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.
US Consumer Inflation Hits Yearly High, Gold Price Ticks Upward
US consumer inflation remains quite low, although last month saw gains in the cost of gas, rent, and health care. With tame inflation throughout 2019, consumer inflation is now at a yearly high. The consumer price index (CPI) rose 0.3%, slightly above expectations of 0.2%.
Gold Price Drops Further as US Consumer Sentiment Hits 7-Month High
US consumer sentiment was measured at 99.2 on the latest University of Michigan consumer sentiment index, an increase from 96.8. The result beat expectations, indicating an improvement in consumer’s confidence in their buying ability coming into the holiday season.
Gold Prices Drop as Jobs Report Beats Expectations, Unemployment Drops to 3.5%
The November report from the Labor Department saw 266,000 new jobs added vs. just 180,000 expected. The labor market felt the influx of workers returning from the recently ended strike at General Motors, boosting figures. Unemployment dropped from 3.6% to 3.5%, beating expectations of a flat reading.
Jobless Claims Hit 7-Month Low, Gold Prices Remain Flat
The number of Americans filing applications for unemployment benefits dropped below expectations last week, indicating ongoing strength in the labor market despite major hiring slowdowns. However, it’s possible that the figure has been skewed by the Thanksgiving’s Day holiday last Thursday.
Gold Price Keeps Falling Despite Unexpected Slowdown in Service Sector
The US service sector declined further than expected in November as the trade war continues to impact multiple industries. A shortage of skilled laborers is also a factor in the decline. The ISM non-manufacturing index dropped to 53.9 in November from 54.7 the month before, below expectations of 54.5.
Gold Price Dip Despite Job Market “Losing Its Shine” With Weak November Growth
Private payrolls rose by 67,000 jobs in November according to ADP and Moody’s Analytics. The figure was drastically lower than the expected results of 150,000 new jobs, indicating the slowest growth since May. The estimated minimum number of new jobs required to keep pace with growth in the working age population is 100,000.
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