Part-time Employment SURGES as Weekly Earnings Drop the MOST EVER!

Part-time Employment SURGES as Weekly Earnings Drop the MOST EVER!


* The media, the Federal Reserve and President Obama continue to ignore the overwhelming evidence out this week, in fact every week for the past couple of months that the U.S. economy has already slipped back into recession
* The last revision to Q4 GDP showed the economy grew by 1% for the quarter, but remember, the government never acknowledges a recession until it's practically over
* The Great Recession started in December of 2007 but it wasn't until the fall of 2008 that the government finally went back and revised the numbers down to show when the recession actually began
* Halfway through the recession, the Federal Reserve and Wall Street didn't even have recession in their forecast despite the fact that we had been in one for more than 6 months
* What everybody is focusing on are the jobs numbers
* We got another non-farm payroll report yesterday and, again, low unemployment, 4.9% and more than 200,000 jobs created
* President Obama, as he peddles his fiction of economic recovery, focuses on the fact that the unemployment rate is low, and we're creating all these jobs, proving that his policies are working
* He's trying to take credit for a recovery that doesn't exist. Let's look behind the numbers of yesterday's better than expected jobs report
* First of all the headline number: how many jobs were created? The consensus was 190,000 and we got 242,000 - a big beat
* Not only that, last month's number up to 172,000
* The unemployment rate held steady at 4.9%, still below the psychologically important 5%
* Here is a detail that President Obama didn't mention at all: average hourly earnings were expected to rise .2% and that followed the big jump last month of .5%
* If you remember, on my video blog last month I said that was a one-off event
* That increase was the result of all the minimum wage hikes that kicked in in January
* I said that number would reverse by February and that's exactly what happened
* Instead of getting an increase of .2%, we got a drop of .1%
* That is the first time that's happened since December of 2014
* It is very rare to get a decline in average hourly wages, because prices keep rising
* In the last 10 years this has only happened 6 times
* In addition to the drop in earnings, hours worked actually declined from an average of 34.6 hrs to 34.4 hrs
* When you take into account that Americans earned less per hour and worked fewer hours you get a total drop in weekly earnings of .7%
* That is the biggest drop in weekly earnings as far back as they've been keeping records
* Is this something that President Obama wants to accept responsibility for?
* Here's some more information that we're not getting:
* I've said for a long time that the reason so many jobs are being created is because we are transitioning from full-time employment to part-time employment
* That is where all the jobs are coming from
* According to the household survey, 88% of the jobs created in February were part time jobs
* That means only 12% of that big 240,000 number were full time jobs!
* If you look further beneath the surface at the type of jobs, you'll see that 80% of those jobs were in low-paying service sector jobs, many of them being minimum wage
* We actually lost 17,000 manufacturing jobs
* We lost mining jobs
* We lost logging jobs
* We lost high-income jobs that provide benefits to American workers, and we replaced them with low-paying part-time jobs without benefits
* That is why you have so many people showing up for Bernie Sanders or Donald Trump Rallies
* They are hearing about a recovery, but they are living in a recession
* Let me get to some of the numbers that nobody paid attention to:
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Media Spins Horrible Holiday Sales as Reflecting Economic Strength: Ep. 28

Media Spins Horrible Holiday Sales as Reflecting Economic Strength: Ep. 28

Media Spins Horrible Holiday Sales as Reflecting Economic Strength: Ep. 28 * This holiday shoppers had more shopping hours * 5% less traffic than last year * 11% less money spent than last year * The economy can't support robust holiday sales * Despite big drop in gas prices * Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

1 Dec 201424min

Black and Blue Friday for Oil Producers and Gold Miners: Episode 27

Black and Blue Friday for Oil Producers and Gold Miners: Episode 27

Black and Blue Friday for Oil Producers and Gold Miners: Episode 27 * Oil and gold stocks down * OPEC announced no decline in oil production * Crude trading below $66/barrel * Bump to the Dollar * Mining sector takes a hit * Gold down * A no vote on Swiss Gold initiative bullish for gold Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

30 Nov 201435min

Despite Higher GDP, U.S. Economic Data Continues to Disappoint: Episode 26

Despite Higher GDP, U.S. Economic Data Continues to Disappoint: Episode 26

Despite Higher GDP, U.S. Economic Data Continues to Disappoint: Episode 26 Missing expectations on all economic indicators * Chicago Fed index .14 * PMI flash services 56.3 * Dallas Fed Manufacturing 10.5 * Case Shiller Index slows down to 4.9% * Consumer Confidence number down to 88.7M * Oil prices continue to fall * Big drop in Richmond Fed 75% below estimate * Optimism fueled by debt, consumption and bubbles Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

26 Nov 201428min

The Real Outrage in Ferguson is the Reaction Not the Verdict

The Real Outrage in Ferguson is the Reaction Not the Verdict

The Real Outrage in Ferguson is the Reaction Not the Verdict: Episode 25A * Riots are not the caused by the Grand Jury * The Grand Jury's statement did not address Michael Brown's culpability * All evidence points to officer's innocence * Media fears addressing Michael Brown's violent behavior * Young men are not raised to respect the law * This will happen again because there is no recourse to violence and false witness< Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

25 Nov 201417min

Paul Krugman Runs Premature Victory Lap: Episode 24A

Paul Krugman Runs Premature Victory Lap: Episode 24A

Paul Krugman runs premature victory lap: Episode 24A * Assumes that money-printing works because there is "no inflation" * Krugman's cure for the stock market bubble was the real estate bubble * The test is when the printing presses stop Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

25 Nov 201417min

SchiffRadio Podcast Episode 24

SchiffRadio Podcast Episode 24

Big News out of the Central Banks * U.S. FOMC * Primary concern - inflation is too low * no policy to "correct" the problem * Preparing markets for additional stimulus * Japanese Central Bank Doublespeak * Japanese sales tax hike postponed * Continued calls for more inflation * Why is sales tax is different than inflation? * Euro Decline * Mandating "stability" by increasing inflation? * Chinese Central Bank * Cut interest rate to 5.6% * Money flows to the dollar as a hedge because the market believes the Fed * Gold has not dropped much against the dollar and has risen against other currencies Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

22 Nov 201431min

SchiffRadio Podcast Episode 23

SchiffRadio Podcast Episode 23

Episode 23: Going to Extreme to Prove a Point: Two articles about Peter Schiff: * MarketWatch - writer refused to address corrections before going to print except for my official title - The point of my forecasts is to help people avoid problems ahead of time - I did not call for a stock market crash; I predicted QE4 - The Fed can prevent a Dollar Crisis - I said hyperinflation is unlikely, but a possibility * New Republic - Writer quotes selectively from a Reason article to prove his own spin - Points to the CPI to refute real inflation - The price of a Big Mac mirrored the CPI until 2002 - Now price of Big Mac rises 2x as fast as CPI - This illustrates how the government measures inflation Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

21 Nov 201427min

SchiffRadio Podcast Episode 22

SchiffRadio Podcast Episode 22

Episode 22: Lessons from the Michael Brown Case: * Don't rob a convenience store. * Don't rob a convenience store while high. * Don't be conspicuous after robbing a convenience store while high. * If a policeman then stops you, obey the policeman. * Do not try to take the policeman's gun away from him. * But if you get shot in the hand going for the gun and run away, do not charge the policeman when he says, "freeze!" * The political narrative hides the real problem: unhealthy family life. Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

20 Nov 201421min

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