The doubts of investors today have been reflected in the ups and downs of the stock markets, which have been moved to the sound of the publication of U.S. macroeconomic data. In European stock losses, although moderate, have finally won. On Wall Street it has also been a roller coaster day.
The evolution of the employment is perhaps what most Fed members follow when they debate on when to start the withdrawal of economic stimulus. The latest data about the private sector in the United States indicates that 215,000 new jobs were created in November, far above the expected 170,000. On Friday the unemployment rate for the whole economy will be released, but analysts assume that it will come down from 7.3%.
Home sales also soared in October more than 25%, beating market forecasts. On the other hand, the activity of the non-manufacturing sector slowed more than expected, indicating that the recovery is not consistent enough yet for the Fed to start tapering.
The behavior of other markets, as the raw materials’, cause even more doubts. The collapse of the price of gold, which is at a five-month-minimum, would be anticipating the tapering. Its less aversion to risk is hurting one of the safe havens par excellence, and the price of gold has fallen below 1,220 dollars an ounce.