U.S. Private Payrolls Miss Forecasts With 44K Jobs in July; Gold Surges to $4,210

ADP-2.09%
According to ADP, the U.S. private sector created 44,000 jobs in July on Wednesday, falling short of the 68,000 expected by consensus forecasts. In reaction to the weaker-than-expected labor market data, spot gold surged to $4,210.50, up 3% on the day, pushing above the $4,200 level. The report also flagged accelerating wage inflation, with workers who switched jobs seeing annual pay growth climb to 7% from 6.6% in June.
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