US jobs in January came in at 151,000 vs 195,000, estimated. This is a far cry from December's 292,000. jobs.
However a worrying trend seems to have emerged. 69.5% of the jobs reported were minimum wage waiters and retail workers (According to the BLS 58,000 jobs were retail and 47,000 jobs were waiters and bartenders).
This is indicative that majority of the jobs created are low paying jobs.
In a report by Zerohedge, the wage growth shown in the January jobs report has more to do with the states demand for minimum wage hikes which went into effect on January 1. So it is likely that the wage growth seen in January will not be seen in February.
Another worrying trend which emerged is a report by Challenger than number of layoffs in January surged to more than 75,000.
So the spike in the US$ in the early hours of trade on Friday could be a bit premature. I strongly believe that the US economy will continue to weaken with more jobs losses in the coming months, and as a result a further weakening of the US$.
I continue to believe that gold and silver, physical, miners and related ETFs will continue their upward momentum. This is just my opinion, you are encouraged to do your own research.
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