Gold futures jumped roughly 3% to around $4,400 on Friday after the U.S. economy lost 23,000 jobs in July—a shock miss against expectations for a gain of 83,000 that sent bets on another Federal Reserve rate hike tumbling.
The report was even weaker under the hood.
Revisions erased another 103,000 jobs from May and June, leaving average monthly job growth near just 20,000 over the past three months.
Wage growth remained solid but showed no sign of accelerating, with average hourly earnings up 0.1% in July and 3.2% from a year earlier.
Why Did Unemployment Fall?
