US initial jobless claims at 4-year low

The US labour department reported yesterday that the week ended 18 February saw 351,000 people file for initial unemployment benefits, a figure that was unchanged from the previous week's revised 351,000 claims.

A survey by Briefing.com economists had predicted 355,000 new claims would be filed.

About 3.4 million people filed for their second week of unemployment benefits or more in the week ended 11 February, which was the most recent data available.

Considered a key indicator of the strength of the job market, jobless claims, can be volatile from week to week, economists therefore often look at the four-week moving average to smooth out choppiness.

That figure has, in recent weeks seen a gradual decline, falling to 359,000, down from the previous week's average of 366,000, last week.

Earlier this month, the labour department announced that the unemployment rate was down to 8.3 per cent in January, with the national economy gaining 243,000 jobs.