220,000 new unemployment claims...below expectations

The U.S. Labor Department said 220,000 new unemployment claims were filed last week, down 22,000 from a week ago.

The figure is below the 230,000 expert projections compiled by Dow Jones.

The number of claims filed for unemployment benefits for more than two weeks also decreased by 5,000 to 1.874 million.

While the U.S. Federal Reserve has said it will slow the pace of rate cuts, Wall Street is eyeing U.S. job market trends to determine the extent and timing of further cuts.