Momentum in the U.S. labor market continues to slow as the number of workers applying for first-time unemployment benefits rises to a six-week high.
Initial claims for state unemployment benefits held steady at a seasonally adjusted 224,000 for the week ending November 30, the Labor Department announced on Thursday. The number was higher than expected, as consensus estimates forecasted a reading of 215,000 claims. The previous week’s figure was revised slightly higher to 215,000.
The gold market is not attracting a lot of attention despite the disappointing employment data. Prices are struggling to hold critical support at around $2,650 an ounce. Spot gold last traded at $2,647.10 an ounce, roughly unchanged on the day.
Meanwhile, 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 – came in at 218,250, up slightly from last week’s revised average of 217,500.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.871 million during the week ending November 23, down from the previous week’s revised data of 1.89 million.
Source: Neils Christensen Kitco
