Peter’s Blog

The BLS provides an employment picture of the US on the first Friday of every month. It estimates how many jobs were added or subtracted by sector. While some of the assumptions may be controversial (e.g. the birth/death model) and job numbers are prone to revisions, it remains the most widely anticipated statistic each month by […]

Despite the addition of a better than expected 850,000 jobs in June, the unemployment rate ticked up to 5.9%, The anticipation was that it would drop to 5.6%. The media spun this as a fantastic jobs report, focusing on the headline number of jobs “created.” Peter Schiff talked about it in his podcast and said […]

We got another round of hotter than expected CPI data this week. The mainstream financial media is spinning this as good news. In this episode of the Friday Gold Wrap, host Mike Maharrey digs into the CPI data without the rose-colored glasses. He also talks about an announcement by a major restaurant chain that may […]

With some positive economic data coming out this week, investors suddenly went bullish on the economy again and decided that the Fed is surely going to deal with inflation now. Will it though? In this Friday Gold Wrap Podcast episode, host Mike Maharrey speculates about the Fed’s next move. He also looks ahead and talks […]

In many ways, it appears the economy is beginning to recover from the shocks of the coronavirus pandemic. GDP growth is way up. The stock market is soaring.  A lot of people are optimistic. But during an appearance on the Ben Shapiro Show, Peter Schiff said this isn’t a real recovery, and he explains how […]

The labor market is a mess. Millions of people are collecting unemployment. Meanwhile, businesses across the country are having a hard time filling positions. In what kind of world does this make sense?

America’s labor market is a mess and riddled with incongruency. On the one hand, businesses can’t find workers. Help wanted signs hang in windows across the country. A McDonald’s franchisee in Tampa is offering bonuses just for showing up for an interview. Meanwhile, unemployment just ticked up to 6.1%. In what kind of world does […]

Everybody expected the jobs report last Friday to show a big increase in employment. It didn’t happen. Instead of the 978,000 new jobs created in April that economists expected, nonfarm payroll increased by just 266,000. On top of that, the Labor Department revised the March number down from 916,000 to 770,000. The unemployment rate ticked […]

Unemployment is at 6%. Tens of thousands of people apply for unemployment every week (744,000 last week alone). The US government is spending trillions of dollars to “stimulate” the economy. But restaurants in northeast Florida can’t find enough workers to open every day. Does this sound a nutty to you as it does to me?

The economy is recovering quickly! Just look at the rebounding jobs market. But in a recent podcast, Peter Schiff poured cold water on the notion that falling unemployment is necessarily a sign of an impending economic boom. After all, people going back to work do not reflect actual job creation.