The increase in new jobs for July was downwardly revised to 159,000 from 164,000 and June’s figure was cut to 178,000 from 193,000. Average hourly earnings was a bright spot, rising by 0.4% in August and 3.2% over the year, beating expectations. The market reacted to the jobs data with a sharp rally in gold and the US dollar weakening against its major counterparts.
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The Labor Department reported on Friday that the US created 130,000 new jobs in August, missing analyst expectations of 160,000. The unemployment rate stood unchanged at the near historic low level of 3.7%, in line with forecasts.
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The Federal Reserve is widely expected to cut interest rates at its upcoming September 17-18 meeting. The Fed cut interest rates in July for the first time since the financial crisis of 2008. As interest rates fall, non-yielding assets such as gold become more attractive.
On Sunday, the US and China imposed new tariffs on each other, further escalating trade tensions. However, officials reported on Thursday that the economic superpowers have agreed to hold high-level talks in early October. The prospect of a global economic slowdown triggered by the trade war has led investors to seek safe-havens such as gold, which remains near six-year highs.
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This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.
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