The February jobs report came in significantly below expectations. First quarter GDP estimates are way down. And we’re seeing other numbers that indicate a rotting economic foundation.
But nobody is worried.
In fact, most of the attention continues to be focused on the trade deal as if it is going to push the economy to new heights. In his most recent podcast, Peter dug into some of the numbers and came to the conclusion that most of the analysts and pundits are utterly clueless about what’s really going on.
November’s jobs numbers came out Friday weaker than expected.
Trump’s twitter feed was strangely silent on the jobs report. Generally, he likes to tout unemployment as an accomplishment, even though he poo-pooed the same numbers when he was campaigning against Obama.
As Peter Schiff pointed out in his most recent podcast, the official numbers significantly understate unemployment.
October jobs numbers came out on Friday and everybody was all giddy about healthy growth. But in his most recent podcast, Peter Schiff said jobs are just another bubble about to burst.
Peter Schiff recently appeared on RT Boom Bust, along with Investor’s Advantage Corporation founder John Grace, to talk about the recent jobs report. Peter summed things up with a dire warning. Stagflation is coming and it’s going to be worse than 2008.
The August jobs report came out last Friday. Mike Maharrey offered a little bit of analysis during the Friday Gold Wrap podcast, saying he was skeptical that the actual employment situation is as great as the mainstream seems to think. Peter Schiff offered a more in-depth breakdown of the employment report in his latest podcast, saying it was “anything but strong.”
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
Jobs numbers came out Friday better than expected.
According to the Labor Department, the US economy added 313,000 jobs last month, the most since October 2015. Economists had anticipated a gain of about 200,000. Wage growth was less stellar, ticking up just 0.1%. Analysts projected a 0.2% increase after a pretty significant jump of 0.3% in January spooked markets with inflation fears.
In his latest podcast, Peter Schiff said if he was a conspiratorial person – and he’s not – he would say, “Wait a minute, this looks too good to be true.”
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
President Trump has completely flip-flopped the way he looks at economic data. When he was on the campaign trail, he called the stock market a “big, fat, ugly bubble.” Now that he’s sitting in the Oval Office, he takes credit for the same bubble.
He’s done the same kind of 180 when it comes to employment data. On the campaign trail, he called 5% unemployment “the biggest hoax in American history.” But when the jobs report came out last week, Trump eagerly tweeted, “The unemployment rate remains at a 17-year low of 4.1%. The unemployment rate in manufacturing dropped to 2.6%, the lowest ever recorded. The unemployment rate among Hispanics dropped to 4.7%, the lowest ever recorded…”
Peter Schiff called Trump out on his flip-flop in his most recent podcast.
