(Kitco News) - Although persistent inflation remains a dominant force in the economy, its effects on the labor market remain muted, as the number of American workers applying for first-time unemployment benefits remains stable.
Initial claims for state unemployment benefits came in at a seasonally adjusted 199,000 for the week ending October 10, the Labor Department announced Thursday. The number was in line with consensus estimates. The previous week’s figure was revised down to 198,000.
The latest labor market data is having little impact on gold prices, as the precious metal manages to hold on to its overnight gains above $4,100 an ounce. Spot gold last traded at $4,151.30 an ounce, up more than 1% on the day.
Meanwhile, the four-week moving average for new claims—often viewed as a more reliable measure of the labor market because it smooths out week-to-week volatility—came in at 198,500, slightly above expectations of 198,000 and following the previous week’s revised level of 198,250.
