Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!
(Wallace Refiners) – The U.S. labor market continues to see improvement as fewer workers applied for unemployment insurance last week.
The latest data shows claims at their lowest level since the U.S. economy was devastated by the COVID-19 pandemic.
Thursday the U.S. Labor Department said that weekly jobless claims fell by 40,000 to 751,000, down from the previous week’s revised estimate of 787,000 claims.
Market consensus called for initial claims to be round 773,000.
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 787,750, a drop of 24,500 claims from the previous week.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 7.756 million during the week ending Oct. 17, down by 709,000 from the previous week.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
