US jobless claims rise to 244,000

Americans filed new unemployment claims at an accelerated clip in the week ended 9 July, according to the Labor Department.

Initial claims for unemployment benefits increased by 9,000 week-on-week to 244,000, ahead of market expectations for a reading of 235,000 for the highest print since November 2021.

On a non-seasonally adjusted basis, initial claims rose by 21,384 week-on-week to 241,314, with notable increases seen in New York, Kentucky, and Indiana.

The four-week moving average came to 235,750, an increase of 3,250 from the prior week's unrevised average of 232,500, while the total number of continued weeks claimed for benefits in all programs for the week ending 25 June was 1.40m, an increase of 72,504 from the previous week.

Reporting by Iain Gilbert at Sharecast.com