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.
Jobless Claims Hit 1 Month Low in Strong Market, Gold Prices Drop
The number of Americans applying for unemployment benefits in the week ended November 2 hit a monthly low and remain near a 5-year low, indicating ongoing strength in the labor market despite recessionary pressures. Initial jobless claims dropped 8,000 to 211,000, according to the Labor Department. The figure is slightly below expectations of 215,000.
US Productivity Falls for the First Time Since 2015, Gold Price Climbs
Nonfarm productivity in the US dropped for the first time in four years, falling -0.3% annually in Q3 2019. The results are in stark contrast with the expectations of a 0.9% increase, indicating that the rise in efficiency earlier in the year was anomalous rather than trend-setting.
Gold Price Continues to Sink Following Upbeat Service Sector Data
The ISM non-manufacturing index came in at 54.7 in October, 2.1 points higher than September’s reading of 52.6. The index shows accelerated growth in the non-manufacturing sector despite increasingly difficult economic conditions worldwide.
October NFP Rose by More Than Expected, but Working-Age Population Is Shrinking
October saw 128,000 jobs added to payrolls, well above expectations of around 80,000. September figures were revised upward from 136,000 to 180,000, indicating ongoing strength in the labor market. However, the unemployment rate ticked upward to 3.6%, and growth in the working-age population is shrinking.
Gold Prices Soar Above $1,500 With Mild Gain in Jobless Claims
Applications for unemployment benefits rose 5,000 to 218,000 for the week ended October 26 according to the Labor Department’s Thursday report. Data for the week prior was revised upward by 1,000.
Gold Price Spikes as Consumer Spending Rises Slightly, Inflation Remains Under Target
Personal income and spending rose moderately in September according to Thursday’s report from the Commerce Department. Consumer spending is spurred on by the robust labor market, although the core-personal and consumption expenditure (PCE) index indicates sub-target inflation.
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