(Kitco News) - The U.S. labor market remains fairly resilient even as it shows signs of cooling with the number of American workers applying for first-time benefits increased more than expected last week.
Initial claims for state unemployment benefits jumped by 14,000 to a seasonally adjusted 217,000 for the week ending January 11, the Labor Department announced on Thursday. The number was above expectations, as consensus estimates forecasted a reading of 210,000 claims. The previous week’s figure was revised slightly higher to 203,000.
The softer-than-expected labor market data is providing solid support for gold as prices trade near session highs well above $2,700 an ounce. Spot gold last traded at $2,715.10 an ounce, up 0.67% on the day.
Meanwhile, 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 – came in at 212,750, falling by 750 claims from last week’s revised average.
Continuing jobless claims, which represent the number of people already receiving benefits, fell to 1.859 million during the week ending Jan. 4, falling by 18,000 from last week’s revised claims.
