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Nearly 1.5 million Americas apply for weekly jobless claims again

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(Kitco News) - Another 1.48 million Americans filed for first-time jobless claims in the week to Saturday, the Labor Department said Thursday, as the economy continues to feel the effects of COVID-19 pandemic.

The data was weaker than expected as consensus estimates of economists called for initial jobless claims to be around 1.32 million. The previous week’s data were revised up to 1.508 million claims.

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 160,750 to 1.62 million.

Continuing jobless claims, which counts the number of people already receiving benefits and reported with a one-week delay, decreased by 767,000 to a seasonally adjusted 29.522 million during the week ending June 13, the government said.

The gold market is seeing little reaction to the weaker than expected labor market data as it is being hit with some technical selling pressure after hitting a nearly 8-year high Tuesday. August gold futures last traded at $1,768.30 an ounce, down 0.38% on the day.

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