Sat, 16 Oct 2021

U.S. weekly jobless claims fall for third week in row

Robert Besser
10 Oct 2021, 14:50 GMT+10

WASHINGTON D.C.: In the first decline in weekly jobless claims in nearly a month, the U.S. Labor Department said Thursday that claims fell by 38,000 to 326,000, down from the previous week's revised estimate of 362,000 claims.

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 344,000, up by 35,000 claims from the previous week.

Of note, the gold market is not seeing much movement in relation to the latest labor market data.

December gold futures last traded at $1,758.50 per ounce, down 0.18 percent on the day.

Continuing jobless claims, which represent the number of people already receiving benefits, dropped to 2.714 million during the week ending Sept. 25, down 97,000 from the previous week's revised level.

"This is the lowest level for insured unemployment since March 14, 2020, when it was 1,770,000," the report said.

Economists are keeping a close eye on weekly jobless claims, as a development in the labor market could see the Federal Reserve announcing a reduction in its bond purchase program before the end of the year.

Sign up for Phoenix News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!