Weekly US jobless claims drift lower

Layoffs in the US slipped slightly during the latest reference week, as expected.

Initial unemployment claims decreased by 5,000 to reach 240,000 during the week ending on 29 July, according to the Department of Labor, as expected.

In parallel, the four-week moving average for claims, which aims to smoothe out some of the volatility from one week to the next, retreated by 2,500 to 241,750.

The previous week's reading on initial jobless claims was revised up by 1,000 to 245,000.

Secondary unemployment claims, those which are not filed for the first time and referencing the week before last rose by 3,000 to 1.968m.