U.S. Weekly Jobless Claims Fall To New Multi-Decade Low
(Kitco News)- The U.S. labor market continued to build new momentum after the Labor Department report showed that weekly U.S. jobless claims fell by 41,000 to 220,000 claims in the week to Saturday.
Consensus expectations compiled by various news organizations called for initial claims to be around 250,000. The government left the prior week’s tally unrevised at 261,000.
“This is the lowest level for initial claims since February24, 1973 when it was 218,000,” the report said.
Meanwhile, the four-week moving average for new claims - oftenviewed as a more reliable measure of the labor market since it smoothens outweek-to-week volatility - dropped 6,250 claims to 244,500
Continuing jobless claims, the number of people already receivingbenefits and reported with a one-week delay, increased by 76,000 claims to aseasonally adjusted 1.952 million during the week ending Jan. 6, the governmentsaid.
Gold prices have ticked modestly lower following the stronger than expected labor market data. In initial reaction to the data, February gold futures last traded at $1,228.40 an ounce, down 0.81% on the day.
Traders monitor jobs data closely to gauge how aggressively theU.S. Federal Open Market Committee alters monetary policy.
By Neils ChristensenFor Kitco News
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