Broadgate: Market News 9/3
9 March 2012
The Labor Department will report today at 13:30GMT monthly jobs data, which economists forecast will show an increase of 225,000 private jobs and total non-farm payrolls growth of 210,000. This comes after 7 states and territories have reported an increase in jobless claims, while 44 had a decrease. Initial jobless claims reflect weekly firings and tend to fall as job growth, measured by the non-farm payroll, accelerates.
The results of a survey by the National Association for Business Economics indicated that payrolls are expected to increase 170,000 a month on average in 2012. Last year, they rose an average 152,000 each month.
However, Federal Reserve Chairman Ben S. Bernanke said “the job market remains far from normal” when he spoke on Capitol Hill on the 29th February.
Historically, as the non-farm payrolls grew gold price have tended to decline, primarily due to the effect this news had on the U.S dollar. The growth in the non-farm employment is a positive sign for the progress of the U.S. economy with regards to its labor force and provides some signs of slow recovery.
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