(Kitco News) – Labor Department data Thursday showed that initial weekly U.S. jobless claims fell by 10,000 to a seasonally adjusted 203,000 in the week to Saturday. This was the lowest tally since December 1969, the Labor Department said.
Consensus expectations compiled by various news organizations had called for initial claims to be around 212,000 to 213,000. The government left the prior week’s tally unrevised at the previously reported 213,000.
Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility – was down by 2,750 claims to 209,500.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 3,000 to a seasonally adjusted 1,707,000 during the week ending Aug. 25, the government said.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.
By Allen Sykora
For Kitco News