US initial jobless claims shoot past expectations to 235,000.
Americans lined up for unemployment benefits at an accelerated pace in the week ended 16 August, according to the Labor Department.
Source: Sharecast
Initial jobless claims rose to 235,000, up from the prior week's unrevised print of 224,000 and well ahead of market expectations of a more modest increase to 225,000, while continuing claims increased by 30,000 to 1.97m, ahead of the 1.96m print expected by economists and the highest level since November 2021,
Meanwhile, the four-week moving average, which aims to strip out week-to-week volatility, increased by 4,500 to 221,750.
Also worth noting, the Labor Department said the advance seasonally adjusted insured unemployment rate was 1.3% for the week ended 9 August, unchanged from the prior week's unrevised reading.
Reporting by Iain Gilbert at Sharecast.com
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