Jobless claims are at new pandemic lows after drop to 576,000
(Kitco News) The initial weekly jobless claims fell by 193,000 to 576,000 in the week to Saturday, beating market expectations and reaching new pandemic lows.
Economists' consensus called for initial claims to come in at 700,000 following the revised level of 769,000 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 – decreased to 683,000, from last week’s revised average of 730,250, the U.S. Labor Department said on Thursday. This is the lowest level for this average since March 14, 2020.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 3,731,000, during the week ending April 3, up by 4,000 from the previous week’s revised level of 3,727,000. The four-week moving average dropped to 3,763,000.
Traders monitor jobs data closely to gauge how it might impact the Federal Reserve’s monetary policy.
Gold remained largely unchanged but managed to keep its early-morning gains following the data release. June Comex gold futures were last trading at $1,748.30, up 0.69% on the day.