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Tag Archives: employment

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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Peter Schiff: The Problem With Phony Prosperity Is That It’s Phony

A lot of seemingly positive economic data came out last week, but in his most recent podcast, Peter Schiff said it is just feeding into a delusional economic narrative that ignores the most fundamental storyline – debt. Everybody is talking about a new era of prosperity, but Peter said it’s a phony prosperity and it isn’t going to last.The May jobs report came out Friday, sending another ripple of optimism through the investment world. According to the Department of...

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“$1MM Per Minute In Salaries, $22BN Per Year In Vacation Pay” And Other Fun Facts About The Federal Workforce

The folks at Open The Books decided to take a deep dive into the salaries of 1.97 million federal employees, using data collected from the Office Of Personnel Management and the USPS via FOIA requests, and the endless examples of excessive pay and pure waste are sure to make you sick, if not downright suicidal.  Here are just some of the key takeaways as summarized by OTB: 1. The federal government pays its disclosed workforce $1 million per...

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Jobs Numbers: The Biggest Hoax in American Politics?

President Trump has completely flip-flopped the way he looks at economic data. When he was on the campaign trail, he called the stock market a “big, fat, ugly bubble.” Now that he’s sitting in the Oval Office, he takes credit for the same bubble.He’s done the same kind of 180 when it comes to employment data. On the campaign trail, he called 5% unemployment “the biggest hoax in American history.” But when the jobs report came out last week, Trump eagerly tweeted,  “The unemployment rate...

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Complaint Alleges SEC Watchdog Retaliated Against Whistleblowers

Who blows the whistle on the whistleblowers? Nobody – if they can help it. In yet another example of big-government hypocrisy allegedly committed by an office meant to hold other government employees accountable, the Wall Street Journal is reporting that the watchdog for the Securities and Exchange Commission has himself become the subject of complaints by several whistleblowers. At least two employees working for SEC Inspector General Carl Hoecker have filed complaints to a different federal...

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Peter Schiff: Stock Market Pushed by “Irrational Exuberance” (Video)

So what are we to make of the continuing stock market climb?Peter Schiff summed it up succinctly in a recent interview on .Well look, I think it’s a bubble.”Peter admitted that doesn’t mean the bubble can’t get bigger. But he said the market is primarily pushing forward based on false optimism.Peter pointed to the latest employment numbers to make a case that the economy isn’t as nearly as hearty as the mainstream seems to think.This is a continuation of the same weak...

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Trader: Investors Should Ignore Payrolls, Focus On Europe

In his latest Macro View, Bloomberg reporter and macro commentator, David Finnerty, explains why investors are better off ignoring today's payrolls report - where "any weakness will be attributed to hurricanes, while a beat on payrolls or wages would be seen as supporting a Federal Reserve interest rate increase in December" - and instead focus on Europe, and specifically the next ECB meeting which will set the stage for the next big move in global risk. His full note below. Looking for the...

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