US jobless claims fall more quickly than expected

US jobless claims fell back more quickly than expected by economists last week.

According to the Department of Labor, initial unemployment claims decreased by 23,000 over the week ending on 16 February to reach 216,000.

Economists had forecast a drop to just 235,000.

The four-week moving average meanwhile rose by 4,000 to hit 231,750.

Meanwhile, secondary unemployment claims, those which are not being filed for the first time and referencing the week before, retreated by 55,000 to 1.725m.