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

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 TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy

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The Era of Low Inflation Was Transitory – Ep 762

The Era of Low Inflation Was Transitory – Ep 762

* Chinese imports have kept a lid on goods prices, but not services. * Dollar will decline when foreign investors no longer want US stocks. * We now have more inflation and less ability to deal with it than in the 1970s. * US may soon trade used American cars for used Chinese bikes. * The US Dollar is still backed by more than Bitcoin is. Thanks https://avast.com! Thanks Mack Weldon. For 20% off your first order, visit https://mackweldon.com/gold with promo code GOLD INVEST LIKE ME: https://schiffradio.com/invest RATE 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/news Buy my newest book at http://www.tinyurl.com/RealCrash Follow me on Facebook: http://www.Facebook.com/PeterSchiff Follow me on Twitter: http://www.Twitter.com/PeterSchiff Follow me on Instagram: https://Instagram.com/PeterSchiff Our Sponsors: * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy

18 Dec 202158min

A Dove Can’t Change Its Feathers – Ep 761

A Dove Can’t Change Its Feathers – Ep 761

* Elizabeth Warren blames inflation on greedy business owners. * Producers aren’t price gouging. They’re being gouged. * Fed should stop QE now, not just taper it. * Retail consumers are buying less and paying more. * Congress raises the debt ceiling $2.5 Trillion. * History will judge Jerome Powell before his second term ends. Thanks Ladder Life Insurance. Go to https://ladderlife.com/gold today to see if you’re instantly approved. Free $75 credit to upgrade your post at https://indeed.com/peter. Terms and conditions apply. Offer valid through December 31, 2021. INVEST LIKE ME: https://schiffradio.com/invest RATE 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/news Buy my newest book at http://www.tinyurl.com/RealCrash Follow me on Facebook: http://www.Facebook.com/PeterSchiff Follow me on Twitter: http://www.Twitter.com/PeterSchiff Follow me on Instagram: https://Instagram.com/PeterSchiff Our Sponsors: * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy

16 Dec 20211h

Government Rigged the CPI to Understate Inflation – Ep 760

Government Rigged the CPI to Understate Inflation – Ep 760

* October and November see biggest back to back CPI increase of the year. * 2021 inflation was worse than any year in the 1970s. * Rigged CPI adds to government revenue. * Jussie Smollett hangs himself with fake noose story. Go to https://shopify.com/gold for a FREE fourteen-day trial and get full access to Shopify’s entire suite of features. Thanks Theragun. Go to https://therabody.com/peter to try Theragun for THIRTY-DAYS starting at $199. INVEST LIKE ME: https://schiffradio.com/invest RATE 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/news Buy my newest book at http://www.tinyurl.com/RealCrash Follow me on Facebook: http://www.Facebook.com/PeterSchiff Follow me on Twitter: http://www.Twitter.com/PeterSchiff Follow me on Instagram: https://Instagram.com/PeterSchiff Our Sponsors: * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy

11 Dec 20211h 9min

Crypto Hearing: Irony, Lies, and Hypocrisy – Ep 759

Crypto Hearing: Irony, Lies, and Hypocrisy – Ep 759

* Bitcoin continues to lose ground to Ethereum. * Maxine Waters leads Congressional hearing on crypto. * FDIC made banking less safe. * Bitcoin competes with 14,000 other cryptocurrencies, but not the US dollar. * Michael Saylor sails off the deep end. * Bitcoin will lead to greater racial divide in wealth. * Discount on Grayscale Bitcoin Trust shows institutions are not rushing into Bitcoin. * Ark Invest launches new Transparency ETF. * Cathie Wood is the epitome of “this time it’s different” * Most people have lost money who have invested in Ark ETFs. Get an extra 3 months. https://expressvpn.com/gold. Thanks https://truebill.com/gold. it could save you hundreds a year. INVEST LIKE ME: https://schiffradio.com/invest RATE 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/news Buy my newest book at http://www.tinyurl.com/RealCrash Follow me on Facebook: http://www.Facebook.com/PeterSchiff Follow me on Twitter: http://www.Twitter.com/PeterSchiff Follow me on Instagram: https://Instagram.com/PeterSchiff Our Sponsors: * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy

