US initial jobless claims rise more than expected

The number of Americans filing for unemployment benefits rose more than expected last week, according to data from the Labor Department.

US initial jobless claims were up 10,000 to 244,000 from last week's level, which was revised up by 1,000 to 234,000. Economists had been expecting a smaller increase to 241,000.

Meanwhile, the four-week moving average came in at 244,000, unchanged from the previous week's average, which was revised up by 250.

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.