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U.S. Weekly Jobless Claims Fall By 14,000 To 284,000

Kitco News

Editor's Note: Updating earlier story with more details from report.

(Kitco News) - Initial weekly U.S. jobless claims fell by 14,000 to a seasonally adjusted 284,000 in the week to Saturday, the Labor Department said Thursday.

Consensus forecasts compiled by various news organizations called for initial claims to be around 300,000 to 302,000.

Claims jumped to the highest level in more than two years during the previous week, with the government attributing this to the impact of Hurricane Harvey. The Labor Department did not revise that tally, leaving it at 298,000 claims.

Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility – was up by 13,000 claims to 263,250.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 7,000 to a seasonally adjusted 1,944,000 during the week ending Sept. 2, the government said. The four-week moving average fell by 2,500 to 1,948,500.

Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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