The most recent unemployment data, published by the U.S. Labor Department on Thursday, has caught some by surprise, with figures showing the economy could be slowing more than expected.
While analysts had forecast a 220,000 increase in unemployment statistics, the true figure was 7,000 jobs higher, with 225,000 people filing new jobless claims after being let go. A further 1,493,000 claims were already in progress by those who had previously filed for unemployment benefits, suggesting that the Federal Reserve’s acknowledgement that a ‘soft’ landing would now be extremely difficulty is now being realised.
Gold prices were markedly increased in the wake of the data being released and could jump higher still if the Federal Reserve decides that, coupled with a lower level of inflation, it can now lower its rate increase trajectory.
