(Kitco News) - The U.S. labor market continues to lose as more America workers than expected filed for first-time unemployment claims
Thursday, the U.S. Labor Department said that weekly jobless claims fell by 3,000 to 229,000, down from the previous week's revised estimate of 232,000 claims.
The latest labor market data missed expectations. According to consensus forecasts, economists were expecting to see jobless claims fall to around 215,000.
The gold market is seeing some new buying momentum as investors are hit with a series of disappointing data, including the weak labor market numbers. August gold futures last traded at $1,831 an ounce, up 0.61% 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 218,500, up by 2,750 claims from the previous week's revised average.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.312 million during the week ending June 4, increasing by 3,000 from the previous week's revised level.
“This is the lowest level for insured unemployment since December 27, 1969 when it was 1,304,000,” the report said.
