Briefcase

Glitter of gold attracts rush of investors

New York – Investors flocked to gold Friday, sending it to the latest of a series of records, as fears about recession in the world’s major economies infected financial markets.

The metal soared as high as $1,881.40 an ounce. It’s been on a tear this summer, rising more than 15 percent in August alone.

Gold logged its biggest weekly gain since February 2009, according to FactSet data.

As an investment, the metal has climbed because of investors’ concern about the uncertain state of the global economy, diving stock markets and moves by central banks around the world to weaken their currencies.

Central banks in developing countries are also swapping out major currencies for gold in their reserves, driving up demand for the metal.

The recent surge “lacks a lot of explanation,” said Jon Nadler, an analyst for Kitco Bullion Dealers, and that, to him, signals danger of a deep reversal as it approaches $2,000 an ounce.

– From staff reports

Idaho’s jobless rate stalled at 9.4 percent

Boise – Idaho’s jobless rate in July remained stuck at 9.4 percent, the same as a month earlier.

That’s three-tenths of a percent higher than the U.S. average and also identical to Idaho’s July 2010 unemployment rate.

North Idaho counties saw either static or slightly higher jobless rates in July.

Kootenai County remained at 11.7 percent, the same as June. Bonner County rose from 13.4 percent to 14.2 percent. Benewah rose from 14.6 percent to 15 percent. Boundary increased from 14.5 percent to 15.1.

Shoshone County had the largest gain, from 14.7 percent to 15.8 percent.

The five-county Boise metropolitan area’s unemployment rate fell in July from 9.5 percent to 9.3 percent.

Idaho’s private employers added about 3,200 jobs in July, but that’s well below the 5,000 added in July 2010.

The biggest losses statewide were 7,800 government jobs, a seasonal loss as public schools and colleges reduced operations in the summer.

That left total government jobs below 111,000 for the first time since July 2007.

It also marked the 14th straight month that current government employment has been below the year-earlier total.

Owyhee County again recorded the lowest rate at 5.2 percent, down a tenth of a percent from June.

– Associated Press

Montana unemployment creeps up to 7.7 percent

Helena – The unemployment rate in Montana nudged up again due mostly to a drop in government jobs.

The Montana Labor Department says the rate has steadily increased from 7.3 percent in May and 7.5 percent in June to 7.7 percent in July.

From June to July, the national unemployment rate dropped slightly from 9.1 percent to 9 percent.

The agency says private sector payroll jobs increased by 2,600 jobs, while government employment decreased by about 3,500 jobs.

– Associated Press