Obama Employment Trends Continue Under Trump – Ep. 298

Obama Employment Trends Continue Under Trump – Ep. 298

High Expectations for Jobs Numbers
This morning we got the release of the October jobs report, and it followed the hurricane-related very weak report that we got in September. This time, the reason actually was weather-related. Remember, they originally reported a decline of 33,000 in September. No one cared, though, because it was all about the hurricane. This month everybody was very optimistic; the consensus for October was 325,000 jobs.
Numbers Fell Flat
I was watching CNBC this morning and they were all trying to guess the jobs number. Everybody ended up being over. Rick Santelli's estimate actually was 401,000, but most guys were somewhere between 350 - 400,00, so everyone on CNBC was more optimistic than the consensus. And then the number came out at 261,000. Everybody went over, so they all lost by the Price is Right rules.
Lowest Unemployment Since Dot Com Bubble
But beneath the surface, this is a weak report - even weaker than the 261,000 jobs that were reported. The unemployment fell to 4.1. That's a new low for this cycle. You have to go all the way back to the dot com bubble to get an unemployment rate this low. I don't know if Trump tweeted about it yet, but I'm sure he's going to talk about it: "Oh this is great!" He's going to take credit for the drop in the unemployment rate. But the problem is, the reason that the unemployment dropped was because so many people left the labor force
Largest Labor Force Exodus
We had 968,000 people leaving the labor force in October. This was the third largest monthly exodus ever, causing the number of Americans currently exiled from the labor force to hit a new record high - 95,385,000. The labor force participation rate plunged back down to 62.7% from 63%.
Obama Revisited
This is the exact same type of jobs numbers we were getting under Obama, where you'd have a falling unemployment rate because so many people were leaving the labor force and so many people were working part time. Candidate Trump was extremely critical of this:"The unemployment rate is the biggest con, the biggest fraud in history - unemployment is really 30-40-50% - the jobs are lousy, they are low paying, people are leaving the labor force!" Exactly what is going on today. Yet now, "Everything is great, the unemployment rate is low, it's all thanks to me, and I'm doing a great job!"
Weak Number
This is a weak number. In fact, look at average hourly earnings. They were supposed to rise by .2% and they were flat. The only reason they were flat is because they rounded it up. Actually, average hourly earnings went down during the month of October. And this is not adjusted for inflation. These are just the earnings. So we know prices are going up and so earnings actually went down in October. Now year over year, we have an increase of earnings of 2.4%. I am sure the cost of living is up by more than 2.4%, regardless of what the CPI claims. So this is a weak report.



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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 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 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 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

SchiffRadio Podcast Episode 21

SchiffRadio Podcast Episode 21

Episode 21: BoJ Seems to relieve Consumers' Struggle With Rising Prices by Creating More Inflation * Investors & Economists shocked to learn that Japan is officially in recession * Instead of a 2.1 rebound, there were back to back declines - a huge miss. * Economists cry "More Stimulus!" * Abe admits rising prices hurt the economy, contrary to inflation "Goal" * The theory that rising prices stimulate the economy is proving wrong in Japan, Russia and the U.S. Our Sponsors: * 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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SchiffRadio Podcast Episode 20

SchiffRadio Podcast Episode 20

Episode 20: Explosive Daily Upside Reversal in Gold Portends Potential Bottom * Weekly jobless claims higher than expected * Fewer people in the workforce * Job openings declining * Consumer sentiment survey at 7-year high? * false confidence in the economy due to oil prices * QE4 will be the mother of all QE * Gold and silver market reversal on Friday * Silver stocks up $4% * Gold stocks were up 6% Our Sponsors: * 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

17 Nov 201420min

SchiffRadio Podcast Episode 19

SchiffRadio Podcast Episode 19

Episode 19: Low-Paying Jobs And Student Debt Undermining Marriage * There are more single Americans than ever * Job quality and debt are disincentive to marriage * Government policy promotes generations of single mothers * Two out of every five mothers are single * If the economy is getting better, why is this happening? Our Sponsors: * 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

13 Nov 201414min

SchiffRadio Podcast Episode 18

SchiffRadio Podcast Episode 18

Episode 18 Synopsis * Obamacare architect Jonathan Gruber admits fraud promoting Obamacare: * "They proposed it and that passed, because the American people are too stupid to understand the difference." * Administration's argument to Supreme Court about constitutionality of Exchanges claims "typo" * The average American may not be able to make decisions for others, but they know what is best for themselves Our Sponsors: * 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

13 Nov 201420min

SchiffRadio Podcast Episode 17

SchiffRadio Podcast Episode 17

Episode 17 Synopsis * Japanese yen fell to 7-year low * A result of Abenomics * Speculation that planned increase of sales will be delayed * price moving with strength of dollar * Chinese Yuan up vs Yen and euro * Next few months may expose Fed's false narrativ Our Sponsors: * 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

12 Nov 201410min

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