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.
Mixed Payroll Data Offset by Unexpectedly High GDP Report, Gold Trades Under $1,500
The US private sector added 125,000 jobs in October, slightly above expectations of 190,000 to 120,000. Payroll gains the month prior were revised down significantly from 135,000 to just 93,000 according to Wednesday’s Moody Analytics report. While hiring data is mixed, the US economy appears to be performing better than expected with a Q3 GDP of 1.9% vs. 1.6% expected.
New Home Sales Drop in September, Gold Prices Rise
Sales of new single-family homes fell -0.7% in September with shortages of affordable homes still pressuring the market. Low inventory and affordability are persist problems despite a drop in prices representing the largest monthly decrease in 5 years.
Gold Price Tests Resistance Despite Unexpected Drop in Jobless Claims
Thursday’s report from the Labor Department indicates ongoing strength in the labor market, with applications for initial jobless claims falling unexpectedly. While hiring has slowed considerably, layoffs remain low in a tight labor market. Initial jobless claims dropped to 212,000 for the week ended October 19, below expectations of 215,000.
Business Investment is Down With Unexpected Drop in Durable Goods Orders
New orders for durable goods, designed to last more than three years, fell -1.1% in September, indicating softening business investment. This represents a big miss in orders which were forecast at a -0.2% drop.
Major Drop in Existing Home Sales as Housing Struggles, Gold Price Stays on Lows
Sales of existing homes in the US dropped more than expected in September as the market continues to show signs of weakness in Q4. Land and labor shortages continue to hinder progress, with cheaper homes in particular remaining in high demand. Sales fell -2.2% vs. Just -0.7% expected.
Manufacturing Index Sees Major Rebound, Defying Expectations
The Richmond Manufacturing Index beat market expectations for October with a rebound from -9 to 8, vastly surpassing market expectations of a drop to -14. Back in positive territory, the latest report is a positive indicator for the struggling manufacturing industry which has suffered under the escalating tariffs of the trade war.
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