(Kitco News) – Positive momentum in the U.S. labor market is starting to slow as more U.S. workers than expected apply for first-time unemployment benefit.
For the third week in a row, weekly jobless claims exceeded expectations. On Thursday, the US Department of Labor said weekly unemployment claims fell from 7,000 to 411,000, down from the previous week’s unrevised estimate of 418,000 claims.
The latest labor market data has been disappointing as consensus forecasts looked for an increase in claims to 382,000.
The latest employment data is not having much of an impact on the gold market. August gold futures traded for the last time at $ 1,784.40 an ounce, up 0.06% on the day.
The four-week moving average of new claims – often viewed as a more reliable measure of the labor market because it flattens week-to-week volatility – rose to 397,750, an increase of 1,500 claims over to the previous week.
Continuing unemployment claims, which represent the number of people already receiving benefits, stood at 3.390 million in the week ending June 12, down 144,000 from the revised level the previous week.
“This is the lowest level of insured unemployment since March 21, 2020, when it was 3,094,000,” said the report.
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