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June’s figures came in at 223,000, while the market was anticipating a reading of 233,000. To make matters worse, the May report was revised lower to 254,000 from 280,000. The unemployment rate dropped to 5.3% from 5.5% in May, but this is down to the decline in the participation rate from 62.9% to 62.6%. The message to take away from the report is that the US jobs market was a touch softer in June, but an interest rate hike by the Federal Reserve is still a reasonable possibility this year.
Gold initially sold off, but it has regained its lost ground for now as traders realised the unemployment number wasn’t as strong as initially suspected.