Gold steadies as US jobless claims hold at 213K
Key Takeaways:
- Initial jobless claims held at 213k, narrowly beating 215k expectations.
- Layoffs appear contained, though weekly jobless claims readings remain volatile.
- Economists favor four-week average to smooth holiday and weather noise.
US initial jobless claims were unchanged at 213,000 for the week ending February 28, coming in slightly below the 215,000 expected, according to ActionForex. The small beat suggests layoffs remain contained, but weekly prints are volatile.
Initial claims measure seasonally adjusted first-time filings for unemployment insurance, based on data from the U.S. Department of Labor. Economists often prefer the four-week moving average because it smooths out holiday and weather noise.
Continuing claims, which track ongoing benefit recipients, totaled about 1.868 million versus 1.85 million expected, as reported by InvestingLive. The prior week’s initial claims were also revised to 213,000 from 212,000, and prior continuing claims to 1.822 million.
A modestly higher level of continuing claims can imply re-employment is taking a bit longer even as new layoffs stay low. That combination may support a cautious Federal Reserve under Chair Jerome Powell on the timing of rate cuts, with analysts noting low claims have recently eased fears of rapid labor-market weakening, as reported by CNBC.
Economists also caution that seasonal factors can skew single-week readings, so trends matter more than any one print. “The Thanksgiving holiday often distorts data , some people who lost jobs may delay filing claims,” said Kathy Bostjancic, Chief Economist at Nationwide, as reported by AP News.
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