Producers of metals and other raw materials rose sharply after the December jobs report provided some relief on interest-rate fears and drove down the value of the dollar.
Employers added 223,000 jobs in December, the smallest gain in two years, the Labor Department said. Average hourly earnings were up 4.6% in December from the previous year, the smallest gain since mid-2021, and down from a March peak of 5.6%.
Other readings in the report suggested that the labor market remains tight, and that a major strike in the University of California system may have skewed jobs numbers, said economists at brokerage Bank of America Securities, in a note to clients. "Stopping imbalances from rising is one thing, reversing them is another," warned the economists.
Gold futures rose in the wake of the report as the dollar lost ground against major rivals.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-06-23 1728ET
