Delayed reaction to Friday’s “Jobs Report” moves gold lower
On Friday the U.S. Bureau of Labor Statistics released the jobs report for March. However, because the release occurred as many markets were either closed or shortened due to the Easter holiday weekend beginning with “Good Friday” the financial markets did not react to the numbers until trading resumed Monday morning in Australia.
Friday’s jobs report indicated that the labor market is contracting. Economists polled before the release of Friday's jobs report estimated that there would be 239,000 jobs added in March, just above the actual numbers. Economists also believed that the unemployment rate would hold steady at 3.6%, the actual numbers revealed that the unemployment rate dropped to 3.5%.
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