US jobless claims tick lower

The number of Americans filing for unemployment benefits fell last week, according to figures released by the Labor Department on Thursday.

Jobless claims came in at 222,000, down 2,000 from the previous week’s level, which was revised up by 2,000. Economists had been expecting a level of 225,000.

Meanwhile, the four-week moving average came in at 233,250, up 4,750 from the previous week's average, which was revised up by 500. This marked the highest level for the average since January 2018.

The four-week average is considered more reliable as it smooths out sharp fluctuations in the more volatile weekly figures, giving a more accurate picture of the health of the labour market.

Continuing claims - i.e. the number of people already collecting unemployment benefits - rose to 1.728m from a revised 1.723m. The previous week’s level was revised up by 4,000.