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U.S. Weekly Jobless Claims Hit 50-Year Low Drop Below 200K

Kitco News

(Kitco News) - The U.S. labor market remains a pillar of strength within the U.S. economy as weekly jobless claims fall to a new 50-year low, dropping below 200,000 claims.

Initial weekly U.S. jobless claims fell by 8,000 to a seasonally adjusted 196,000 in the week to Saturday, the Labor Department reported Thursday.

“This is the lowest level for initial claims since October 4, 1969 when it was 193,000,” the report said.

Consensus expectations compiled by various news organizations had called for initial claims to be around 210,000. The government revised the previous week’s report up by 2,000 claims to 204,000.

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 – dropped by 7,000 claims to 207,000.

“This is the lowest level for this average since December 6, 1969 when it was 204,500,” the report said.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, dropped by 13,000 to a seasonally adjusted 1.713 million during the week ending March 30 the government said.

The stronger-than-expected employment data appears to be weigh on gold as prices trade near session lows, down 1% on the day. June gold futures last traded at $1,300.30 an ounce.

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