Initial jobless claims unexpectedly increased to 313,000 last week.

Expectations were for claims to rise slightly to 290,000 after last week coming in lower than expected at 283,000. 

The current four-week moving average of claims also increased last week to 294,500, up 11,500 from the previous week. 

In a note to clients following the report, Derek Lindsey at BNP Paribas wrote, "Despite larger-than-expected weekly swings recently, the trend in claims remains consistent with an improving labor market."

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