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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.

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