On February 1, 2018, jobless claims, which measure the number of individuals who filed for unemployment insurance for the first time during the past week, were reported to be 230,000—much lower than the expected level of 237,000. A lower number is often beneficial for the economy. Preliminary unit labor costs, which measure the annualized change in the price businesses pay for labor (excluding the farming industry), rose 2%, more than analysts’ consensus expectation of 0.9%. The actual figure’s being higher than expected is good for the economy in general.
There’s the chance that the tightening of the interest rate will cause a fall in precious metals and mining-based funds and shares. The mining funds that have experienced price falls during the last week include the iShares MSCI Global Gold Miners ETF (RING)
and the VanEck Vectors Gold Miners ETF (GDX)
. These two ETFs have fallen 2.4% and 1.8%, respectively, on a trailing-five-day basis.
The mining shares that also fell on February 1 included AngloGold Ashanti (AU)
, Hecla Mining (HL)
, Coeur Mining (CDE)
, and Pan American Silver (PAAS)
. These stocks fell 0.35%, 0.52%, 1.7%, and 0.37%, respectively.