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U.S. weekly jobless claims holding steady around 231k

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(Kitco News) - Positive momentum in the U.S. labor market appears to have stalled as the number of workers applying for first-time unemployment benefits remains relatively elevated.

Thursday, the U.S. Labor Department said that weekly jobless claims fell by 2,000 to 231,000, down from the previous week's revised estimate of 233,000 claims.

The latest labor market data was relatively in line with expectations.

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 231,750, up by7,250 claims from the previous week's revised average.

While initial claims remain volatile, some economists are paying close attention to continuing claims, which has seen a steady decline in recent weeks.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.328 million during the week ending June 18, falling by 3,000 from the previous week's revised level.

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