Scratching the surface…US job figures

Gold and silver got hit again on Friday on the back of ‘good’ US employment figures showing nonfarm payrolls swelling by 195,000 jobs in June.  So lets scratch the surface of this headline improvement…Full-time jobs decreased by 240,000, while part-time jobs increased by 360,000, furthermore 253,000 people left the labour force in June, and the number moving from Employed to Unemployed (153,000) was larger than the number of people who moved from Unemployed to Employed (79,000).  The US Fed has always linked QE tapering to US unemployment down to 6.5%.  We’d suggest that is not looking good…