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U.S. Initial Jobless Claims Rise By 9K After Hitting 49-Year Low

Kitco News

(Kitco News) -Initial weekly U.S. jobless claims saw a modest jump off last week’s 49-year low, with a seasonally adjusted data rising by 9,000 to 217,000 claims to the week to Saturday, the Labor Department reported.

Consensus forecasts compiled by various news organizations had called for initial claims to be around 215,000. The government revised the prior week’s tally up by 1,000 to 208,000.

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 2,750 claims to 218,000.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 8,000 to a seasonally adjusted 1.745 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 continued momentum in the U.S. dollar. August gold futures last traded at $1,229.20 an ounce, down 0.21% 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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