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(Kitco News) –
The U.S. labor market improved slightly last week as the number of workers filing for unemployment benefits for the first time fell short of market expectations.
On Thursday, the U.S. Labor Department said weekly jobless claims rose by 3,000 to 220,000 in the week ended Sept. 8, compared with the previous week’s estimate of 217,000 claims, which was revised upward from an initial estimate of 216,000 claims.
The latest labor market data was better than expected. Economists expected jobless claims to rise to 225,000, according to consensus forecasts.
The gold market experienced a slight sell-off due to better-than-expected employment data. The spot gold price fell from $1,907.65 per ounce just before the release to $1,902.29 in the following minutes and continues to trade just above $1,902 at the time of writing.
The four-week moving average for new claims – often considered a more reliable gauge of the labor market because it flattens week-to-week volatility – fell to 224,500, a decline of 5,000 claims from the previous week’s revised average of 229,500.
Jobless claims, which represent the number of people already receiving benefits, stood at 1.688 million in the week ended Sept. 1, up 4,000 from the previous week’s revised figure of 1.684 million.
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Source : www.kitco.com