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U.S. weekly jobless claims rise to 1.43 million

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(Kitco News) - The U.S. labor market continues to struggle as more than 1 million people file for first-time unemployment claims.

Thursday, the Labor Department said that 1.43 million Americans filed for first-time U.S. jobless claims in the week to Saturday an increase of 12,000 from the previous week's revised level. The previous week's level was revised up by 6,000 from 1,416,000 to 1,422,000.

The rise in claims was relatively in line with consensus forecasts; economists were expecting to see claims of around 1.44 million. Initial jobless claims have hovered between 1.5 million and 1.3 million for the last eight week.

The U.S. economy continues to feel the economic impact of the spreading COVID-19 pandemic.

The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smooths out week-to-week volatility – was by 1.36 million, up 6,500 claims from the previous week.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, rose to 17,018,000, for the week ending July 18. Continuing claims rose 867,000claims from the previous week, the government said.

The latest employment data is not having much impact on gold prices as the market sees some technical selling pressure after hitting an all-time high Wednesday. Spot gold last traded at $1,949.30 an ounce, down 1% on the day.

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