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U.S. weekly jobless claims rise to highest level since early August

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(Kitco News) - The U.S. labor market appears to be losing some momentum as the number of workers applying for first time unemployment benefits jumps to a 13-week high.

Thursday, the U.S. Labor Department said that weekly jobless claims jumped by 17,000 to 240,000, up from the previous week's revised estimate of 122,000 claims.

The latest labor market data missed expectations. According to consensus forecasts, economists were expecting to see jobless claims rise at a slower pace to 225,000. Weekly jobless claims have risen to their highest level since early August.

The gold market is not seeing much reaction to economic data as prices remain below $1,750 an ounce. December gold futures last traded at $1,736.70 an ounce, down 0.18% on the day.

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 26,750, up by 5,500 claims from the previous week's revised average.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.551 million during the week ending Nov. 12, rising by 48,000 from the previous week's revised level.

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