US jobless claims fall to 194,000 as continuing claims rise
New applications came in below a 200,000 forecast, while continuing claims increased by 25,000 in the Labor Department's weekly report.
Theo Marchetti
The U.S. Labor Department reported on Thursday that new jobless claims fell by 6,000 to 194,000, adding labour-market data for investors trading gold on COMEX. The seasonally adjusted total for the week ended Oct. 17 was below the 200,000 forecast in Investing.com's economic calendar.
Continuing claims moved in the other direction, increasing by 25,000 to 1,728,000 for the week ended Oct. 10. The figures show fewer new applications alongside a larger pool of people already claiming benefits.
COMEX gold futures were down 1.17 per cent at US$4,101.40 an ounce at 8:44 a.m. EDT on Thursday, according to Google Finance COMEXGCW00. That reading followed the release, although the price snapshot alone does not establish the cause of the decline.
The 10-year Treasury yield was 5.04 per cent at 8:22 a.m. EDT on Thursday, according to Tradeweb data carried by CNBC. That reading preceded the claims release and cannot establish the bond market's response to it.
Continuing Claims Rise As New Filings Fall
The initial-claims comparison incorporates an upward revision to the preceding week. The Labor Department raised that total to 200,000 from the previously reported 199,000, so Thursday's decline is measured against the revised figure.
The moving average also fell, providing a comparison that smooths individual weekly changes.
"The 4-week moving average was 197,750, a decrease of 1,000 from the previous week's revised average," the Labor Department said in Thursday's release.
The department revised the preceding moving average upward by 250 to 198,750. Both the latest weekly total and the moving average therefore declined after revisions to the earlier figures.
Unadjusted initial filings totalled 172,390 in the week ended Oct. 17. Their decline of 19,321 exceeded the decrease of 14,179 anticipated by the department's seasonal factors.
The continuing-claims figures cover an earlier week than the new applications. The insured unemployment rate held at 1.1 per cent for the week ended Oct. 10, even as the number receiving benefits increased.
The moving average for insured unemployment rose by 4,000 to 1,711,000. That increase accompanied the rise in the latest weekly count, while both measures of initial claims fell.
Growth And Spending Reports Follow On Oct. 29
For gold and technology investors, the release provides a fresh measure of benefit filings ahead of the next national growth and household-spending reports. The claims figures describe applications and ongoing benefit claims, rather than company earnings or sales.
Read more: PHLX Semiconductor Sector Index rebounds 3.19 per cent as chip shares rise
The Bureau of Economic Analysis schedules its advance estimate of third-quarter GDP and September personal income and outlays for Oct. 29, both at 8:30 a.m. EDT. Those releases will add an estimate of economic growth and figures on household income and spending to the weekly benefits data.
