On the surface, some of the economic data that came out this week seemed to indicate that the economy is in better shape than the bears believe. In his podcast, Peter Schiff dug into consumer confidence and labor market data. He concluded that the strong economy narrative is greatly exaggerated. In fact, the data reveals a dysfunctional economy.
The July non-farm payroll report came out much stronger than anticipated. According to the Bureau of Labor Statistics, the economy added 528,000 jobs and the unemployment rate ticked down to 3.5%. The narrative was that this blockbuster employment report proves that we’re not in a recession.
In his podcast, Peter Schiff broke down the data and reveals the truth behind the “strong job market” hype.
Despite back-to-back contractions in GDP, President Joe Biden, Fed Chair Jerome Powell, Treasury Secretary Janet Yellen and all of their supporters in the corporate media insist the US economy isn’t in a recession. But the only data they ever point to in order to back up their assertion is the “strong” labor market.
The problem with this spin is the labor market is a lagging indicator and it’s starting to show cracks.
October jobs came in at 531k, finally beating expectations with strength shown across the board. Furthermore, August and September were both revised upwards by over 100k. ‘
Perhaps even more surprising is the early reaction in the gold/silver market. More on this below.
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.
The Labor Department released its August jobs report on Friday. To say the numbers were disappointing would be an understatement.
According to the report, there was an increase of only 235k jobs, well below the estimated 720k. That’s a miss of nearly 500k jobs.
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 the financial markets. Considering its popularity, the job numbers are heavily analyzed by many sources. This article uses visuals and historical data to provide greater insight and perspective.
The US Labor Department released its April non-farm payroll report on Friday and it was as bleak as expected. As Peter Schiff put it, it was the weakest jobs report in the history of jobs reports. And even worse, a lot of these jobs are never coming back.
A record 20.5 million Americans lost their jobs last month and the unemployment rate surged to 14.7%. It was the largest and most sudden rise in joblessness since the government started tracking the numbers.
