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US initial jobless claims drop more than estimates

US initial jobless claims drop more than estimates

U.S. initial jobless claims showed a more than forecast last week, reflecting the strength of the labor market despite caution from Fed policymakers of the impact of the trade war.

Americans filling for jobless benefits for the first time slipped by 8,000 to 209,000 for the week ended August 3, while analysts had called for a retreat to 215,000.

The four-week moving average of initial claims, which is a better measure of labor market as it excludes week-to-week volatility, edged up by 250 to 212,250 last week.

Continuing claims slumped by 15,000 to 1.68 million for the week through July 27, the Labor Department report showed.  

As of 13:15 GMT, the dollar index traded near the session’s open at 97.37, after fluctuating between a high of 97.55 and a low of 97.23.

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