Gold price remains under pressure as ADP says 132K US jobs created in August
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The latest private sector data showed 132,000 jobs were created last month. The data missed expectations as economists were looking for an increase of 300,000 jobs. The gold market is not seeing much reaction to the disappointing labor market data as prices continue to push further from $1,750 an ounce. December gold futures last traded at $1,723.70 an ounce, down 0.73% on the day.
In its updated report, ADP is trying to move away from being an estimate of nonfarm payrolls and provide its own views on the US jobs market. The report is now jointly developed with the Stanford Digital Economy Lab. It now includes a new wages measure.
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