U.S. initial jobless claims fall to 265,000

The number of Americans initially applying for unemployment aid fell to 265,000 last week, the U.S. Labor Department said Thursday.

In the week ending Dec. 24, the advance figure of seasonally adjusted initial claims for jobless benefits decreased by 10,000 from the unrevised level of the previous week, echoing a stable job market.

The four-week moving average, which helps smooth out week-to-week volatility, declined by 750 from the previous week's unrevised average to 263,000.

This marks 95 consecutive weeks of initial claims below 300,000, a benchmark for real job growth or loss in the economy, the longest streak since 1970, said the Labor Department.

Meanwhile, the advance figure of seasonally adjusted insured unemployment during the week ending Dec. 17 rose by 63,000 from the previous week to 2,102,000.

U.S. Federal Reserve Chair Janet Yellen said last Monday that after years of a slow economic recovery, the United States is entering the strongest job market in nearly a decade.

Total nonfarm payroll employment rose by 178,000 in November, and the jobless rate went down from October's 4.9 percent to 4.6 percent, the lowest level since August 2007, the Labor Department said earlier this month. Endi