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U.S. Weekly Jobless Claims surprise with a 10K drop

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Jobless CLaims

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(Kitco News) The initial weekly jobless claims fell to 210,000 in the week to Saturday, coming in better-than-expected, the U.S. Labor Department said.

Market consensus called for initial claims to be at 215,000 following a revised level of 219,000 reported in the previous week.

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 213,000 from last week’s revised average of 212,750.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1,684,000 during the week ending September 28, up by 29,000 from the previous week’s revised level of 1,655,000, the report said. The four-week moving average was up by 2,500 at 1,665,000.

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

Gold prices fell following the data but still held above the key $1,500 an ounce level. December Comex gold futures were last at $1,514.20, up 0.09% on the day.

The market was also busy digesting the U.S. inflation data, which came in slightly below expectations. The U.S. Consumer Price Index was unchanged in September versus the expected advance of 0.1%. On an annual basis, inflation was also unchanged at 1.7%.

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