US initial jobless claims fall from 14-month high

Americans lined up for unemployment benefits at a decelerated pace in the week ended 12 October, according to the Labor Department, down from a 14-month high in the previous week.

US initial jobless claims fell to 241,000, well below market expectations for a reading of 260,000, principally due to disruptions caused by Hurricanes Helene and Milton.

Elsewhere, outstanding claims increased by 9,000 to 1.86m, while the four-week moving average, which aims to strip out week-to-week volatility, rose by 4,750 to 236,250.

Non-seasonally adjusted claims declined by 11,416 to 224,763, with notable contractions seen in Michigan and Florida.

Reporting by Iain Gilbert at Sharecast.com