(Kitco News) - The U.S. labor market saw some improvement last week; however, the number of workers applying for first-time jobless claims remains elevated.
Thursday, the U.S. Labor Department said that weekly jobless claims fell by 8,000 to 210,000, down from the previous week's unrevised estimate of 218,000 claims.
The latest labor market data beat expectations. According to consensus forecasts, economists were expecting to see jobless claims hold steady around 217,000.
The gold market is not seeing much movement following the better-than-expected laboe market data as prices fall back below critical resistance of $1,850 an ounce. June gold futures last traded at $1,842.60 an ounce, down .20% 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 206,750, up by 7,250 claims from the previous week's revised average.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.346 million during the week ending May 14, rising by 31,000 from the previous week's revised level.
