News updates:
1) The August Non Farm Payrolls stood at 1.37 million. However, sources note that out of that figure, almost 300k were temporal government positions and these workers are due to be laid off at the end of September
2) Unemployment rate improved to 8.4% (previous reading was 10.2%).
3) Labor force participation rate increased by 61.7% (The labor force participation rate if the percentage of the population working OR actively seeking work).
Federal Reserve Chairman Jeremy Powell also made reemphasized that “it may take years before the economy recovers in full” – despite that pace of jobs growth.
Gold’s reaction to the release of the employment data was to move up to $1,948 but moved downwards as the USD gained strength upwards. It was seen to hit $1,916 – the lowest level of the week.
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