US initial jobless claims fall to three-month low
The number of Americans filing for unemployment benefits fell to a three-month low last week.
US initial jobless claims dropped by 10,000 from the previous week's unrevised level to 206,000, their lowest level since mid-April and a stark contrast versus expectations for an increase to 219,000.
Meanwhile, the four-week moving average came in at 213,000, down 5,750 from the previous week's average.
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 - the number of people already collecting unemployment benefits - fell 13,000 to 1.68m, while the four-week average of continuing claims rose 9,000 between the June and July survey weeks, suggesting little change in the jobless rate throughout the month.