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U.S. Weekly Jobless Claims Hold Near 49-Year Low

Kitco News

(Kitco News) - Initial weekly U.S. jobless claims remain near their lowest level in 49 years, with a seasonally adjusted data remaining unchanged at 211,000 in the week to Saturday, the Labor Department reported.

Consensus forecasts compiled by various news organizations had called for initial claims to be around 219,000. The government left the prior week’s tally unrevised at 211,000.

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 down by 5,500 claims to 216,000.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 30,000 to a seasonally adjusted 1.79 million during the week ending April 21 the government said.

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

The gold market is not paying much attention to the positive employment data as the market is focusing on disappointing inflation data. June gold futures last traded at $1,321.70 an ounce, up 0.66% on the day.

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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