Trump Now Praising the Same Struggling Job Statistics
In his latest podcast, Peter Schiff discusses the February Non-Farm Payroll Report and President Trump’s change in attitude towards the credibility of the data. During his campaign, Trump continually told his supporters the truth about the tanking US economy, characterizing the jobs statistics as phony data.
Ever since his election, however, he now considers these same numbers as credible indicators of the positive impact of his presidency and the general health of the economy. Peter shines a light on Trump’s hypocrisy, showing how current payroll numbers are essentially the same as those under Obama.
Revised numbers resulted in 238,000 jobs created in January, post-election but mostly pre-Trump’s inauguration. February’s initial numbers came in under January at 235,000. Along with that, unemployment fell another 0.1% and hourly earnings only rose by 0.2% which was less than expected. Unfortunately for wages the CPI numbers have shown that inflation is growing at triple the earnings rate already at 0.6%. This means wages are increasing slower as the dollar quickly loses its purchasing power.
While the report had some positive new gains, such as a small surge in manufacturing and construction jobs, those could be more of a sign of what Peter calls “Trump-related window dressing.” Essentially, American manufacturers are attempting to garner early favor with the new president. We will have to see if a trend emerges with those new numbers, or if they slump back down to where they were in January’s report.
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