More recent source-attributed AI analysis in macro.
US private-sector employment increased by 86,000 in October, above the market expectation of 69,000 and unchanged from the revised September figure, according to ADP.
Hiring was led by services. Trade, transportation and utilities added 39,000 jobs, education and health services added 28,000, leisure and hospitality added 19,000, and financial activities added 15,000. Construction added 13,000 jobs.
Professional and business services cut 27,000 jobs, while natural resources and mining declined by 8,000 and information services by 2,000. Medium-sized employers added 33,000 jobs, large firms added 24,000, and small businesses added about 28,000.
ADP reported that job changers saw pay rise 4.8% year on year, while all workers' base pay rose 3.2% and total compensation rose 4.7%. The next major labor-market test is the October nonfarm payrolls report due Friday. Market expectations cited in the source are for 65,000 payroll additions, versus 29,000 in September, and an unemployment rate of 4.2%.
Gold remains under selling pressure, with prices approaching the critical $3,900 support zone as traders await the December 8–9 Federal Reserve decision.
Gold futures traded at $3,946.85, down 0.57%, while spot gold stood at $3,935.13, down 0.24%, with the broader technical trend showing lower highs and lower lows.
A hawkish Fed outlook or higher interest rates could intensify gold's decline toward $3,800, while softer inflation and employment data could support a recovery.
Gold surged 3.4% on Wednesday, heading for its biggest daily gain since August as a sharply weaker U.S. dollar boosted demand for precious metals and pushed spot gold back above $4,000 an ounce.
Spot gold reached $4,059.95, while silver gained 4.9%, platinum climbed 5.6%, and palladium advanced 7.5%; investors are now watching Friday's U.S. nonfarm payrolls report for clues on Fed policy.
Further dollar weakness and expectations of easier monetary policy could extend the precious metals rally, although stronger employment data and potential Fed rate hikes could limit upside.
Global stocks and cryptocurrencies rallied after Democrats secured control of both chambers of Congress, easing political uncertainty and boosting investor sentiment across financial markets.
The Dow surged 2.89%, the S&P 500 gained 1.85%, Bitcoin climbed 3.22% to $80,316, and Ethereum advanced 5.8% to $2,425, while Brent crude plunged 9% to $94.50 per barrel.
Greater political clarity and falling Treasury yields could continue supporting risk assets, although potential AI regulatory scrutiny and weakness in oil markets may create sector-specific pressure.