US jobless claims fall more than expected

Jobless claims in the States retreated by more than was expected during the latest week.

Over the seven days ending on 28 January, initial weekly unemployment claims dropped by 14,000 to reach 246,000, according to the Department of Labour.

Economists at Barclays had projected they would fall back to 250,000.

A preliminary estimate of initial claims for the week before was revised higher by 1,000 to 260,000.

The four-week moving average, which aims to smoothe out the week-to-week fluctuations, on the other hand increased by 2,250 to 248,000.

Secondary unemployment claims, those which are not filed for the first time and referencing the prior week, ending on 21 January, declined by 39,000 to 2.064m.