Gold surged more than 2% in the wake of this morning’s U.S. jobs report, establishing two-week highs just shy of 1090.00. That sounds like it might be a headline describing the yellow metal’s reaction to much weaker than expected jobs data.
In fact, the Labor Department’s nonfarm payrolls number for November came in better than expected at +211k. It was the second beat in as many months and the already robust October print of +271k, was revised higher to +298k. The jobless rate held steady at 5.0%.
However, it wasn’t all roses and sunshine: Wage growth remains muted, the labor force participation rate remains near historic lows and the number of those employed part time for economic reasons rose 319k to 6.1 million. However, if you only look at the headline numbers, everything looks pretty good on the jobs-front and the Fed should probably hike rates the week after next.
OM ADVISORY (SURE CALL) 09173020055…08238187446