(Kitco News) - The U.S. labor market continues to show resilient strength even in the face of a slowing economy as fewer-than-expected American workers applied for first-time unemployment benefits.
Thursday, the U.S. Labor Department said that weekly jobless claims fell by 12,000 to 214,000, down from the previous week's revised estimate of 228,000 claims.
The latest labor market data beat expectations. According to consensus forecasts, economists were expecting to see jobless claims to hold steady at around 229,000.
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 slightly to 12,250, up by 1,250 claims from the previous week's revised average.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.385 million during the week ending Oct. 8, rising by 21,000 from the previous week's revised level.
The gold market is not seeing much reaction to the latest employment numbers as it holding on to modest gains but remains below critical support. December gold futures last traded at $1,638.50 anounce, up 0.26% on the day.
