US initial jobless claims decline by 5,000

Americans filed first-time unemployment claims at a slightly slower pace in the week ended 23 July, dropping by 5,000 to 265,000, according to the Department of Labor - short of expectations for a drop to 253,000.

On a non-seasonally adjusted basis, claims fell by 42,417 week-on-week to 216,469, with notable decreases in Massachusetts, New York, and South Carolina.

The four-week moving average, which aims to strip out week-to-week volatility, printed at 249,250, an increase of 6,250 from the previous week's upwardly revised average of 243,000.

Reporting by Iain Gilbert at Sharecast.com