Another 1.51 million Americans file initial jobless claims; gold pares loss
(Kitco News) - Americans filed a seasonally adjusted 1.51 million first-time jobless claims in the week to Saturday, the Labor Department said Thursday. Spot gold pared its early losses, last trading down $2.20 to $1,724.40 an ounce.
Consensus estimates of economists called for initial jobless claims to be around 1.3 million to 1.35 million. The previous week’s 1.54 million claims were revised to 1.57 million.
New weekly claims have been 1.51 million or higher every week since March 21 after the previous all-time high had been 695,000 back in October 1982, according to Labor Department figures. Traders have been closely monitoring jobless claims as a key gauge of the weakness in the economy due to lockdowns and social-distancing measures across the country to combat the spread of the COVID-19 pandemic, with many businesses temporarily closing their doors. States are now gradually reopening their economies.
The four-week moving average for new claims – normally viewed as a more reliable measure of the labor market since it smooths out week-to-week volatility – fell by 234,500 to 1.77 million.
Continuing jobless claims, which counts the number of people already receiving benefits and reported with a one-week delay, decreased by 62,000 to a seasonally adjusted 20.54 million during the week ending June 6, the government said.