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U.S. Weekly Jobless Claims Rise By 3,000

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(Kitco News) - U.S. initial weekly jobless claims rose by 3,000 to a seasonally adjusted 244,000 in the week to Saturday, the Labor Department said. The total was slightly higher than forecast.

Market consensus called for initial claims to be around 240,000. The government revised the prior week’s tally by 1,000 from 240,000 to 241,000 claims.

Gold prices were at session highs immediately after the release and neared a two-month high, with December Comex gold last seen at $1,287.2, up 0.62% on the day.

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 – fell by 1,000 to 241,000.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 16,000 to a seasonally adjusted 1,951,000 during the week ending July 29, the government said. The four-week moving average rose by 500 to 1,965,000.

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

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