US jobs market still struggling

New claims for unemployment benefits in the US fell more than expected last week, but a rise in the four-week moving average to a six-month high indicated the labour market recovery will remain painfully slow. Initial jobless claims fell 29,000 to a seasonally adjusted 409,000. Yet the prior week’s figure was revised up to 438,000 from the previously reported 434,000. The four-week moving average of unemployment claims, a better measure of underlying trends, rose by 1,250 to 439,000 – the highest level since mid-November.