(Kitco News) – The US labor market continues to lose momentum with American workers filing for unemployment benefits for the first time at the fastest pace since February.
On Thursday, the US Labor Department said weekly jobless claims rose by 4,000 to 235,000, compared with the previous week’s unrevised estimate of 231,000 claims.
The latest labor market data slightly missed expectations as economists looked for a relatively unchanged reading.
The four-week moving average for new claims – often considered a more reliable gauge of the labor market as it smooths out week-to-week volatility – rose to 232,500, up 750 claims from last week’s revised average.
While initial claims remain volatile, some economists are paying particular attention to ongoing claims, which have been steadily falling in recent weeks.
Continuous jobless claims, which represent the number of people already receiving benefits, were 1.375 million during the week ended June 25, up 51,000 from the previous week’s revised level.
Gold doesn’t see much of a reaction from the latest labor market data as it sees some bargain hunting after two days of sharp losses. August gold futures last traded at $1,740.50 an ounce, up 0.23% on the day.
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