A few revisions for April and MAy to the upside on a net basis but a very large number of ppl recorded as temporarily layed off falling by approx 1/3 (15.4M temp lay offs to 10.6M in June)
"The number of unemployed persons who were on temporary layoff decreased by 4.8 million in June to 10.6 million, following a decline of 2.7 million in May. The number of permanent job losers continued to rise, increasing by 588,000 to 2.9 million in June. The number of unemployed reentrants to the labor force rose by 711,000 to 2.4 million. (Reentrants are persons who previously worked but were not in the labor force prior to beginning their job search.)"
Total employment headline is 11.1 % and whilst this is shocking, its come down very fast and its way better than the FEDs dyer predictions. The forecasts and talkfest by the likes of Bullard, 30PC unemployment and 50 % drop in GDP are way way way way off, but they have geared up and rained cash on some as if it was going to happen based on FEd and Treasury forecasts - so far off.
The other reason that the data appears to be really strong is that labor market participation increased .7% and the headline unemployment number still fell sharply from the previous month.
So the spike in unemployment was nowhere near as bad as forecast but the handouts have been based on the Fed and Treasury freak outs. But of course a lot of the money which I've highlighted from time to time is currently a massive mystery and unaccounted for...........
Gold price swings on the number but imo the rebound followed on from the shock of 5 years UK gilts being sold at NEGATIVE RATES - wtf, the new BOE guy said it wasn't on table yet but nothing rules out, but there you go
@ 19.35 hours last night - 5 year Gilt Auction........... a masssssssive fall from last months positive POSITIVE .037% -
TO MINUS .033% PA
And this is not even 3 month or one year paper , its 5 year paper at a minus interest rate.
If this starts to happen more in UK or happens in USA, gold will be supported more as some Cash leaves sidelines for alternative. imo....
