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.
December Misses The Mark on Jobs Growth, Gold Prices Erase Losses
The US economy added 145,000 jobs in December vs. 160,000 expected, while the rate of unemployment remained at the 10-year low of 3.5% as expected. Growth in wages slowed on a monthly and annual basis.
Initial Jobless Claims Beat Expectations, Gold Prices Sink
The number of Americans applying for unemployment benefits fell below expectations last week with 214,000 applications vs. 220,000 expected. The rate of unemployment has remained flat at 3.5%, indicating ongoing strength in the labor market. However, while the market is capable of fuelling strong consumer spending, hiring may be slowing down.
Private Sector Employment Beats Expectations, Gold Slips Below $1,600
The private sector added 202,000 jobs vs. just 150,000 expected in December according to ADP and Moody’s Analytics. Trade and construction led the growth in employment which was spread across many service industries. A further 160,000 positions are expected to be reported added to the labor market in Friday’s government nonfarm payrolls report.
Gold Pulls Back From 7-Year High With ISM Non-Manufacturing Above December Expectations
Gold surged above a 7-year high on Tuesday before pulling back slightly, staying on highs following above-expectation results for the December ISM non-manufacturing PMI. The PMI rose to 55 last month from 53.9 the month before, beating forecasts of 54.5.
Personal Income and PCE Rise in Line With Expectations, Gold Prices Steady
Consumer spending, which accounts for two-thirds of US economic activity, showed robust growth in November as expected with 0.4% growth according to the Commerce Department. The increase was accompanied by a rise in personal income of 0.5%, allowing for increased spending approaching the holiday shopping season.
Six-Month Low in Philly Fed Manufacturing Index Sees Gold Prices Rise
The Philadelphia Federal Reserve manufacturing index dropped 10 points in December, failing to meet expectations and falling to a six-month low. Now at 0.3, the index is just barely showing growth in the sector, with any reading below 0 indicating contraction.
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