Weekly jobless claims rose by 2,000 for a total of 216,000 for the week ending November 10th. Consensus estimates were looking for a decline in claims to 212,000 for the week. Claims for three states, including California, Texas and Virginia were estimated due to the Veteran’s Day holiday. Likewise, claims for Hawaii and Puerto Rico were also estimates.
- The four week moving average rose by 1,500 to 215,250.
- The labor market remains at or near full employment.
- Wages are on the rise.
- Those receiving benefits after a week of aid rose by 46,000 to 1.68 million.
- The four week average of continuing claims rose 8,750 to 1.64 million.
Despite a slight increase in weekly claims, employment remains very strong. Accelerating wages and inflation combined with a strong labor market will likely keep the Fed on track for additional, gradual interest rate hikes.
Gold Market Reaction
The gold market is trading slightly higher in early action, but did not show much reaction to the mixed bag of data released today. The yellow metal is likely paying closer attention to the dollar index, which remains near a 1.5 year high. In addition, the gold market could also potentially benefit from increasing risk aversion today. As of this writing, the Dow Jones Industrial Average is down nearly 200 points in early action.