(Kitco News) -
The initial weekly jobless increased by 4,000 to 230,000 in the week to Saturday, in line with market expectations.
Economists’ consensus calls projected for initial claims to come in at 230,000 following the previous week’s revised level of 226,000.
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 – increased to 230,000. The previous week’s four-week moving average was revised up to 229,000, the U.S. Labor Department said on Thursday.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1,671,000 during the week ending November 26, an increase of 62,000 from the previous week’s revised level of 1,609,000.
The four-week moving average rose to 1,582,250, an increase of 43,250. And the previous week’s four-week moving average was revised up by 250 from 1,538,750 to 1,539,000.
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 remained near daily highs after the data release. February Comex gold futures were last trading at $1,802.40, up 4.4% on the day.
