Ep. 165: Markets In Denial About Jobs As Trump Lets Truth Slip About Debt
The Peter Schiff Show Podcast7 Maj 2016

Ep. 165: Markets In Denial About Jobs As Trump Lets Truth Slip About Debt


* Today we got the government's Non-Farm Payroll report, otherwise known as the Jobs Report, for the month of April and pretty much all the mainstream Wall Street guys were looking for another strong report
* In fact, earlier in the week Goldman Sachs was out saying that the 200,000 consensus estimate was too low!
* The optimism was unfazed by the much weaker than expected ADP report I spoke about on my last podcast on Wednesday, which came in much lighter than expected
* So, people didn't care, they said, "That's a one-off event, we're still looking for a good number, and we got a weak report
* Instead of 200,000 jobs we only got 160,000 jobs
* And they actually revised down the last couple of months
* But let's get into some of the details, because it gets worse, the further beneath the surface you look
* The unemployment rate held steady at 5%; they were expecting it to notch down to 4.9% - that did not happen
* Private payrolls also much lighter than expected; they were looking for 195,000; they got 171,000 and they revised down last month's from 195K to 184K
* They did get the .3% increase in average hourly earnings, but they forgot to point out that they revised month's .3% increase down to .2% so you can chalk that one up as a miss, despite the fact that nobody was talking about it
* The bigger miss was in the Labor Force Participation Rate
* Last month it was 63%, which was a move up, but in April it came back down to 62.8%
* 562,000 people left the labor force during the month of April
* A massive exodus led by young people
* A breakdown in the Household Survey for ages 20-24 reported 155,000 job losses in April
* For ages 25 - 54 - 284,000 jobs losses
* For ages over the age of 55 - this is the highest it has ever been
* Janet Yellen still wants to pretend that the reason the Labor Force Participation Rate is declining is because the Baby Boom is retiring - how much longer is she going to get away with that lie?
* The Baby Boom is too broke to retire
* The people leaving the workforce are young people in their 20's and 30's
* A breakdown of job gains by sector shows the biggest sector is professional business and temporary services - 56,000 gains
* Healthcare and education was high, and leisure and hospitality came in third
* Manufacturing barely gained any jobs after a huge loss the prior month
* Wholesale trade barely gained any
* Construction, after a big jump last month - only 1,000 jobs
* Retail trade lost 3,000 jobs
* Mining and logging continues to lose jobs
* On a good note, government actually lost jobs
* That's a good thing - we don't need so many people working for government - they're not productive
* Rick Santelli made a very good point today on CNBC, talking about all the jobs created at the TSA
* We're not better off with those jobs - they decrease our productivity
* As I mentioned on my last podcast, we've now had 2 consecutive quarters of losses in productivity
* Despite this bad jobs report, the market shrugged it off
* The stock market rallied because bad news is good news - the odds of a Fed rate hike are now the lowest they've ever been
* If you look at the Foreign Exchange markets, the dollar was broadly higher today
* It was up big against the Australian dollar because the Reserve Bank of Australia lowered their inflation forecast
* They lowered it from 2-3% to 1-2%
* You would think that's good news, because it means the cost of living will rise only 1-2%
* Back in the day, news of low inflation sent a currency higher, because it was not losing purchasing power
* The news sent the Australian dollar tumbling because the market now expects the Australian Reserve will have to c... 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

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· Biden putting America in much more vulnerable position with continued selling of strategic oil reserves.· Replacing full-time jobs with part-time jobs is not a sign of a strong labor market.· The National Debt is the same thing as having a National Credit Card.· Politicians claiming to care about Social Security are voting to destroy the value of it.· Gold and silver will take off when investors realize inflation is not going back to 2%.Visit https://indeed.com/peter to start hiring now.Join my Locals community to get The Peter Schiff Show ad-free and a day early! Plus get access to special live reports and Q&As. Visit https://schiffradio.com/premium to become a member.Invest like me: https://schiffradio.com/investRATE AND REVIEW on Facebook: https://www.facebook.com/PeterSchiff/reviews/SIGN UP FOR MY FREE NEWSLETTER: https://www.europac.com/Schiff Gold News: http://www.SchiffGold.com/newsBuy my newest book at http://www.tinyurl.com/RealCrashFollow me on Facebook: http://www.Facebook.com/PeterSchiffFollow me on Twitter: http://www.Twitter.com/PeterSchiffFollow me on Instagram: https://Instagram.com/PeterSchiffOur 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.comPrivacy & Opt-Out: https://redcircle.com/privacy

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Risk-On, Economic Understanding Off - Ep 870

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2 Feb 202340min

Government Worsens Every Problem It Tries to Solve - Ep 868

Government Worsens Every Problem It Tries to Solve - Ep 868

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29 Jan 202354min

Davos Investors Are Skiing Towards a Debt Cliff - Ep 867

Davos Investors Are Skiing Towards a Debt Cliff - Ep 867

· Growth stock will rollover and make new lows in 2023.· Gold hit new 9 month high on the week.· While tech stocks are rising, their headcounts are falling.· New economic data blows away low-end expectations.· 2023 could be one of the worst years ever for the dollar.· Politicians and central bankers waste public money being hypocrites at Davos.· Netflix documentary on Bernie Madoff proves more regulation won’t help us.Cut your wireless bill to $15 a month at https://mintmobile.com/goldJoin my Locals community to get The Peter Schiff Show ad-free and a day early! Plus get access to special live reports and Q&As. Visit https://schiffradio.com/premium to become a member.Invest like me: https://schiffradio.com/investRATE AND REVIEW on Facebook: https://www.facebook.com/PeterSchiff/reviews/SIGN UP FOR MY FREE NEWSLETTER: https://www.europac.com/Schiff Gold News: http://www.SchiffGold.com/newsBuy my newest book at http://www.tinyurl.com/RealCrashFollow me on Facebook: http://www.Facebook.com/PeterSchiffFollow me on Twitter: http://www.Twitter.com/PeterSchiffFollow me on Instagram: https://Instagram.com/PeterSchiffOur 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.comPrivacy & Opt-Out: https://redcircle.com/privacy

21 Jan 202344min

Soaring Consumer Credit Means Higher Consumer Prices - Ep 866

Soaring Consumer Credit Means Higher Consumer Prices - Ep 866

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11 Jan 202342min

Gold Stocks Ring in the New Year With a Bang - Ep 865

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