Weekly US jobless claims surprise to the upside

Initial US jobless claims rose unexpectedly during the previous week.

According to the Department of Labor, in seasonally adjusted terms the number of initial unemployment claims rose by 20,000 over the week ending on 11 September to reach 332,000.

Economists at Barclays Research had forecast a reading of 305,000.

The four-week moving average for initial claims meanwhile slipped by 4,250 to 335,750 - their lowest level since the week ending on 14 March.

The preliminary estimate for initial claims over the week ending on 11 September was revised up by 2,000 to 312,000.

Secondary unemployment claims on the other hand, which are those not being filed for the first time, dropped by 187,000 to 2.665m.

Secondary claims reference the week ending on 4 September.