Paying Employers to Recall Workers Boosted Payrolls – Ep 581
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 5 June 2020
⏱️ 63 minutes
🧾️ Download transcript
Summary
Shipping industry virtually non-existent in America due to Jones Act.
White privilege didn’t save Tony Timba.
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Transcript
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| 0:00.0 | What's the Peter Schiff show? |
| 0:09.1 | Well if you thought the ADP jobs report was a surprise, the one we got today from the |
| 0:15.4 | government, the official non-Farm Paywell report, that one was a real shocker because the |
| 0:21.6 | expectation again was for a loss of over 7.7 million jobs in the month of May. |
| 0:29.4 | And that was going to follow the 20.5 million jobs that were lost in April. |
| 0:36.9 | In fact, they did revise that month up. |
| 0:39.6 | So now the loss for April is 20,687,000 jobs lost in April. |
| 0:46.9 | And so everybody was looking for another 7.7 million, even after the much lower than expected |
| 0:54.0 | number we got on Wednesday from ADP. |
| 0:56.1 | Although maybe some people were looking for a small or a loss. |
| 0:59.8 | Nobody was looking for a gain, which is what we got. |
| 1:02.4 | We got a gain of just over 2.5 million jobs in the month of May. |
| 1:08.0 | That is a record we've never gained 2.5 million jobs in a single month. |
| 1:12.7 | Of course we've never lost 20 plus million. |
| 1:15.0 | We set that record during the prior month. |
| 1:18.4 | But we know that lots of people were laid off in May. |
| 1:21.6 | Probably 8 to 10 million people got laid off. |
| 1:24.3 | Well apparently maybe 12 million people got rehired. |
| 1:29.0 | A lot of the people who were fired in March, they must or rather in April, a lot of those |
| 1:36.6 | people were rehired in May. |
| 1:39.5 | Because we fired almost 21 people in the prior month. |
| 1:43.2 | So a lot of those people were rehired. |
... |
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