The US economy is recovering
In June, non-agricultural jobs in the United States increased by 4.8 million, the highest in history, and the increase was much higher than market expectations of 3 million, compared with an increase of 2.7 million in the previous month. During the period, the unemployment rate continued to decline from 13.3% in the previous month to 11.1%, which was also better than the market’s expected 12.3%. Benefiting from the gradual relaxation of the blockade measures, the employment rate of the local leisure and hospitality industry has increased significantly. In addition, employment in retail trade, education, health services, and service industries, manufacturing, professional and commercial services all experienced significant growth. As for June, the average hourly wage increased by 5% year-on-year, the growth rate was less than the market expectation of 5.3%, and the previous value increased by 6.7%. Although the US employment report is strong, the number of newly diagnosed cases in the local area has surged in the past two weeks, making the market worried about the prospect of economic recovery.
The price of gold rose sharply again
On Thursday (July 2), the US dollar rose slightly, once again showing hedging appeal, and investors worry that the surge in the number of new cases in the United States may erase the employment growth recorded in the summer. Gold prices rebounded sharply. Spot gold raised more than US$20 from the daily low and reached a maximum of US$1779.71 per ounce. Although the non-agricultural data in June far exceeded expectations, the impact of the recent US epidemic on the economy has not been included. Encouraged by the signs of the recovery of the US economy from the epidemic, oil prices closed at their highest level in the past four months on the eve of the US holiday, but worries about the growing epidemic persisted.
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