Conor Maloney
Initial Jobless Claims Come in Below Expectations, Gold Prices Fall
US initial jobless claims for the week ended August 03 came in at 209,000 vs. 215,000 expected, with figures for the prior week revised from 215,000 to 217,000. Continuing claims also saw a slight reduction.
Chicago Fed’s Charles Evans Hints at Further Rate Cuts, Gold Prices Rise
Charles Evans of the Chicago Federal Reserve made statements on Wednesday morning to comment on the Fed’s monetary policy on interest rates, as well as the current state of the economy. Evans took a dovish approach, signaling that more rate cuts may be on the horizon.
Employment Hits Record High in July, Gold Price Ticks Upward
The US labor force reached a total of 163.4 million in July, a record high, after adding 164,000 jobs. Jobs growth was actually below expectations of 165,000 - 170,000, although the data still points to a robust labor market.
ISM Manufacturing Index Sinks Below Expectations
The ISM manufacturing index hit the lowest point since August 2016 in July, dropping to 51.2 vs. 52 expected. Factory activity has now seen four straight months of downturn and is nearing contraction.
Mild Increase in Initial Jobless Claims, Gold Prices Drop
The number of Americans filing applications for unemployment benefits increased last week from 206,000 to 215,000. With projections of 212,000, the increase was somewhat in line with market expectations, and analysts consider the trend to be consistent with tightening labor market conditions.
Gold Prices Dip as Q2 GDP Exceeds Expectations
US GDP growth came in higher than expected with 2.1% growth vs. 1.8% expected. Growth is still down from the 3.1% growth seen in Q1, although that was partially attributed to a backlog of stockpiled inventory. On the other hand, personal consumption saw a major uptick in Q2 compared to Q1.
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