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U.S. weekly jobless claims fall by 30K in line with expectations

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(Kitco News) - The U.S. labor market remains volatile as it sees a big drop in the number of workers applying for first-time unemployment benefits, after three weeks of consecutive increases.

Thursday, the U.S. Labor Department said that weekly jobless claims dropped by 30,000 to 260,000, down from previous week's revised estimate of 290,000 claims.

The latest labor market data fell in line with economist expectations.

The latest employment data is having little impact on gold prices as the market continues to feel the effects of strong hawkish sentiment from the Federal Reserve. February gold futures are trading at session lows at $1,802.30 an ounce, down 1.50% on the day.

Gold price down but not out as Fed looks to raise interest rates soon

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 – rose to 247,000, up by 15,000 claims from the previous week.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.675 million during the week ending Jan. 15, rising by 51,000 from the previous week's revised level.

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