Conor Maloney
Conor Maloney is a journalist with hundreds of articles covering financial markets and topics published on sites like Yahoo Finance and GoldPrice.org.
He is passionate about blockchain, cybersecurity, and financial independence, and he believes in gold as a viable alternative to fiat currency.
Follow Conor at @iWriteCrypto on Twitter.
May Industrial Production Recovering Slower Than Expected, Gold Softens
Industrial production in May rose 1.4% vs. 3% expected as the manufacturing industry struggles to get back on track amid ongoing lockdown procedures worldwide. The slight increase follows a record drop of -12.5%, revised lower from -11.2%. The drop in April was the worst since 1919.
Retail Sales Beat Expectations With Record 17.7% Gain, Gold Prices Slip
Retail sales smashed through expectations in May with 17.7% gains vs. 8% expected and following a decline of 16.4%. Clothing and accessories saw massive gains of 188% as stores around the country began to open up again, while sporting foods, hobby products, musical instruments, and book stores saw increased sales of 88.2%.
Producer Prices Rise for First Time Since Pandemic, Gold Pares Losses
The wholesale cost of U.S. goods and services rose in May for the first time in four months. Producer price inflation (PPI) is a leading indicator of consumer inflation, making it a closely watched metric even in normal circumstances. PPI rose 0.4% in May vs. 0.1% gain expected and after plunging a record 1.3% the month before.
Initial Jobless Claims Rise 1.5 Million, Gold Pares Losses
Jobless claims in the US ranged in the millions again last week, but continue to tick downward from the peak seen in mid-March. 1.542 million Americans filed for unemployment claims in the week ended June 6, slightly below expectations of 1.55 million.
Consumer Prices Drop 0.1% Unexpectedly in May, Gold Rises
Consumer prices in the US fell for the third month in a row in May, dropping 0.1% after a major 0.8% drop in April according to the Labor Department. The April decline was the largest drop since December 2008. Annually, consumer price inflation (CPI) rose 0.1% in May and 0.3% in April. Economists had forecast no monthly change to consumer prices in May and 0.2% growth annually.
Shock Jobs Report Smashes Expectations With Net 2.5 Million Jobs Added and Unemployment Down to 13.3%
The May employment report came as a big surprise to market analysts with 2.5 million jobs added to US payrolls. Analysts had forecast losses of 7.5 million jobs and unemployment at 19%. The current rate of unemployment is 13.3% compared to 14.7% the month before according to the US Bureau of Labor Statistics.
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