THE GOLD NEWS DESK: Gold Prices Spike on Weak U.S. Jobs Report U.S. economy created 169,000 jobs in August, 175,000 were expected With the market primed to explode on concerns about U.S. military action in Syria, the price of gold responded sharply to weaker-than-expected U.S. economic data.According to the Labor Department, only 169,000 jobs were created in the month of August. Market expectations were 175,000. The market also responded to a revision of non-farm payrolls from June and July down from what was originally reported. While unemployment barely improved, the participation rate for American workers, which indicates the share of working-age people in the labor force, hit its lowest point in nearly 40 years at 63.2%. This can be explained because the unemployment number reported by the Bureau of Labor Statistics excludes Americans who have stopped receiving unemployment benefits or left the workforce entirely.Gold received a much-appreciated boost to end this week, but all eyes remain on Syria and an imminent strike from the U.S. The focus of the G-20 summit has been tensions between the United States and Russia, whose president Vladimir Putin restated his intention to support Syria in the event of American military intervention.
Posted on: Fri, 06 Sep 2013 15:54:51 +0000
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