U.S. weekly jobless claims decline to 281,000
(Kitco News) The initial weekly jobless claims declined 10,000 to 281,000 in the week to Saturday, beating market expectations and marking a fresh pandemic low.
Economists’ consensus calls projected for initial claims to come in at 290,000 following the revised level of 291,000 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 299,250. This also marked the lowest level since March 14, 2020. Last week’s four-week moving average was revised up to 320,000, the U.S. Labor Department said on Thursday.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 2,243,000 during the week ending October 16, a decrease of 237,000 from the previous week’s revised level of 2,480,000. The four-week moving average dropped to 2,513,250. “This is the lowest level for this average since March 21, 2020, when it was 2,071,750,” the report noted.
Traders monitor jobs data closely to gauge how it might impact the Federal Reserve’s monetary policy.
Gold retreated from daily highs following the data release, with December Comex gold futures last trading at $1,800.70, up 0.09% on the day.