US jobless claims rise more than expected
The number of Americans filing for unemployment benefits rose more than expected last week, according to data from the Labor Department.
US initial jobless claims increased by 5,000 from the previous week's revised level to 218,000. The previous week's figure was revised up by 1,000. Analysts had expected claims of 215,000.
Meanwhile, the four-week moving average came in at 214,750, down 500 from the previous week's average, which was revised up by 250 to 215,250.
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 - rose to 1.690 million from 1.683m the week before, versus expectations of 1.680m. The previous week's claims were revised up by 1,000.
Pantheon Macroeconomics said: "The trend in layoffs remains very low and steady, though we think it’s reasonable to expect to see a modest uptick by the end of the year if GDP growth slows further in Q4, as we expect."