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U.S. weekly jobless claims drop but miss expectations, come in at 1.427 million

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(Kitco News) The initial weekly jobless claims decreased to 1.427 million in the week to Saturday, coming short of market expectations.

Economists’ consensus called for initial claims to come in at 1.355 million following the revised level of 1.48 million 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 – declined to 1,503,750 from last week’s revised average of  1,621,250, the U.S. Labor Department said on Thursday.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 19,290,000 during the week ending June 20, up by 59,000 from the previous week’s revised level of 19,231,000. The four-week moving average dropped to 19,854,000.

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

Gold prices edged down, paying more attention to the U.S. employment report released at the same time. The August Comex gold futures were last trading at $1,776.20, down 0.21% on the day.

Live 24 hours gold chart [Kitco Inc.]

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