Weekly US unemployment claims edge up by 1,000

Initial US jobless claims were little changed over the latest reference week, pointing to still tight conditions in the jobs market.

According to the Department of Labor, unemployment claims rose by 1,000 over the week ending on 31 August to reach 217,000.

Economists had anticipated a decline to 212,000 from the prior week's previously estimated level of 215,000.

The four-week moving average, which aims to smooth-out the variations in the data from one week to the next, increased by 1,500 to 216,250.

Meanwhile, secondary unemployment claims, those which are not being filed for the first time and referencing the week until 24 August, fell by 39,000 to 1.662m.

"Now that the distortions triggered by the automakers annual shutdowns have faded, the trend in claims has re-emerged as a steady 215K or so," said Pantheon Macroeconomics's Ian Shepherdson.

"Firms are cutting back their hiring plans, but layoffs haven’t budged. Note that claims over the next couple of weeks likely will be pushed up a bit by Hurricane Dorian."