US initial 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 were up 9,000 to 217,000 from the previous week's level, which was revised up by 1,000. Economists had been expecting a smaller increase to 215,000.

Meanwhile, the four-week moving average came in at 218,000, down 2,750 from the previous week's level, which was revised up by 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 - fell to 1.745m from 1.753m the week before, versus expectations for a level of 1.730m. The previous week's level was revised up by 2,000.