US jobless claims drop less than expected
The number of Americans filing for unemployment benefits fell less than expected last week, according to figures from the Labor Department.
US initial jobless claims fell by 2,000 to 228,000 from the previous week's unrevised level. Economists had been expecting a bigger decline to 220,000.
Meanwhile, the four-week moving average came in at 220,250, up 7,750 from the previous week's unrevised average.
The four-week average is considered more reliable as it smooths out sharp fluctuations in the more volatile weekly figures, giving a more accurate picture of the health of the labour market.
Continuing claims - i.e. the number of people already collecting unemployment benefits - came in at 1.684m, up 13,000 from the previous week's unrevised average. The four-week moving average came in at 1.666m, down 8,000 from the previous week's unrevised average.