US: Weekly Initial Jobless Claims rise to 248K vs. 230K expected

• Initial Jobless Claims increased by 21,000 in the week ending August 5.
• Continuing Jobless Claims declined by 8,000 in the week ending July 29. 
• US Dollar Index tumbles after US July Consumer Price Index. 

Initial Jobless claims totaled 248,000 in the week ending August 5, the weekly data published by the US Department of Labor (DOL) showed on Thursday. The highest level in five weeks. The print follows the previous week's 227,000 (unrevised) and came in above market expectations of 230,000. Further details showed that “The 4-week moving average was 231,000, an increase of 2,750 from the previous week's unrevised average of 228,250.”

Continuing Claims decline by 8,000 in the week ended July 29 to 1.68 million, a reading better than market estimates of 1.71 million.  The four-week moving average was 1,701,000, a decrease of 9,250 from the previous week's revised average.

Market reaction: 

Along with the Jobless Claims, the July Consumer Price Index was released. The US Dollar Index dropped from 102.10 to 101.80, extending its daily losses. US yields slide following US economic reports.