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The U.S. Department of Commerce said in a report earlier that U.S. retail sales rose 0.7% in November, above expectations for a 0.6% increase. Core retail sales increased 0.4%, beating forecasts for a 0.2% gain.
Separately, the Department of Labor said the number of people who filed for unemployment assistance in the U.S. last week rose to a nine-week high of 368,000, well above expectations for an increase to 320,000 from the previous week’s revised total of 300,000.
The mixed batch of U.S. economic data is prompting questions as to whether the U.S. Federal Reserve will announce intentions to scale back stimulus measures at the conclusion of next week’s policy meeting.
Leading up to this week, recent data indicating that growth in the U.S. economy has been stabilizing had many experts predicting a December taper; however, unemployment and lackluster growth in the U.S. labor market has been a persistent thorn in the Fed’s side.
Regardless, Thursday’s precious metals market is still reacting with a bias towards a 2013 taper. Gold is down just over 1.71% as of 11:30 a.m. EST, while silver is off approximately 3.65%.
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Merit Gold News Network
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On today's show: Brian takes a quick review of this morning's economic data and what to expect next week from the Fed.watch more
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