That was one weird jobs report.
The labor department released the November employment data on Friday. The numbers simply don’t make any sense. As one chief investment officer put it, “One of the weirdest reports I have ever seen.”
One thing seems pretty certain. The labor market has not recovered, no matter how the powers that be spin the numbers.
The unemployment rate ticked up to 6.1% in April despite businesses all over the country struggling to hire workers. But as Peter Schiff pointed out, you don’t need a job to spend printed money handed out by the government.
The Federal Reserve is supposedly stimulating the economy as it prints trillions of dollars out of thin air and the U.S. government hands it out for people to spend. But Ryan McMaken at the Mises Institute argues that it’s really doing the exact opposite.
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.
People keep talking about the “new normal” we’ll all have to adjust to as we recover from the coronavirus pandemic. So, what does that mean for the economy? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey looks ahead at the new normal, the prospects of an economic recovery and speculates that we might have already caught a glimpse of the future last year. He also covers the gold market and looks at some of the economic data this week.