Los Angeles CA, July 4 (Tangible Investments) - by James O’Dell - Gold and Silver prices trended higher in overnight trade, as Gold remained on pace for a fifth straight weekly advance after easing $7.55 or 0.05 percent to close at $1,319.65 an ounce on Thursday. U.S. markets are closed on Friday in observance of the Independence Day holiday. Silver eased one cent to close at $21.14 an ounce, while the Gold/Silver ratio fell to 62.42.
The June non-farm payrolls numbers came in well above expectations at 288,000, while the unemployment rate dropped to 6.1 percent, its lowest level since September 2008. The labor force participation rate, which set yet another record high in the number of people leaving the labor force, remains at a disappointing 62.8 percent, a 36 year low, and is largely being blamed for the sharp decline in the jobless rate.
The quality of jobs being filled is also being questioned as businesses “continue to rely on temporary, part-time, and low-wage workers. That’s resulting in the disconnect between above-consensus top-line job creation and stagnant wage growth,” says Sterne Agee on ZeroHedge.
The Bureau of Labor Statistics (BLS) reports in June that "Job gains were widespread, led by employment growth in professional and business services, retail trade, food services and drinking places, and health care." The total number of full time jobs created in June, however, plunged 523,000 to 118.2 million while part time jobs climbed by 799,000 to more than 28 million.
“In the new landscape of the American labor market, jobs are easier to come by but hours remain in short supply,” writes Ylan Q. Mui in the Washington Post. Mui adds that in addition to the low labor force participation rate, many of the available jobs are “low-quality part-time jobs.”
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