Improvement in U.S. Employment with Slight Increase in Unemployment in November
U.S. labor market data for November revealed the addition of 227,000 new jobs, exceeding expectations of 200,000 jobs.
Topic
United States
The October report was revised to show an addition of 36,000 jobs instead of 12,000.
The unemployment rate rose to 4.2%, aligning with market expectations, compared to 4.1% in October.
Average hourly earnings saw a monthly increase of 0.4%, surpassing expectations of 0.3% and matching October’s growth rate.
On an annual basis, wages grew by 4.0%, exceeding expectations of 3.9% and aligning with October’s recorded growth.
These figures confirm the ongoing improvement in the U.S. labor market,
with increases in employment and wages despite the slight rise in unemployment.
China
China’s Central Bank Resumes Gold Purchases After a Six-Month Hiatus
China’s central bank resumed gold purchases in November after a six-month pause, despite record-high prices.
According to official data, the People’s Bank of China increased its gold reserves by 160,000 ounces, bringing the total to 72.96 million ounces.
The bank had consistently raised its holdings for 18 months until April, contributing to global gold price support.
The renewed buying reflects the bank’s strategy to diversify its reserves and hedge against currency value decline,
even as gold reached its highest-ever levels in October.
This surge was driven by demand as a safe haven amid geopolitical tensions in the Middle East and Ukraine,
and uncertainty leading up to the U.S. presidential elections.
Despite gold’s strong performance, prices saw some easing following Donald Trump’s election victory and a reduction in geopolitical tensions. Although gold has risen by approximately 30% year-to-date, consumer demand in China has softened,
with a decline in luxury goods like jewelry.
However, sales of gold bars and coins have remained stable as investors seek to protect their wealth amid economic weakness.
Improvement in U.S. Employment