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U.S. Weekly Jobless Claims Disappoint With A Rise To 220K

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U.S. Weekly Jobless Claims Disappoint With A Rise To 220K

(Kitco News) - The U.S. Labor Department showed that the initial weekly jobless claims rose to 220,000 in the week to Saturday, disappointing expectations.

Market consensus called for initial claims to come in at the 214,000 level following a downwardly revised 211,000 reported in the previous week.

Gold was down following the release of the data with prices being pressured by upbeat retail sales report. December Comex gold futures last traded $1,523 an ounce, down 0.32% on the day.

The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it flattens week-to-week volatility – rose to 213,750 from last week’s revised average of 212,750.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1,726,000 during the week ending August 3, up by 39,000 from the previous week’s revised level of 1,687,000, the report said. The four-week moving average was up by 9,250 at 1,697,250.

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

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