Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Beyond the Payroll Numbers: America’s Real Economy (Audio)

  by    0   0

Once again, Peter Schiff uses his latest podcast to dig into the real economic data of the United States. Here is a round up of the key figures that mainstream news ignores, while focusing almost solely on payroll numbers.

  • Weekly unemployment claims are at the highest level in 10 months.
  • February was the 2nd consecutive month of greater than 50,000 layoffs, according to Challenger data.
  • America is already 19% ahead of last year’s layoff pace.
  • 4th quarter productivity dropped by a greater than expected 2.2%.
  • Factory orders fell for the 6th consecutive month. The last two times this happened, the US economy was already in recession – 2008 and 2001.
  • Labor force participation rate went down from 62.9 to 62.8 — he lowest it’s been since the 1970s is 62.7.
  • Average hourly earnings were only up 0.1% – half of expectations.
  • The number of people not in the labor force hit an all-time record high.
  • The labor force is shrinking: For every 1 person that entered the labor force, 3 people left.

  • In Peter’s view, either the US economy is already in a recession, or we’re on our way there.

    Highlights from Peter’s podcast:

    “People were thinking that the Fed is going to wait [to raise interest rates]. But now that they’ve got this jobs data, everybody is convinced that they’re going to move in June. I don’t know why. There’s nothing about this data that should change the Fed’s mind. It’s the same type of jobs numbers that we’ve been getting all year long. If the Fed wasn’t about to raise rates based on the January number (which it clearly wasn’t based on Janet Yellen’s recent testimony), why should it raise it now? There’s nothing remarkable about this number…

    “Think about this. The total number of jobs created was 295,000. If only 96,000 people entered the labor force, what is that telling you? How did you create 295,000 jobs for 96,000 people? What it means is that a lot of the people who got jobs were already in the labor force and already had jobs. In other words, a lot of the jobs are second jobs. People had one part-time job and they got another part-time job. That’s what’s going on. The numbers don’t differentiate how many hours you work in your job…

    “If the Fed really is going to raise interest rates in June, then what’s going to happen to the stock market? It’s going to keep going down. It’s going to go way down. What’s going to happen to the real estate market? It’s going to go way down. What’s going to happen to all the speculators who own properties? They’re going to try to sell them…”

    Get Peter Schiff’s latest gold market analysis – click here – for a free subscription to his exclusive weekly email updates.
    Interested in learning more about physical gold and silver?
    Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


    Related Posts

    Piketty’s Inequality Con

    If you ask a liberal politician who their favorite economist is, there are three likely responses. One response is a panicked change of topic. From the slightly more sophisticated politicians who skim the New York Times, you might hear Paul Krugman. From the politicians who style themselves intellectuals of the left, you’d hear Thomas Piketty.

    READ MORE →

    The End of Japan’s Negative Interest Rates: What It Means for Gold

    The Bank of Japan’s historic move to end the country’s negative interest rate policy after nearly two decades triggered a jolt upward to new all-time highs for gold against the yen. But what are the implications for gold in the medium and longer term? The answer is far from simple. 

    READ MORE →

    The BLM’s Quiet War on Precious Metals

    The Bureau of Land Management is a federal agency that controls 245 million acres of land and controls 30% of the country’s mineral resources. On the East Coast, it manages little land but manages an enormous share of Western states. It owns over two-thirds of Nevada. This gives the federal government enormous sway over the West. Want […]

    READ MORE →

    PIMCO: The Fed Needs More Unemployment

    Analysts at PIMCO say that for the Fed to reach its goal of lowering inflation to 2%, we need fewer people to be employed. Reduced incentives to offer raises and bonuses and less spending from the “resilient” American consumer can help cool down inflationary pressure. But there’s an elephant in the room: Why do we let a […]

    READ MORE →

    Junk Bond Default Surge Continues in 2024

    Consumers aren’t the only ones defaulting on their debts: Corporate bond defaults were up massively in 2023, especially for high-risk junk debt, and the trend is continuing this year at a pace not seen since the 2008 global financial crisis. Unsurprisingly, companies selling low-rated junk debt are being hit the worst.

    READ MORE →

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Call Now