US weekly jobless claims undershoot forecasts

A key indicator of the health the US jobs market was little changed last week, but nevertheless undershot economists' forecasts by a wide margin.

The details of the report were also quiet strong.

According to the Department of Labor, initial jobless claims over the week ending on 28 April edged higher by 2,000 to reach 211,000.

Analysts at Barclays Research had penciled in an increase to 220,000.

In parallel, the four-week moving average for initial claims fell sharply, retreating by 7,750 to stand at 221,500.

Secondary unemployment claims, those which are not filed for the first time and referencing the week before last, also saw a steep drop, retreating by 77,000 to 1.756m.

Labor's preliminary estimate for initial claims during the previous reference week was unchanged at 209,000.