Weekly U.S. Jobless Claims Remain Near 49-Year Low
(Kitco News) - The U.S. labor market continues to remain strong as initial weekly jobless claims hold near its 49-year low hit in the previous week.
Thursday the Department of labor said that jobless claims fell by 1,000 to a seasonally adjusted 204,000 in the week to Saturday, the Labor Department reported.
Consensus forecasts compiled by various news organizations had called for initial claims to be around 210,000. The government revised the prior weekâ€™s tally to 205,000 from the previously reported 205,000.
Meanwhile, the four-week moving average for new claims â€“ often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility â€“ was down by 2,000 claims to 208,000. The report noted that this is the lowest average since 1969.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 15,000 to a seasonally adjusted 1.692 million during the week ending September 1, the government said. The report noted that continuing claims are at their lowest level since 1973.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.