US jobless claims drop to seven-month low

(Sharecast News) - Initial claims for jobless benefits in the US unexpectedly fell last week to their lowest levels since February, according to statistics from the Department of Labor released on Thursday. The number of people filing to receive unemployment insurance benefits for the first time declined by 13,000 in the week to 2 September to 216,000, down from an upwardly revised 229,000 the week before (initial estimate 228,000).

The consensus forecast was for a slight rise to 234,000, after three straight weeks of falls.

The four-week moving average, a more reliable measure of long-term trends, fell by 8,500 to 229,250.

Continuing claims, which are reported with a one-week lag, dropped to 1.679m in the week to 25 August, from a revised 1.719m, and below the 1.715m forecast.