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Tag Archives: employment

Peter Schiff: Greatest Economy in American History? Nonsense!

Donald Trump was in Davos talking up the US economy in his typically hyperbolic terms. He called it “the greatest economy we’ve ever had in the history of our country.” To hear the president tell it, you would think that America is experiencing some kind of economic boom that has never been experienced by anybody in all of history. In his most recent podcast, Peter Schiff called this “nonsense.”Trump obviously knows nothing about American history. Because, to put the last three years in...

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Job Cuts Due to Bankruptcy at Highest Level Since 2005

Job cuts due to companies going bankrupt hit the highest level since 2005 last year.According to data released by Challenger, Gray & Christmas, 62,136 announced job cuts by US-based employers in 2019 were due to bankruptcy. That represents 10.5% of the 592,556 announced job cuts last year. The total number of announced job cuts in 2019 was 10% higher than in 2018 and hit the highest level since 2015. It was the fourth-largest number of job cuts since the 2008 financial...

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Is the Fall of Unemployment Good?

Is it good news or bad news that the rate of unemployment in the United States has gone back to a 50-year low of 3.5%? It depends on what caused it. Discussing this question will lead us to look at numbers that some may find surprising. Figure 1 and Figure 2 show the evolution of the unemployment rate and of total (non-farm) employment under the previous and current administration. There appears to be little difference. If we calculate the average (compounded)...

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Peter Schiff: A Trumped Up Jobs Report

Friday’s employment report from the Labor Department far exceeded expectations. Mainstream analysists called the report “stellar.” Some pundits even called it the best jobs report in history. According to the Labor Department, the US economy added 266,000 jobs in November. Economists had projected an increase of around 187,000. The unemployment figure dropped to 3.5%.Peter Schiff talked about it in his latest podcast. He called it a “Trumped-up” jobs report.Pundits keep...

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The Word of the Day Is Volatility: SchiffGold Friday Gold Wrap Oct. 4, 2019

It was a bumpy ride in the markets this week. Right now, volatility is the name of the game – in both stocks and precious metals. People are getting nervous out there with some pretty grim economic data this week stirring up recession fears. Meanwhile, the US government just keeps spending money it doesn’t have. Host Mike Maharrey talks about all of this and more in this week’s episode of the Friday Gold Wrap podcast.The SchiffGold Friday Gold Wrap podcast combines a succinct summary of...

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Dow Jones and S&P 500 Off to Worst Start for a Quarter Since the Great Recession

During his podcast earlier this week, Peter Schiff said “the party is over” in the stock market. As if on cue, the Dow Jones is off to the worst start in a quarter since the 2008 financial crisis.The Dow plunged 494.4 points on Wednesday, a 1.86% decline. Combined with Tuesday’s 343.7 point drop, the Dow is down more than 3% in two days. The 800-plus point slide is the worst start to a quarter since the last three months of 2008. In the fourth quarter of that year, the Dow fell 19.4%.Q4...

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Peter Schiff: June Jobs Report No Big Deal

Markets reacted strongly to the June jobs report on Friday. Stocks fell. Bonds and gold got clobbered. The dollar got a boost.In his latest podcast, Peter Schiff said the markets overreacted to the report. In fact, he said the jobs numbers were “no big deal.”The jobs report was far better than analysts expected. According to the Labor Department, the US added 224,000 jobs last month. Economists had projected a 165,000 job increase. Average hourly earnings were up 0.2,...

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Peter Schiff: I Don’t Think I’ve Ever Seen People More Clueless

The February jobs report came in significantly below expectations. First quarter GDP estimates are way down. And we’re seeing other numbers that indicate a rotting economic foundation.But nobody is worried.In fact, most of the attention continues to be focused on the trade deal as if it is going to push the economy to new heights. In his most recent podcast, Peter dug into some of the numbers and came to the conclusion that most of the analysts and pundits are utterly clueless about what’s...

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Peter Schiff: Jobs Are Another Bubble About to Burst

October jobs numbers came out on Friday and everybody was all giddy about healthy growth. But in his most recent podcast, Peter Schiff said jobs are just another bubble about to burst.According to the Labor Department, the US economy added another 250,000 jobs in October. The unemployment rate held steady at 3.7%. Earnings took their biggest leap since 2009, rising 3.1% year-on-year.Peter noted that everybody considered this a really good report, but we’re working off a...

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Peter Schiff: The Latest Jobs Report Was Anything but Strong

The August jobs report came out last Friday. Mike Maharrey offered a little bit of analysis during the Friday Gold Wrap podcast, saying he was skeptical that the actual employment situation is as great as the mainstream seems to think. Peter Schiff offered a more in-depth breakdown of the employment report in his latest podcast, saying it was “anything but strong.”The headline number was the 201,000 jobs employers added last month. That came in above expectations, and as...

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