+151,000… it’s not a very good number and so the theme introduced yesterday, of wobbling manufacturing and a potentially wobbling economy, continues. Here is a breakdown, with the usual suspects helping the economy service itself. The decelerating jobs picture is still being led by Education & Health services, Professional & Business services and Leisure & Hospitality services.
From BLS: Employment Situation – August 2016
This is obviously USD negative and gold positive. I came this close to hedging the new mining positions I brought on yesterday, but decided to be a big boy instead and take the beating if ‘jobs’ came in strong.
Easy gold bugs, the miners are not out of the correctional woods yet. But if the economy does continue down this path the fundamentals would improve and buying future downside would be a no brainer. Contrary to the hallucinations dreamed up by many in the gold “community”, the funda picture has to this point, not yet completely engaged. But recent events seem to be hinting that they just may do so before too long.
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