U.S. weekly jobless claims rise to 203,000,

NEW YORK ( May 12)  The initial weekly jobless claims rose by 1,000 to 203,000 in the week to Saturday, slightly disappointing market expectations.

Economists’ consensus calls projected for initial claims to come in at 195,000 following the revised level of 202,000 reported in the previous week.

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 – increased to 192,750. Last week’s four-week moving average was revised up to 188,500, the U.S. Labor Department said on Thursday.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1,343,000 during the week ending April 30, a decrease of 44,000 from the previous week’s revised level of 1,387,000. “This is the lowest level for insured unemployment since January 3, 1970, when it was 1,332,000,” the data release said.

The four-week moving average dropped to 1,385,000, marking the lowest level since January 31, 1970. And the previous week’s four-week moving average was revised up to 1,417,750.

Traders monitor the jobs data closely to gauge its impact on the Federal Reserve’s monetary policy.

Gold ticked up from daily lows following the data release. It was also reacting to the latest Producer Price Index (PPI) numbers released at the same time. June Comex gold futures were last trading at $1,844.70, down 0.49% on the day.

KITCO