The US four-week moving average of initial claims for unemployment insurance rose to 243,000 last week, up 1,000 from the previous week’s unrevised average, according to seasonally adjusted numbers released today by the US Department of Labor.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended June 10 fell to 237,000, down 8,000 from the previous week’s unrevised level.

Reuters reports the number of Americans filing for unemployment benefits fell more than expected last week, pointing to shrinking labor market slack that could allow the Federal Reserve to raise interest rates again this year despite moderate inflation growth. Initial claims fell more than the 242,000 claims economists had forecast.