U.S. Jobless Claims falls to new pandemic low but misses expectations
(Kitco News) -TheU.S. labor market continues to improve albeit at a slower pace than expected.
Thursdaythe U.S. Labor Department said that weekly jobless claims fell to a newpandemic low, dropping by 4,000 to 279,000. The previous week's estimate wasrevised up to 271,000 claims.
Thelatest labor market data missed market expectations as economists were lookingfor a print of about 257,000 claims.
Thefour-week moving average for new claims - often viewed as a more reliablemeasure of the labor market since it flattens week-to-week volatility - fell to278,00 down by 7,250 claims from the previous week.
Thefour-week average also fell to a new pandemic low, the report said.
Continuingjobless claims rose to 2.16 million during the week ending Oct. 30, up 59,000from the previous week's revised level.
Marketshave been keeping a close watch over labor market data as it has been a keytarget to determine the liftoff of U.S. interest rates. The Federal Reserve assaid that it is not ready to raise interest rates until the economy is at fullemployment.
Thecentral bank has also noted that the economy still has a long road ahead toreach that goal.
By Neils ChristensenFor Kitco News
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