Thursday, the U.S. Labor Department said that weekly jobless claims rose by 12,000 to 248,000, up from the previous week's revised estimate of 236,000 claims.
The latest labor market data was relatively in line with expectations. According to consensus forecasts, economists were expecting to see jobless claims rise at a faster pace to 247,000. The gold market is not seeing much reaction to the latest numbers as investors focus on ADP’s private sector employment report, which showed a surge in private-sector employment. Gold prices are seeing solid losses Thursday. August gold futures last traded at $1,911.20 an ounce, down nearly 1% on the day.
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 – fell to 253,250, a decrease of 3,500 claims from the previous week's revised average. Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.72 million during the week ending June 24, falling by 13,000 from the previous week's revised level.
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