gold, page-83093

interesting jobs report in USA on Friday

Headlines pretty much everywhere is USA added   1.8 M JOBs

1.763M was the amount seasonally adjusted, 37000 just added on these days for headlines, lucky they didn't say 1.75M

https://www.bls.gov/news.release/empsit.nr0.htm

only yahoo seemed to report headline figure correctly, and only CNN and a couple of others make note of the extreme seasonal adjustments within the data set.

https://edition.cnn.com/2020/08/07/economy/july-2020-jobs-report/index.html

https://finance.yahoo.com/news/july...rus-pandemic-unemployment-rate-191513556.html

anyway reality is vast majority of the 1.763m was part time jobs, deliver a pizza, boom there is a job

Government JObs represented almost 17% of the entire figure 1.753M, !!!!!census and no doubt alot of extra unidentified people on the streets cracking heads of those BLM people and other processing PPP handouts. 301000!!!! - almost 500% increase in a month - and its not like the government was closed down - they were essential

Anyways  - Take out the seasonally adjustment , total jobs added 591K, then refer to the government total hiring and you can see that the data is a dogs breakfast and the underlying reality is absolutely nowhere near 1.8M reported as a headline - in fact if you do that you get pretty close to the ADP report

Boost as well from population increase which is no largest in entire series and drop of participation.

When you consider that the survey was done before additional restrictions and you see manufacturing put on a really small amount compared to the previous month - you can see its not all fantastic


Anyway thought it was interesting because no sooner than the data came out rates lifted a bit and along with the USD dollar and JPM was on blooms and CNBC saying dollar wont lose reserve status and that Gold trade is over  as the negative real rates (seemingly the single driver of gold price) was over given the great report showing .

  I wonder if we will start to see JPM coming and going as substantial holders of Gold stocks in OZ again as we did earlier this year as they absolutely seemingly shorted everything, killing prices in gold stocks despite gold AUD and margins expanding for many...time will tell I guess.....I wonder if they are short reflecting the reversal of late of many majors in the gold space despite a fortnight of gold price gains

In other news, Trump has now signed a series of executive orders, extending unemployment benefits, payroll tax cuts/holidays and moratorium on evictions after the GOVERNMENT - the government being the House of representatives and Senate failed to reach an agreement.  So I guess he should just get rid of both sides of the government and save a fortune in cash, sell off the buildings to developer and just have one person making all the trillion decisions - democracy in 2020 - to think they were crying last week about china being totalitarian .......


and quietly

Tarrifs slapped on Canada
Sanctions slapped on HKK leader and friend
And Kaskari, Fed member calling for 6 week , Melbourne style lock-down in USA - shsssssh