US initial jobless claims drop a touch more than expected

The number of Americans filing for unemployment benefits fell a little more than expected last week.

US initial jobless claims dropped by 8,000 from the previous week's revised level to 221,000, versus expectations for a decline to 223,000. The previous week's level was revised up by 2,000.

Meanwhile, the four-week moving average came in at 222,250, up 500 from the previous week's average, which was revised up by 500 from 221,250.

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 1.686m from a revised 1.694m, versus expectations of 1.675m. The previous week's level was revised up by 6,000.