U.S. weekly jobless claims rise to 262,000, gold price flat on the day

(Kitco News) The initial weekly jobless claims rose by 14,000 to 262,000 in the week to Saturday, slightly more than markets were expecting.

Economists’ consensus calls projected initial claims to come in at 263,000 following the revised level of 248,000 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 – increased to 252,000. Last week’s four-week moving average was revised down to 247,500, the U.S. Labor Department said on Thursday.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1,428,000 during the week ending July 30, an increase of 8,000 from the previous week’s revised level of 1,420,000.

The four-week moving average rose to 1,399,250, an increase of 23,750. And the previous week’s four-week moving average was revised up by 250 to 1,375,500.

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 ticked down but was largely unchanged following the data release. December Comex gold futures were last trading at $1,810.50, down 0.18% on the day.