For the second month in a row, the jobs numbers in September came in well below expectations.
The Labor Department reported an increase of only 194,000 jobs, well below the estimated 500,000. The big miss was similar to August’s report.
Despite the unemployment rate ticking down to 4.8% from 5.2% and an upward August revision of 131,000 jobs, this is the weakest jobs report since January.
Have you heard the latest news on the fake debt-ceiling fight?
The Senate has approved a measure to kick the can down the road a couple of months. So, the “fight” will continue!
The $480 billion increase raises the debt limit to $28.9 trillion, but that’s only going to last until Dec. 3. That means we have time for more political theater. Yippee!
Inflation continues to run hot. Even some of the folks over at the Fed are having a hard time peddling the “transitory” inflation narrative. But politicians and government officials lack the skill of self-reflection. As a result, they can’t clearly see the problem. In this episode of the Friday Gold Wrap, host Mike Maharrey looks at some of the latest inflation data and the Fed’s response to it. He also touches on the fake debt ceiling fight and breaks the September job report numbers.
Peter Schiff says we’re living in a financial twilight zone.
Despite signs of persistent high inflation, gold continues to languish. Peter talked about what’s going in this bizarro economy during his podcast.
The US trade deficit surged to yet another new record in August as Americans are importing more and more services to go along with all of their imported goods.
The August trade deficit came in at $73.25 billion, 4.2% higher than the July trade deficit of $70.3 billion. The August deficit set a new record edging out the previous high of $73.23 billion set in June.
Inflation bites!
Personal income rose again in August, but once again rising prices ate up all the gains and then some.
Central banks continue to add gold to their reserves. Global central bank reserves increased by a net 28.4 tons in August, according to data compiled by the World Gold Council.
Gross central bank gold purchases came in at 30 tons.
Both the Federal Reserve and the Biden administration continue to insist inflation is transitory. And they are also trying to shift the blame for rising prices so they avoid any responsibility. In this clip from his podcast, Peter Schiff explains why the government inflation narrative is Grade-A B.S.!
We’ve written extensively about the “war on cash.” In a nutshell, governments would love to do away with cash in order to better track and control their citizens. There have been numerous moves closer to a cashless society in recent years, from capping ATM withdrawals to doing away with large-denomination bills. Last year, China launched a digital yuan pilot program and the US has floated moving toward a digital dollar.
