Spot gold rose 0.3 per cent to $1,812.66 an ounce at 10:15 a.m. EST, having hit its lowest since July 17 at $1,800.01 on Tuesday
Despite claims dropping to their lowest since March, they remained above their peak of 665,000 during the 2007-2009 Great Recession
The Labor Department said Thursday that initial jobless claims for the week ended Aug. 15 came in at 1.106 million
While other data on Wednesday showed activity in the vast services sector gained momentum in July as new orders raced to a record high, hiring declined
The analysis highlighted how the additional unemployment benefits are helping to prop up the U.S. economy and consumer spending after the pandemic led to a surge in joblessness across the country
Economists are optimistic that tightening labor market conditions will boost wage growth in the second half of this year
The year 'is getting off to a good start,' said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co
Economists polled by Reuters had forecast claims rising to 231,000 in the latest week
Unemployment rate now sits at 4.4% after US employers hired more workers than expected in April
The decline in the jobless rate reflected both a drop in the size of the labour force and a decrease in the number of unemployed