US initial jobless claims come in hotter than expected

Americans filed new claims for unemployment benefits at an acceleratef clip in the week ended 16 July, jumping by 9,000 to 251,000, well above market expectations for a print of 240,000 and the highest since November 2021.

According to the Labor Department, on a non-seasonally adjusted basis, initial claims rose by 7,853 week-on-week to 248,991, with notable increases in Massachusetts, California, and South Carolina.

Elsewhere, the four-week moving average, which aims to strip out week-to-week volatility, printed at 240,500, an increase of 4,500 from the previous week's upwardly revised average of 236,000, while continuing claims dropped by 47,800 to 1.35m.

Reporting by Iain Gilbert at Sharecast.com