US initial jobless claims rise

(Sharecast News) - The number of Americans filing for unemployment benefits rose last week, according to data released on Thursday by the Labor Department.

Initial jobless claims increased by 5,000 from the previous week's upwardly-revised level, to 217,000. Analysts had been expecting a level of 210,000.

The previous week's reading was revised up by 2,000.

Meanwhile, the four-week moving average came in at 210,000, up 2,000 from the previous week's level, which was revised up by 500 to 208,000.

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.