Today the U.S. Labor Department released the nonfarm payroll jobs report which revealed that the labor market is robust as well as resilient considering the massive campaign by the Federal Reserve to slow the economy by raising rates to over 5% in just over a year. Today's report beat estimates and suggests that the economy in the United States continues to be strong with 253,000 new jobs added last month.
According to the New York Times,"Job growth was broad-based, even if less vigorous than the eye-popping numbers of 2022 when the nation was rapidly digging out of a deep pandemic deficit. Leisure and hospitality added 31,000 jobs, down from a 73,000-job average over the past six months but another step toward its high in early 2020."
Gold investors and traders also used this report as a reason to pull profits from recent gains in gold which had roughly a $100 trading range from Tuesday's open at $1990 to yesterday's high of $2083. Before the upside breakout in gold which occurred on Tuesday, May 2 gold pricing was contained in a narrow trading range between $1980 and $2020.
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