US initial jobless claims soar by 22,000

(Sharecast News) - Americans lined up for unemployment benefits at a accelerated clip in the week ended 22 February, according to the Labor Department. Initial jobless claims surged by 22,000 to 242,000 last week, the biggest increase in more than two months and far above expectations for a broadly flat reading of 221,000, while continuing claims eased by 5,000 at 1.86m.

The four-week moving average, which aims to smooth out week-to-week volatility, increased by 8,500 week-on-week to 224,000.

The advance seasonally adjusted insured unemployment rate was 1.2%, unchanged from the previous week'.















Reporting by Iain Gilbert at Sharecast.com