US jobless claims rise 17,000, but four-week average hits 14-year low

Weekly jobless claims in the US picked up as expected last week after hitting their lowest level since 2000, but remained below the key 300,000 mark for the sixth week in a row.

Initial claims for unemployment benefits increased by 17,000 to 283,000 in the week ended 18 October, according to the Labor Department.

This was up from a revised 266,000 the previous week but more or less in line with the 281,000 consensus forecast.

Nevertheless, the four-week average for jobless claims, which smoothes out weekly volatility, fell from 284,000 to 281,000 - this was the lowest mark since May 2000.

Continuing claims, made by those already receiving benefits, fell 38,000 to a seasonally-adjusted 2.35m in the week to 11 October. Continuing claims always are reported with a one-week lag.