Peyton Manning’s completion percentage in last night NFL season opener was 1.1% better than the percentage of Americans participating in the work force

Peyton Manning’s completion percentage in last night NFL season opener was 1.1% better than the percentage of Americans participating in the work force and about the only people happy about that fact are those who played Manning on their fantasy football team last night. Ok, so I’m running out of clever analogies to illustrate the disappointment brought about in recent month pertaining to the health of U.S. employment. In case you haven’t had your coffee yet, I’ll break down the stats for you. Only 63.2% of eligible Americans feel the need to participate in the labor force. That’s the lowest participation rate since 1978! Just 169,000 jobs were added in the month of August, beating July’s dismal numbers by a measly 65,000 Jobs but missing estimates. Unemployment, is now down to just 7.3% but for all the wrong reasons. All of this adds up to a reversal of this week’s trends in the precious complex. After a few days of sharp corrections to the downside, the metals are back on the move north, led by gold, as a September QE tapering announcement by the Fed seems rather unlikely, despite a number of positive economic reports over the last few weeks. Palladium continues to be the exception and simply chooses to sit near yesterday’s closing level of $685.80. Have a great weekend!