The number of Americans who applied for unemployment increased last week but the number is low enough to suggest that most Americans have jobs.
The Labor Department released a report on Thursday showing a rebound in initial jobless claims in the week ended January 21 after reporting an unexpected drop in first-time claims for U.S. unemployment benefits in the previous week.
The report showed a rise of 22,000 initial jobless claims to 259,000, from the previous week’s revised level of 237,000.
Jobless claims have been below the level of 300,000 for 99 successive weeks now; it has been the longest streak since 1970 which implies strong labor market.
Overall, 2.1 million Americans are collecting unemployment checks, down 6.6 percent from a year ago.
Economists consider the current employment state as full employment as the unemployment rate was 4.7 percent last month, near a nine-year low.
Employers last year added 180,000 jobs a month, firm number but still less than a monthly average of 229,000 in 2015.
The news of the report didn’t affect the precious metal as gold prices didn’t gain momentum from the results.
Gold prices were pressured ahead of the report and the weaker-than-expected report did not boost attraction for buyers with Comex February, it traded at $1,189.50 an ounce down $0.69 intraday.
The dollar surged overnight on continued buying of U.S. equities.