US jobless claims drop by 5,000

(Sharecast News) - Americans lined up for unemployment benefits at a decelerated pace in the week ended 7 February, according to the Department of Labor. Initial jobless claims dropped by 5,000 to 227,000, slightly ahead of forecasts for a reading of 222,000 and following the previous week's upwardly revised reading of 231,000, which was driven by severe winter weather.

Continuing claims, on the other hand, rose to 1.86m, exceeding expectations of 1.85m, while the four-week moving average, which aims to smooth out week-to-week volatility, increased by 7,000 to 219,500.

Elsewhere, the advance seasonally adjusted insured unemployment rate was 1.2% for the week ending 31 January, unchanged from the previous week's unrevised rate.





Reporting by Iain Gilbert at Sharecast.com