(Kitco News) - The gold market is trading near session highs on Wednesday morning as job creation among private employers slowed for the third straight month, according to private sector payrolls processor ADP.
On Wednesday, ADP announced that 150,000 jobs were created in June. The report was below expectations as consensus forecasts called for job gains of 170,000. May’s figure was also revised upward to 157,000 from the initial reading of 152,000.
“Job growth has been solid, but not broad-based,” said Nela Richardson, chief economist, ADP. “Had it not been for a rebound in hiring in leisure and hospitality, June would have been a downbeat month.”
The gold market is trading near session highs after the latest employment data. Spot gold last traded at $2,348.89 per ounce, up 0.83% on the day.
Along with the gains in headline employment, the report also noted that annual wages were up 4.9% year-over-year.
The service-providing sector added 136,000 jobs, led by leisure & hospitality (+53,000), professional & business services (+25,000), trade, transportation & utilities (+15,000), education & health services (+9,000), and financial activities (+11,000), but a decline in information (-3,000). Additionally, the goods-producing sector added 14,000 jobs, with boosts in construction (+27,000), but declines in manufacturing (-5,000), and natural resources & mining (-8,000).
