Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
On Friday the U.S. Labor Department will release July's employment report. Economists are predicting nonfarm payrolls to grow by 215K and unemployment to remain the current 5.3 percent. There are a couple key ideas to keep an eye on when the report is released tomorrow at 8:30 AM EDT. The first factor is the nonfarm payroll figure. The Fed stated last month they needed "further improvement in the labor market" before hiking rates. A strong number, in the low 200,000s, may meet the Fed's needs and show that the labor market has improved enough to warrant a rate hike. The next main issue is the employment rate, the Fed's favorite indicator of the labor market.
If unemployment exceeds expectations and meets the Fed's estimate of full employment, around 5 percent to 5.2 percent, it could signal that the labor market is tightening. Lastly, the cost of labor should also be watched. In June wages for the spring rose at the slowest pace in over 30 years. If this number remains flat, it could indicate there is still significant slack is the market that does not bode well for a rate increase. This report is one of two before the September FOMC meeting and every piece of data from here on out plays a large role in the central bank's decision. Due to the potential for rising rates, It may be prudent to consider reallocating a portion of an investor's fixed income assets to a floating rate product such as senior loans, says Voya Global.
