U.S. weekly jobless claims increase less than forecast

The data from the Labor Department revealed on Thursday the number of applications for unemployment benefits rose modestly last week, suggesting the labor market continues to tighten despite slowing hiring and economic growth.

According to the report, the initial claims for unemployment benefits increased by 4,000 to a seasonally adjusted 214,000 for the week ended October 12.

Economists had expected 215,000 new claims last week.

Claims for the prior week were remained unchanged at 210,000.

Meanwhile, the four-week moving average of claims increased by 1,000 to 214,750 last week.