NFP Beats "As Expected" Metals Turn?
As we pointed out yesterday, the number was most likely widely known and was even touted by Trump and well this morning the masses had the data:
U.S. JULY NONFARM PAYROLLS +1,763,000 (CONSENSUS +1,600,000)
JULY JOBLESS RATE 10.2 PCT (CONSENSUS 10.5 PCT) VS JUNE 11.1 PCT
Revisions - JUNE +4,791,000 (PREV +4,800,000), MAY +2,725,000 (PREV +2,699,000)
Average hourly earnings declined, shrinking to 4.8% Y/Y from 4.9% (Exp. 4.2%)
Unemployment rate dropped to 10.2% from 11.1% last month (Exp. 10.6%)
Participation rate fell to 61.4%, -0.1%
Employment in leisure and hospitality increased by 592,000
Government employment rose by 301,000 in July but is 1.1 million below its February level
Retail trade added 258,000
The professional and business services added 170,000 (still well below Febs # by a whopping
The majority of July's gain occurred in temporary help services 144,000
All in all the number was in line with our expectations of a beat and yesterday we warned Econemotions readers that it may be a sell the news kind of day and its certainly what we are seeing thus far courtesy of Tradingview:
FIXED INCOME
EQUITIES
FX (FOREIGN CURRENCIES)
ENERGY & METALS
Copper the big loser so far today trading 2.797 -.1135 -3.90%
As far as the equities, the Nasdaq is still in control by the bulls, but from our purview a trade below 11070 would not be good for the bull case to continue:
Finally Silver is putting in a huge range day reversal but were not closed yet, but here is the days chart thus far:
Have a great weekend everyone, we will send out the subscriber only update at the end of the day. We hope you enjoy some end of summer activities (where applicable) and we hope that all this Covid continues to wane here in the United States as it seems the numbers are indeed improving despite the main stream media’s claims. We understand that this has been a difficult time for some and we hope that the employment numbers continue to gain and that we get through this in the near future. We all could most likely agree that we have had just about enough of this disruption and its time to move forward. Thank you for reading and please share our work.
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