Another 3.84 million Americans filed for first-time U.S. jobless claims in the week to Saturday, the Labor Department said Thursday.
Spot gold was lower ahead of the data and remained that way afterward. As of 8:40 a.m. EDT, gold was $7.30 lower at $1,706.80 an ounce.
Consensus estimates of economists called for initial jobless claims to be around 3.5 million. The previous week’s 4.43 million claims were revised to 4.44 million.
This was the sixth straight week that new claims topped 3 million after the previous all-time high had been 695,000 back in October 1982, according to Labor Department figures. Traders have been closely monitoring jobless claims as a key gauge of the weakness in the economy due to lockdowns and social-distancing measures across the country to combat the spread of the COVID-19 pandemic, with many businesses temporarily closing their doors.