US initial jobless claims hit four-month low

Americans lined up for unemployment benefits at a decelerated pace in the week ended 21 September, according to the Department of Labor.

Initial jobless claims dropped by 4,000 week-on-week to 218,000, below market expectations for an increase to 225,000 for the lowest reading in four months.

Outstanding claims, on the other hand, increased by 13,000 to 1.83m, while the four-week moving average, which aims to strip out week-to-week volatility, declined by 5,597 to 180,878.

Reporting by Iain Gilbert at Sharecast.com