U.S. weekly jobless claims drop to 193,000, gold price ticks down
(Kitco News) The initial weekly jobless claims dropped by 16,000 to 193,000 in the week to Saturday, surprising the market with another unexpected contraction.
Economists' consensus calls projected for initial claims to come in at 215,000 following the revised level of 209,000 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 207,000. The previous week’s four-week moving average was revised down to 215,750, the U.S. Labor Department said on Thursday.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1,347,000 during the week ending September 17, a decrease of 29,000 from the previous week’s revised level of 1,376,000.
The four-week moving average dropped to 1,381,250, a decrease of 22,500. And the previous week’s four-week moving average was revised down by 1,000 to 1,403,750.
Traders watch the jobless claims data very closely to gauge its impact on the Federal Reserve’s employment side of the monetary policy mandate.
Gold edged down in response to the early-morning data release as the employment situation in the U.S. remained strong despite the Federal Reserve's aggressive rate hikes. December Comex gold futures were last trading at $1,659.00, down 0.66% on the day.