Browsing all articles tagged with jobless

Gold falls 1.6 Percent Notches Second Sharp Monthly Loss

Precious metal knock down almost 2 percent on Friday following US data showing low inflation and improving consumer confidence dampened investor interest, with gold notching sharp losses for a second consecutive month.

A combination of declining fund interest, option expiration and squaring of books following investors covered short positions also sent open interest in US gold futures to its lowest in approximately four years traders said.

Data showing a six-year high in consumer sentiment weighed on yellow metal a traditional safe haven.

Carlos Perez-Santalla at brokerage Marex Spectron said that the metals were previously under pressure going into the end of the month as many people have a lot of short positions outstanding and the consumer confidence statistics just added fuel to selling.

Spot gold knock down 1.6 percent to $1,390.80 per ounce by 3:17 p.m. EDT (1917 GMT), its largest one-day loss in two weeks.

US Comex gold futures for August delivery settled down $19 at $1,393 per ounce, with trading volume almost 30 percent below its 30-day average.

Yellow metal had gained more than 3 percent in the previous three sessions as discouraging US growth data and jobless claims figures boosted expectations for continued Federal Reserve stimulus.

However for the month of May, precious metal fall 5.8 percent following April’s decline of more than 7 percent. On Thursday, CME data showed Comex gold futures open interest inched up less than 1 percent to 385,901 contracts, hovering near its weakest level since September 2009. The market gauge was 13 percent lower versus 445,517 lots previous Thursday.

Economic optimism and increasing investor interest in better-performing assets such as equities explained decreasing interest in the safe-haven metal.

Holdings in the SPDR Gold Trust, the world’s biggest gold backed exchange traded fund, remained unchanged at 1,013.15 tonnes on Thursday, following increasing for the first time in three weeks on Wednesday. However these are still near four-year lows, having lost almost 337 tonnes in 2013 so far.


Gold Rebound from 2 week Low as Stimulus Perceived Continuing

Federal Reserve incentives perceived to run through 2013 despite optimistic jobs statistics. Spot gold float in the range between $1,564 to $1,586.90 per ounce.

Precious metal climbed up during the Monday’s trading session, dragging off a two week low strike in the last session on  greater than expected US jobs statistics, as the Fed’s is likely to keep support the economy with monetary incentive through 2013, also providing support to the precious metal.

US employers added better than expected 236,000 workers to their payrolls in February and the jobless rate knock down to a four year low, however Wall Street wait for the Fed to continue its bond buying program.

The Fed’s loose monetary policy has helped to drive yellow metal to record highs in recent years, while investors have hunted a hedge against a growing inflation outlook due to money printing by the central bank.

Although symbols of upturn have emerged, fueling assumptions that the Fed would restrain its monetary stimulus sooner rather than later, sapping interest in precious metal.

Jeremy Friesen, commodity strategist at Societe Generale in Hong Kong said that the Yellow metal prices have built in the outlook that the US revival is on a good footing and by the end of the year we should watch that the Fed exiting the incentives, which should be bearish for precious metal.

A temporary bounce in bullion is possible, because concerns regarding the strength of the US revival and expectations of aggressive monetary easing from the Bank of Japan coming month strength spur buying.

Spot gold added 0.3 percent to $1,582.11 per ounce by 0634 GMT, recuperating from a two week low of $1,560.80 per ounce during the previous trading session.

US gold was also climbed up 0.3 percent at $1,581.30 per ounce.

Technical analysis recommended spot gold float in the range of $1,564.44 to $1,585.90 per ounce.

Holdings of SPDR Gold Trust, the world’s greatest precious metal’s backed exchange traded fund, knock down 3.311 tonnes to 1,239.739 tonnes by the end of previous week, the weakest since October 2011.


High jobless, Low inflation rate Demonstrate euro crisis impact

Inflation dropped in the euro zone in February and joblessness climbed to an all time high, stress the impact of the federation debt crisis.

The EU’s statistics office Eurostat said on Friday that the 17 nation’s shared currency annual inflation rate was 1.8 percent in February, approximately the ECB’s target of below however close to 2 percent and by more than expected.

Eurostat said that the January’s unemployment rate temporarily increased to 11.9 percent in the bloc, climbed from 11.8 in December with another 201,000 people out of work.

The somber economic circumstances will possibly consider on the ECB’s Governing Council when it gathered on March 7, as only a alternative of economists see any early move to cut the bank’s standard rate below the current 0.75 percent, consumer prices are no longer an concerned.

Sarah Hewin, head of European research at Standard Chartered said that the inflation is just not a concern, it is not a cause why policymakers would be uncertain to cut interest rates.

They could shift as early as coming week, however there’s an element of the ECB wanting to keep its powder dry as we go into an uncertain Cypriot debt and political situation with Italy the question to be resolved.

Although the sluggish pace of price boost may make it easier for Europeans to buy clothing and food, it is little relieve to the record 19 million people unemployed in the euro zone.

Three years of crisis have determined major euro zone economies such as Spain and Italy, into a crushing recession, with businesses not capable to obtain the financing they need to increasing and citizens unable to earn sufficient to spend with confidence.

