Gold & silver knee-jerk lower at the release of the report…
(by Half Dollar) It seems like the jobs numbers are going to start mattering again.
Mattering, as in, being a catalyst for market movement.
As if the numbers were legitimate.
Regardless, prior to the release of the February Employment Situation Report, commonly called the Jobs Report, we can see the “consensus” range was all over the place again:
Notice expected jump in hourly earnings!
That said, the BLS just released its report, and if you believe the numbers, here’s what happened on the jobs front last month:
- Total employment rose by: 379,000
- Unemployment rate fell to: 6.2%
- Average hourly earnings rose by: $0.07
So much for severe Winter weather disrupting much of the nation last month, because this jobs report is nothing but sunshine and rainbows!
The opening paragraph from the report (bold added for emphasis and commentary):
Total nonfarm payroll employment rose by 379,000 in February, and the unemployment rate was little changed at 6.2 percent, the U.S. Bureau of Labor Statistics reported today. The labor market continued to reflect the impact of the coronavirus (COVID-19) pandemic. In February, most of the job gains occurred in leisure and hospitality, with smaller gains in temporary help services, health care and social assistance, retail trade, and manufacturing. Employment declined in state and local government education, construction, and mining.
Apparently, we’re back to creating jobs of the low wage variety, again.
Gold & silver we’re “sold” at the release of the report:
Of course they were.
More importantly, what does this report mean for gold & silver?
The MSM Propagandists will spin this super duper totally awesome jobs report as evidence of a booming, reopening economy, with Americans eager to indulge in a bunch of good old-fashioned hospitality and leisure, what Americans do best, you know, and as such, this good jobs report is “bad for gold”.
Furthermore, as the mainstream narrative will go like this: An economy that is recovering better than expected is an economy that will superficially not need as much “stimulus” from the Federal government.
Of course, the Federal government must keep stimulating, but not for a booming economy, or for a dying economy, or for any other type of economy, but rather, because our Unconstitutional, bastardized monetary system is unbacked, debt-based fiat currency dependent on exponential, unsustainable growth, and we’re at the “exponential” growth part right now.
Also released today is the BEA’s ‘International Trade In Goods And Services” report for January, and wow, it’s a whopper:
Ahh, the benefits of being able to print up dollars and give them to other countries for actual stuff.