On Thursday, the Department of Labor said 787,000 million Americans first filed for unemployment in the United States in the week to Saturday, down 55,000 from the revised level of the previous week . The previous week’s level has been revised downward from 56,000 to 842,000 from 898,000.
The latest labor market data has far exceeded expectations with consensus forecasts calling for claims of around 860,000 people. The better than expected data is helping to maintain some pressure on gold prices. December gold futures last traded at $ 1,905.80 an ounce, down more than 1.2% on the day.
This is the lowest reading in weekly jobless claims since the U.S. labor market was decimated due to the COVID-19 pandemic. However, economists also noted that jobless claims are still well above the pre-pandemic record high of 671,000.
The four-week moving average of new claims – often viewed as a more reliable measure of the labor market as it mitigates week-to-week volatility – was 811,250 claims under 21,500 vs. the previous week.
Continuing unemployment claims, the number of people already receiving benefits and reported one week late, fell to 8.373 million, for the week ending Oct. 10.
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