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Gold turns higher with Fed rate cut path uncertain after jobs data
Gold and silver futures rebounded Wednesday despite a stronger than expected ADP private payrolls report that analysts said showed some stabilization in the job market consistent with a modest softening in labor demand. Private sector payrolls in the U.S. increased by 42,000 after two straight months of declines, according to ADP, whose report is one of the few monthly snapshots of the labor market as the longest-ever U.S. government shutdown delays the releases of official economic data. Some economists said the weaker general trend in hiring makes another interest rate cut by the Federal Reserve more likely, ... (full story)
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Private-sector job creation bounced back in October, according to a snapshot of the labor market that has become more closely watched in the absence of official federal jobs data. Payroll processing company ADP on Wednesday estimated that private-sector businesses added an estimated 42,000 jobs last month, a swing into positive territory after back-to-back ...
Fed's Miran: Better-than-expected ADP data was a welcome surprise. Fed's Miran: Job market data indicates interest rates could be lower than current levels. Fed's Miran: Still sees the labour demand not as strong as we want. Fed's Miran: Most of my projections aren't that different from others. Fed's Miran: I want to get to the destination for rates faster than others.
The ongoing U.S. government shutdown has policymakers – and investors – operating without much of the timely official data that usually inform their decisions. This could have a tangible impact on Federal Reserve policy in particular: Without crucial information on inflation and labor markets, the Fed could take a more cautious approach to interest rate ...
