U.S. Initial Claims Unchanged at 370k Last Week – May 17th

Today, May 17th, the U.S. jobless claims weekly update was released; according to the recent weekly update, the number of initial claims didn’t change and for the week ending on May 12th; the total initial claims settled to revised figure of 370,000 claims (seasonally adjusted data), which is slightly higher than last week’s published figure; the four week average decreased to 375,000; the insured unemployment rate also remained unchanged at 2.6% for the week ending on May 5th;  the number of insured unemployment reached 3,265 thousand, an increase of 18,000 compared with the previous week’s numbers. Finally, the four week average declined by 11,750 to 3,282 thousand.

This news doesn’t change much the current situation in the U.S and doesn’t look well for the progress of the U.S. jobless claims.

Furthermore, this report might curb the recent rally of the U.S dollar and consequently may positively affect commodities prices, including gold and silver prices.

Currently the U.S. dollar is slightly rising against many major currencies.

Euros to USD is at 1.2704 as of 17:04*.

British Pound to U.S. dollar is traded at 1.5819 a 0.57% decrease as of 17:04*.

Current gold price (June 2012 delivery) is traded at $1,579 per t oz. a $42.4 increase as of 17:04*.

(* GMT)

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