10 Dec 20211h 2min

A Fed Policy Error That Will Live In Infamy – Ep 758

A Fed Policy Error That Will Live In Infamy – Ep 758

* Markets recover most all of their Black Friday losses. * Fed can’t fight inflation without deflating inflated economic bubble. * Data shows biggest drop in productivity in 62 years. * Consumer prices are headed much higher. * Real wages are headed much lower. * Bitcoin is a lousy store of value in terms of Ethereum. * Americans made real sacrifices during World War 2, not during the war on Covid. * US would have to fund a war with China by borrowing money from China. Thanks Raycon! For a limited time, go to https://buyraycon.com/gold and use code HOLIDAY for up to 15% off your entire Raycon order. Thanks FEALS. Become a member at https://feals.com/gold and get 40% off your first three months with free shipping INVEST LIKE ME: https://schiffradio.com/invest RATE 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/news Buy my newest book at http://www.tinyurl.com/RealCrash Follow me on Facebook: http://www.Facebook.com/PeterSchiff Follow me on Twitter: http://www.Twitter.com/PeterSchiff Follow me on Instagram: https://Instagram.com/PeterSchiff Our Sponsors: * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy

8 Dec 202155min

Do Weak Stocks in Dec. Portend Fed Ease in Jan? – Ep 757

Do Weak Stocks in Dec. Portend Fed Ease in Jan? – Ep 757

* Nasdaq suffers worst start to December in 20 years. * Stay-at-home darling stocks crash with no bottom in sight. * Covid is the gift that keeps on giving the Fed excuses. * Real unemployment rate is much higher than 10%. * Biggest fools now are those buying Bitcoin. * Maxine Waters pats herself on the back for giving away other people’s money. * Janet Yellen wants to postpone big catastrophe now for bigger catastrophe later. * Jerome Powell admits he now sees a substantial risk of persistent inflation. For a limited time, buy any 3-month Mint Mobile plan and get 3 more months FREE at https://mintmobile.com/gold Thanks Aura Frames. Get $30 off your order by going to https://auraframes.com with promo code GOLD INVEST LIKE ME: https://schiffradio.com/invest RATE 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/news Buy my newest book at http://www.tinyurl.com/RealCrash Follow me on Facebook: http://www.Facebook.com/PeterSchiff Follow me on Twitter: http://www.Twitter.com/PeterSchiff Follow me on Instagram: https://Instagram.com/PeterSchiff Our Sponsors: * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy

4 Dec 20211h 10min

Powell Finally Admits Inflation Isn’t Transitory – Ep 756

Powell Finally Admits Inflation Isn’t Transitory – Ep 756

* Dow down over 1300 points in 2 days over Omicron variant concerns. * Bubble market found its pin. * Powell is essentially a member of the Biden administration. * The only tools the Fed has left will destroy the bubble economy if they use them. * Powell lies about the credit worthiness of the US. * Ray Dalio says the only thing the Fed will successfully raise will be prices. * Build Back better targets the middle class with new bank account monitoring. Free $75 credit to upgrade your post at https://indeed.com/peter. Terms and conditions apply. Offer valid through December 31, 2021. Thanks Theragun. Go to https://therabody.com/peter to try Theragun for THIRTY-DAYS starting at $199. INVEST LIKE ME: https://schiffradio.com/invest RATE 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/news Buy my newest book at http://www.tinyurl.com/RealCrash Follow me on Facebook: http://www.Facebook.com/PeterSchiff Follow me on Twitter: http://www.Twitter.com/PeterSchiff Follow me on Instagram: https://Instagram.com/PeterSchiff Our Sponsors: * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy

1 Dec 202157min

Black Friday Leaves Investors Black and Blue – Ep 755

Black Friday Leaves Investors Black and Blue – Ep 755

* Covid crashes market again with new Omicron Strain. * Dow suffers its worst drop since Covid lockdowns started. * Investors choose Euro and Swiss Franc over US Dollar as safe haven. * Markets begin pricing out rate hikes that they previously priced in. * Smart money dumps crypto while dumb money buys the dips. Thanks Tru Niagen. Save 10% on your first purchase at https://truniagen.com/peter with code PETER Mene's 24k gold jewelry is giving my listeners 5% off their purchase at https://mene.com/?promo=schiff Use promo code "SCHIFF" at checkout. Offer expires December 2nd, 2021. INVEST LIKE ME: https://schiffradio.com/invest RATE 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/news Buy my newest book at http://www.tinyurl.com/RealCrash Follow me on Facebook: http://www.Facebook.com/PeterSchiff Follow me on Twitter: http://www.Twitter.com/PeterSchiff Follow me on Instagram: https://Instagram.com/PeterSchiff Our Sponsors: * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy

27 Nov 202142min

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