moving average, which helps smooth out week-to-week volatility, rose 2,000 to 258,000 last week. The advance figure of seasonally adjusted insured unemployment during the week ending April 23 dropped 8,000 from the previous week to 2,121,000.

The U.S. Federal Reserve said in a statement issued after its latest two-day policy meeting last week that the U.S. economy will expand "at a moderate pace" and the labor market indicators will "continue to strengthen." Endi