US jobless claims rise more than expected

Jobless claims rose by 248,000 in the week ended 5 August, according to statistics released Thursday by the Department of Labor.

The number of people filing to receive unemployment insurance benefits for the first time increased 21,000 from 227,000 the week before.

Economists had pencilled in a much smaller increase to just 230,000.

The four-week moving average, a more reliable measure of long-term trends, rose to 231,000 from 228,250 previously.

In terms of continuing claims, the number dropped slightly in the week ended 29 July to 1.684m, from 1.692m the week before.