As is almost always the case, the number of new jobs does not comport with the actual "assessed" unemployment rate. The last few months, new job creation in the United States has been very sluggish, but the unemployment rate kept creeping down.
An interesting sign appeared today in the precious markets. Bargain hunter stepped in as prices were going up, just as they did yesterday. Those hounds are smelling something and it ain't steak and eggs.
The precious markets took their hit soon after the run up following the start of the Crimean crisis. But bullish momentum quickly reasserted itself. Understand this, though: the crisis is not over, but heated words can only have so much of an effect upon safe-haven buying. There has to be more meat on the bone to make that sort of play sustainable.... Read more
Attention turned away somewhat from the situation in Ukraine yesterday, a trend that continued today as soft U.S. economic data came in and converted a losing day into a winner.
Activity in the non-manufacturing sector in the United States dropped sharply in February and employment... Read more