The number of initial jobless claims in the United States for the week ending May 4 exceeded expectations, reaching the highest level since August last year, with gold surpassing the $2320 mark

The number of initial jobless claims in the United States last week rose to the highest level since August, in line with signs of a gradual cooling labor market.

Data released by the U.S. Department of Labor on Thursday showed that in the week ending May 4, the number of initial claims for unemployment benefits in the United States was 231,000, the highest since the week ending August 26, 2023, and the third largest weekly increase since 2021, exceeding expectations of 212,000, with the previous value revised slightly upward to 209,000.

Over the past three months, the number of initial claims has remained between 200,000 and 222,000. The four-week moving average, which helps smooth out short-term fluctuations in weekly claims, increased to 215,000, the highest level since February.

The number of ongoing claims for unemployment benefits remains high, with 1.79 million continuing claims in the week ending April 27, marking the largest increase in a month.

Despite strong demand that has made companies reluctant to lay off workers, the latest employment report shows a slowdown in hiring. The performance of the U.S. labor market last year largely exceeded expectations and provided momentum for the economy. Federal Reserve officials are closely monitoring labor demand and wage growth to determine when it is appropriate to cut interest rates.

Following the data release, the U.S. dollar index fell in the short term to 105.40. Nasdaq 100 index futures and S&P 500 index futures erased earlier losses, rising by 0.02% and 0.03% respectively. Spot gold prices rose in the short term, up by 0.77% to $2,326.22 per ounce