Initial weekly US jobless claims drop to lowest since April 2000

Initial weekly US jobless claims dropped by 23,000 over the seven days ending on 11 October, according to the Department of Labor.

That was the lowest tally since April 2000.

The consensus forecast had been for a reading of 290,000.

The four-week moving average slipped by 4,250 to reach 283,500.

Secondary claims, those which have not been submitted for the first time, edged higher by 7,000 to reach 2.389m.