US initial jobless claims fall in line with expectations

(Sharecast News) - US initial jobless claims fell more or less in line with expectations last week, according to figures released on Thursday by the Labor Department.

In the week to 13 June, jobless claims fell by 4,000 from the previous week's revised level to 226,000. Economists were expecting a dip to 225,000 from the 229,000 initially reported.

Meanwhile, the four-week moving average ticked up by 4,000 from the previous week's revised average to 223,250. The previous week's average was revised up by 250 to 219,250. 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 in the week ending 6 June - i.e. the number of people already collecting unemployment benefits - came in at 1.81m, up 24,000 on the previous week's level, which was revised down by 9,000.

The four-week moving average was 1.788m, up 9,750 on the previous week's revised average.