US initial jobless claims rise less than expected

The number of Americans filing for unemployment benefits rose less than expected last week, according to data from the Labor Department.

US initial jobless claims were up 8,000 to 214,000, falling a little short of expectations for a reading of 216,000.

Meanwhile, the four-week moving average fell by 2,750 to 222,000. 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 - which represent the number of people already collecting unemployment benefits - increased to 1.688m from 1.661m the week before, versus expectations of 1.665. The four-week moving average came in at 1.673m, up 6,750 from the previous week's unrevised average.