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Unemployment data surprises analysts, further supporting the bulls

The latest figures from the U.S. Labor Department contained an unwelcome surprise for Wall Street, with the number of new jobless claims submitted increasing by more than analysts had expected. 11,000 new claims were registered, taking the total to 239,000. A figure of 232,000 had been expected – with the higher number suggesting that the labour market is cooling more rapidly than had been thought.

This week’s figure marks the highest number of layoffs since mid-January, while the four-week average showed that continuing claims have also risen. That figure is up by 9,500, meaning that workers are finding it harder to get back into the workforce after being laid off.

Cooling demand for labour is a key indicator of an economic slowdown. This could be yet another warning sign of recession and as such, is highly supportive of even higher gold prices. Act today. Buy now.

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