Generally joblessness also masks a large divide, with only 5 percent unemployment in Austria compared with 27 percent in Greece.


Spanish And German Jobs, To Have And Have-not

Everyone required a New Year reminder of the split that has been threatening to tear apart the 17-nation euro zone need only look at Thursday’s Spanish and German jobs data.

The figure of Germans jobless were actually climbed for the ninth month running in December, dazzling some of the damage of the euro zone debt crisis on Europe’s major economy.

Germany’s jobless figure rises and remains close to a post reunification low. Spain’s development was based approximately entirely on temporary holiday jobs. About one-in-four Spaniards are out of work.

The prospect for 2013 from analysts is jobs growth in Germany and additional joblessness in Spain.

The labor accomplishment in Germany  unemployment rate about 6.8 percent, is moderately thanks to years of wage command and structural reforms undertaken in the mid-2000s.

Spain, the euro zone’s fourth major economy only passed a labor reform in February 2012, under European Union stress to meet budget deficit targets.

Mariano Rajoy’s, Spanish Prime Minister said that jobs reform has shaken up working regulations to make it easier to fire people, leading to enormous lay-offs at big companies.

Enduring hiring in Spain has yet to pick up despite efforts to make the structure more flexible.

According to labor ministry figures, Although the amount of people out of work in Spain knock down by 1.2 percent in December typically thanks to the holiday hiring, analysts were not hopeful for a change in trend in the damaged job market.

IHS Global Insight analyst Raj Badiani, predicting a further labor shake-out by saying that we anticipate renewed job losses at the start of 2013, with the current lead indicators suggesting the economy is set to tolerate further output losses in the first half of 2013.


Jobless Data Perceive Supporting Obama as Rate Fall Below 8%

President Barack Obama detained on an unpredicted turn down in the unemployment rate to talk about reset his campaign and improving economy following a moderate debate performance verses the  Republican Mitt Romney.

Obama said that it’s a prompt that this country has come too distant to return currently, as he and Romney clash over the report’s implication in Virginia, one of the states both campaigns observe as crucial to come to a decision who prevail the election.

Alan Abramowitz, a political scientist at Emory University in Atlanta stated that it’s good news for Obama following the government demostrated the September figure. Fall in unemployment to below 8 percent is symbolically significant to voters.

The section of the population actively applying for jobs or also employed, which in August attained its weakest level since 1981, increased previous month. The economy has added 4.3 million jobs since February 2010, according to the Labor Department.

Analyst had anticipated the jobless rate to increased to 8.2 percent from 8.1 percent in August. The rate had float between 8.1 percent and 8.3 percent since the start of the year.

According to the government’s recosrds the jobless rate has fall 1.2 percentage points since September. The only election year in which unemployment fell more during the same period was Ronald Reagan’s 1984 re-election.

The Labor Department’s survey of employers demonstrate that the economy added 114,000 jobs previous month. Adjustment to the two previous month’s statistics added a further 86,000 jobs. Hourly earnings also climbed more than predicted

Labor Department description showing the jobless rate knock down to 7.8 percent, the wakest since he became president in January 2009, Obama stated at a meeting at George Mason University in Fairfax surely it is not an justification to try and talk down the economy to score a few political points.

Unemployment had stayed at 8 percent or higher since February 2009, the greatest enlarge since monthly jobless statistics were first accumulated in 1948.


Unemployment Rate climbed in Five of 10 US Campaign Swing States

The jobless rate increased in August in five of 10 states considered combat zone in the US presidential election fewer than two months previous to voters head to the polls.

Unemployment rose in Wisconsin, Iowa, New Hampshire , Nevada and North Carolina statistics from the Labor Department showed today in Washington. The rate fall in New Mexico and Colorado and was unaffected from July in Florida, Ohio and Virginia. Joblessness in six of the 10 states are under the national average of 8.1 percent.

Modification in the unemployment rate in the swing states may manipulate voters as they weigh President Barack Obama’s contention that his policies are assisting heal the economy and Republican challenger Mitt Romney’s argument is that the president’s policies have left Americans concerns off than they were four years ago.

Bruce Buchanan, a political scientist at the University of Texas in Austin said that in the previous six months, the trends have never been negative from Obama’s point of view the growth has been sluggish, but it’s been stable and that has slowly defanged the economic issue as a promising one for Romney.

A Labor Department report earlier this month illustrate the unemployment rate in the US slumped in August from 8.3 percent in July as further Americans missing the workforce.

Unemployment rose to 7.5 percent in Wisconsin previous month from 7.3 percent in July, climbed to 5.7 percent from 5.4 percent in New Hampshire, and augmented in Iowa to 5.5 percent from 5.3 percent. The jobless rate in North Carolina increased to 9.7 percent in August from 9.6 percent and added in Nevada to 12.1 percent, the highest in the nation.

The jobless rate in Ohio was 7.2 percent in August for a third month and continued at 8.8 percent in Florida. Obama obtained a majority of the vote in Ohio, Florida and six other major swing states in 2008. Florida and Ohio account for two of the biggest electoral prizes this year.