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.
ISM Business Activity Contracts for First Time Since Great Recession, Gold Prices Volatile
The ISM non-manufacturing survey fell 4.8 points to 52.5 in March, still above contraction territory and beating the expected result of 43.5. The measure of business activity fell 9.8 points to 48, marking the first contraction since 2009 during the tail end of the Great Recession.
US Labor Market Collapses With 701,000 Jobs Cut in March and Q2 Unemployment Forecast at 10 - 16%, Gold Prices
US employers cut 701,000 jobs in the first two weeks March vs. just 10,000 expected, pushing the rate of unemployment from 3.5% to 4.4%. This data does not include almost 10 million people who filed for unemployment benefits in the last two weeks of March. The report indicates the beginning of a labor market collapse which is expected to push unemployment to record highs.
Labor in Crisis: Gold Rises With a Record 6.65 Million Jobless Claims and a Staggering 12.5% Unemployment Rate Forecast in 2020
The US has seen record layoffs for the second week in a row, with initial jobless claims more than double those of the previous week as well as double all expectations. The week ended March 28 saw more than ten times the number of layoffs than any other week in US history, according to the latest report from the Labor Department. Claims came in at 6.65 million vs.
Gold Price Ticks Upward With Broad Contraction Throughout Manufacturing PMI
Economic activity in manufacturing contracted in March, slipping from 50.1% in February to 49.1% according to the latest report from the Institute for Supply Management (ISM). Any reading below 50 indicates contraction. The coronavirus outbreak is likely behind the decline, and manufacturing is expected to slip further in April due to the shutdown of much of the US economy.
Gold Price Steady on Report of 27,000 Jobs Cut Before Coronavirus Shutdown Escalated in March
Private companies terminated 27,000 positions for the period through March 12, before the worst impact of the coronavirus outbreak was felt, according to the latest data from ADP and Moody’s Analytics. While these positions have likely been ended for the foreseeable future, the actual number of people out of work is much higher.
Chicago PMI Beats Expectations but Contracts Further in March, Gold Price Ticks Downward
Business conditions in Chicago worsened this month according to the latest PMI reading, which came in at 47.8 in March vs. 49 in February. Any reading below 50 indicates contraction. The Chicago PMI has been straddling the 50-point mark of contraction for almost a year, and the latest reading was the ninth consecutive month with a reading under 50.
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