US initial jobless claims rise a touch more than expected

The number of first time unemployment benefits claimants in the US rose a little more than expected last week.

According to the Department of Labor, new claims rose by 8,000 to 285,000 in the week ending 30 January, compared economists’ expectations for a reading of 280,000.

The previous week’s level was revised down by 1,000 to 277,000.

Meanwhile, the average of new claims over the last four weeks was up 2,000 to a seasonally-adjusted 284,750.

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.