Jobs Up But Earnings and Participation Down – Ep. 42
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 11 January 2015
⏱️ 22 minutes
🧾️ Download transcript
Summary
* December jobs report up; unemployment down
* Average hourly earnings dropped
* Labor force participation hits new low, except for older Americans
* Fewer young workers supporting the Social Security system
* Most credit comprised of student loans and auto loans
* Auto delinquencies highest since 2008, indicating a bubble
* Obama's plan to make community college free will further inflate costs
* Charles Evans calls for more inflation before raising interest rates
* Denies relationship between cheap money and bubbles
* The term "patience" indicates no timeframe for higher rates
* Gold stocks very strong and gold prices continue to rise in face of rising dollar
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:08.8 | Well we got the December Jobs report, I guess the first big number of the new year, and |
| 0:15.6 | once again the headline number was better than estimates. |
| 0:19.8 | They were expecting 245,000 jobs added in December. |
| 0:25.6 | Instead we added 252,000 jobs, so a small beat, but they actually revised last month. |
| 0:32.6 | Remember we got that real surprise, that 321,000 jobs created in November. |
| 0:38.4 | They now say that this is 353,000 jobs. |
| 0:42.3 | So they added that up. |
| 0:43.9 | And also more good news, the unemployment rate, which was expected to drop from 5.8 to 5.7, |
| 0:51.8 | drop all the way down to 5.6%. |
| 0:55.0 | So the headlines are jobs up, unemployment down, everything is great. |
| 1:00.6 | Again, not so fast because you can't just look at the headlines when it comes to the jobs |
| 1:06.6 | numbers. |
| 1:07.6 | First, in the official numbers, there was one disappointing number, and that was the |
| 1:12.5 | average hourly earnings. |
| 1:14.9 | Because last month they were up 0.4, which was a big jump, they were expecting another |
| 1:19.8 | 0.2 this month. |
| 1:21.4 | Instead, this month or December was minus 0.2, minus, not plus, minus 0.2, that was the |
| 1:28.8 | biggest drop in 8 years in average hourly earnings. |
| 1:32.9 | And they went back to that plus 0.4 from November, and they revised that down, they cut it in |
| 1:39.1 | half. |
| 1:40.3 | So now it's only up plus 2. |
... |
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