At 21:15 Beijing time on Wednesday, small non-farmers in the United States reported an increase of 117000, lower than the expected figure of 177000, and the previous figure was revised up to 195000.

After the ADP data, spot gold fell below $1710 an ounce, down 1.63 per cent a day, while spot silver also suffered a sell-off, falling more than 2 per cent. Us stock gold stocks fell short-term before the session, gold rose gold fell nearly 3%, Hamoni gold fell more than 2%. Us stock futures fell, while the Nasdaq futures fell, after rising more than 1% at one point.

It is worth noting that before the release of the data, there was an obvious sharp fall in gold and silver, and the gold market crashed.COMEX's most active gold futures contracts traded 2688 lots in a minute or two at 21:09 Beijing time, with a total value of more than $460 million.

Is the job market slowly recovering and the service industry leading the way?

Let's take a look at the breakdown of employment by industry in February:

Employment in the financial services sector remained unchanged, increasing by 1000 in January

Manufacturing employment fell by 14000, compared with an increase of 1000 last month

Employment in the construction sector decreased by 3000, compared with an increase of 18000 last month

Trade / transport / utility employment increased by 48000, up from 16000 last month

Employment in business services increased by 22000, compared with an increase of 40000 last month.

Nela Richardson, chief economist of the ADP, pointed out that the job market continues to recover comprehensively and slowly. We see that large enterprises are increasingly feeling the impact of COVID-19 's epidemic, and employment growth in the commodity production industry is stagnant.. While the epidemic is still dominant, the service sector is still well below pre-epidemic levels; however, as opening time approaches and consumer confidence increases, the industry is likely to be the biggest beneficiary.

What is the real economic situation in the United States?

Judging from recent economic data, the US economy has recovered strongly in 2021, and the US economy will grow faster than the most optimistic forecast in the first quarter as the stimulus bill is about to drive a new round of cash inflows.

Monday's US manufacturing data showed that the industry was growing at its highest level since August 2018. The ISM manufacturing index for February, released on the same day, also expanded at the fastest pace in about three years, confirming a view of economists.Us output at the beginning of the year was much better than many predicted at the end of 2020, that is, output growth was only low in single digits.

The Atlanta Fed, which uses GDPNow tools to track data in real time to estimate changes in US GDP, now expects GDP to grow by 10 per cent in the first three months of this year.

Earlier, a report released last Friday showedU. S. personal income soared by 10% in January, thanks in large part to the government's $600 per person stimulus.Household wealth rose by nearly $2,000bn that month, while spending rose by just 2.4 per cent, or $349 billion.

These figures, coupled with a surge in nearly $4 trillion in savings, suggest that the US economy is not only growing strongly, but is expected to maintain that momentum this year.

Ed Yardeni of Yardeni Research Research wrote in a daily briefing on Tuesday.Actual GDP will maintain a V-shaped recovery in the first half of this year or even until the end of this year. After that, GDP will be in a record range of expansion.

However, there are still "overcooled" corners of the economy, as evidenced by today's ADP data, the most important of which is the employment gap, especially in the service sector.

As of January, employment was 8.6 million lower than it was a year before the epidemic began to threaten the United States, according to the Bureau of Labor Statistics. During this period, about 4.3 million Americans left the labor market.

Although the overall unemployment rate fell from a high of 14.8% to 6.3%.Employment in the hotel industry is more than 3.8 million lower than a year ago, and the unemployment rate in the industry is 15.9%..
Judging from the gap,There are still nearly 10 million jobs missing in the labour market.

In addition, Joseph Brusuelas, chief economist at RSM International, said he does not expect all pent-up demand to be released this year, which is expected to take about two years.

For more information about the employment situation in the United States, we can find more clues in the non-farm report released on Friday.