US jobless claims increase by 1,000

Americans lined up for unemployment benefits at a moderately higher clip in the week ended 2 December, as the nation's labour market continued to show signs of slowing down amid easing demand.

Initial jobless claims rose 1,000 to a seasonally adjusted 220,000, according to the Labor Department. Economists had forecast a slightly bigger rise to 222,000.

Continuing claims dropped by 64,000 to 1.86m, while the four-week moving average, which aims to strip out week-to-week volatility, rose by 500 to 220,750.

Sharp increases were seen in California, New York, and Texas.

Reporting by Iain Gilbert at Sharecast.com