(Kitco News) -
The initial weekly jobless decreased by 20,000 to 211,000 in the week to Saturday, below market expectations.
Economists’ consensus calls projected for initial claims to come in at 230,000 following the previous week’s revised level of 231,000.
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 – decreased to 227,250. The previous week’s four-week moving average was revised up to 230,250, 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 1,000 from the previous week’s revised level of 1,670,000.
The four-week moving average rose to 1,625,250, an increase of 43,250. And the previous week’s four-week moving average was revised down by 250 from 1,582,250 to 1,582,000.
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 was down after the data release. February Comex gold futures were last trading at $1,787.70, down 1.7% on the day.
