U.S. Unemployment Down To Lowest Level In 5-Year

U.S. Unemployment Down To Lowest Level In 5-Year. The number of Americans who filed first-time claims for unemployment benefits fell more than expected last week to the lowest level in five years, it showed further improvement in the labor market. The number of applications for unemployment benefits dropped by 37.000 to 335,000 in the week ended on January 12, this is the lowest level since the period ended January 19, 2008, the data in the report by the Labor Department today. Previously, economists expect that number will reach 369,000 claims. The data is taken on the terms of the average forecast in a Bloomberg survey. A spokesman for the agency said the figures were likely to reverse the doubts that showed claims data typically increases in early January.

"I do not expect layoffs will be the biggest part of the story of the labor market in 2013," Kurt Rankin, an economist at PNC Financial Services Group Inc.. Pittsburg who said before the data release. At the same time, "without the soaring levels of consumer spending, we would not have seen the growth of the labor market."

Gold Back Distressed

Gold slumped in the New York session after a series of U.S. data confirm the continued recovery of the U.S. economy, thereby reducing the appeal of gold as an investment instrument. U.S. jobless claims fall, increasing the number of establishments and housing permits increased. Investors are worried that the U.S. economic recovery momentum continues then the Fed can withdraw monetary stimulus more quickly than anticipated. Minutes of the Fed's last show of the desire to withdraw stimulus at the end of 2013. Gold is now trading 1674.50, 1683.80 away from the daily high level.