The gold market’s worried about inflation, but there are few signs of it in the official numbers. Nor is there likely to be much pricing pressure anytime soon if we consider the latest estimates from ADP.
Nonfarm payrolls for November are expected to be lighter by 169,000 over the previous month, according to the ADP National Employment Report, which attempts to provide an advance estimate of the official data from the government, which will be released on Friday. If we take the ADP report at face value, the labor market is still bleeding jobs, albeit at a lower level than October’s 190,000 loss. But no one should mistake a 169,000 reversal as good news at this late date in the economic cycle.