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Ep. 273: Trump Hypocrisy on Jobs Raises Concerns
Ep. 273: Trump Hypocrisy on Jobs Raises Concerns
Ep. 273: Trump Hypocrisy on Jobs Raises Concerns
Ep. 273: Trump Hypocrisy on Jobs Raises Concerns
Ep. 273: Trump Hypocrisy on Jobs Raises Concerns
Ep. 273: Trump Hypocrisy on Jobs Raises Concerns

πŸ”΄ Ep. 273: Trump Hypocrisy on Jobs Raises Concerns

Peter Schiff - 2017-08-04

Open your Goldmoney account today: Goldmoney.com/ Sign up for my free newsletter: europac.net/subscribe_free_reports Peter Schiff Gold News: SchiffGold.com/news Buy my newest book at tinyurl.com/RealCrash Friend me on Facebook.com/PeterSchiff Follow me on Twitter.com/PeterSchiff Trump Jumps to Tweet on Mediocre Jobs Numbers This morning the Labor Department released the July Non Farm Payroll numbers and Donald Trump tweeted,'Excellent Jobs Numbers just released - and I have only just begun.' Many job stifling regulations continue to fall. Movement back to USA!' What is excellent about these numbers? If you look at the household survey reveals that we created 393,000 part time jobs during the month, and we lost 54,000 full time jobs. Candidate Trump complained about these types of numbers. Small Rise in Manufacturing Jobs Although the report was not a disaster, it was not greater than many we've seen under the Obama Administration. The expectation was for a gain of 178,000 and we beat it. We came out with 209,000, which is really not a lot of jobs. Given the size of the American economy, creating 200,000 jobs in a month is really not a lot of jobs. But exceeding this rather low bar gives rise to over-exuberant headlines over a strong jobs report. In fact they did revise last month's gain of 222,000 up to 231,000 and this month's was better than estimates. The unemployment rate did tick back down to 4.3; remember it jumped up to 4.4 and now it's back down to 4.3. We did gain 16,000 in manufacturing jobs and they did revise upward last month's gain from 1,000 to 12,000, so that is somewhat good news, although as a percentage of the overall jobs, it is small. Labor Force Participation Rate The Labor force participation rate did ratchet up one tenth, back to 62.9; still very low. Wages rose .3% meeting expectations, and most numbers remained status quo. It's not a disaster of a report but it is not spectacular. We had plenty similar reports under Obama.