Initial jobless claims fell less than expected

joblessMervin Sealy from Hickory, North Carolina, takes part in a protest rally outside the Capitol Building in Washington, October 5, 2011. Demonstrators were demanding that Congress create jobs, not make budget cuts during the protest.Reuters/Jason Reed

Initial jobless claims fell less than expected.

The reading came in 258,000, slightly higher than economists' forecast of 256,000.

Last week claims came in at 260,000.

This is the 86th consecutive week that claims have been below 300,000 - the longest streak since 1970.

Meanwhile, yhe 4-week moving average was 253,000, a slight uptick of 1,000 from the previous week's revised average.

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