U.S. weekly jobless claims rise by 5k to 245,000

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(Kitco News) The initial weekly jobless claims rose by 5,000 to 245,000 in the week to Saturday, surprising the markets with a bigger-than-expected increase.

Economists’ consensus calls projected the initial claims to remain around 240,000, which was the previous week’s upwardly revised level.

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 – fell by 500 to 239,750. The previous week’s four-week moving average was revised up by 250 to 240,250, the U.S. Labor Department said on Thursday.

Continuing jobless claims, representing the number of people already receiving benefits, were at 1,810,000 during the week ending April 8, an increase of 61,000 from the previous week’s revised level of 1,804,000. “This is the highest level for insured unemployment since November 27, 2021 when it was 1,964,000,” the report said.

The four-week moving average was at 1,827,250, an increase of 15,250, marking the highest level since December 18, 2021. And the previous week’s four-week moving average was revised down by 1,500 to 1,812,000.

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 ticked up to daily highs after the release of the latest jobless claims numbers, with June Comex gold futures last trading at $2,018.60, up 0.56% on the day.

The gold market also reacted to the publication of the Philadelphia Fed manufacturing index, which showed further weakness.