US initial jobless claims fall by 2,000

The number of Americans filing fresh unemployment claims fell by 2,000 in the seven days ended 18 June to hit 229,000, below expectations for a print of 227,000 and pointing to an exceptionally tight labour market.

According to the Labor Department, on a non-seasonally adjusted basis, initial claims fell by 3,255 from the previous week to 202,844, with notable decreases seen in Missouri, while the main increases were in California and Pennsylvania.

The four-week moving average, which aims to smooth-out week-to-week volatility, was 223,500, an increase of 4,500 week-on-week, while continuing claims printed at 1.29m, an increase of 14,479.

Meanwhile, the advance seasonally adjusted insured unemployment rate was 0.9% for the week ended 11 June, unchanged from the previous week's unrevised rate.

Reporting by Iain Gilbert at Sharecast.com