Editor’s note: Updated previous story to include more details in the report.
(Kitco News) – Dozens of Americans resubmitted unemployment claims for the first time in the United States in the week to Saturday, with government data Thursday showing 6.6 million people.
After the report, spot gold extended its expected rise to reach a gain of $ 26 to $ 1,672.50 an ounce at 8:43 a.m. EDT.
Consensus expectations compiled by the media have called for the first unemployment claims to be in the range of 5 to 6 million. The 6.65 million claims from the previous week were revised to 6.87 million.
This is the third consecutive week that new requests have exceeded 3 million after the previous historic record of 695,000 in October 1982, according to figures from the Labor Department. The report has become the most watched US economic data as market players attempt to assess the economic impact of closures and social distancing across the country to combat the spread of the COVID-19 pandemic, many companies temporarily close their doors.
It was the fourth consecutive week that the Department of Labor released a statement attributing an increase in layoffs following the COVID-19 epidemic. The increase has been particularly pronounced in the past three weeks, with a total of 16.78 initial requests filed during this period.
“The COVID-19 virus continues to have an impact on the number of initial claims and its impact is also reflected in the increasing levels of insured unemployment,” said the Department of Labor.
At the same time, the four-week moving average of new demand – often seen as a more reliable measure of the labor market because it mitigates week-to-week volatility – increased by 1.6 million to 4 , 27 million.
Persistent jobless claims, which include the number of people already receiving benefits and reported one week late, increased by 4.4 million to 7.46 million seasonally adjusted during the week ending on March 28, the government said.
The job demand report was released along with the producer price index for March.
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