The US four-week moving average of initial claims for unemployment insurance fell to 240,00 last week, down 3,500 from the previous week’s average, the US Department of Labor reported. The previous week's average was also revised downward by 1,000.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended Jan. 10 rose to 233,000, up 17,000 from the previous week’s level, which was revised downward by 4,000.

Reuters reported the number of Americans filing for unemployment benefits rose less than the 240,000 expected in its poll of economists and points to tightening labor market conditions. Claims have been volatile in recent weeks because of difficulties adjusting the data for seasonal fluctuations around year-end and the start of a new year. Unseasonably cold temperatures also had an effect on the data.