Unemployment and Prices Rising Together – Ep 710
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 2 July 2021
⏱️ 45 minutes
🧾️ Download transcript
Summary
* Inflation spilling into the labor market.
* Pressures pushing dollar down and costs up.
* What does Basel III mean for gold?
* CNBC pundits are as clueless now as they were in 2006 and 2007.
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Transcript
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| 0:00.0 | I like to thank Bambi for supporting my podcast. |
| 0:12.0 | HR managers ain't cheap. |
| 0:14.5 | Salary's average $70,000 a year. |
| 0:18.2 | Go to bambi.com slash gold. |
| 0:20.6 | The schedule you're free. |
| 0:22.5 | HR audit. |
| 0:24.6 | Well today we finally got the jobs numbers. |
| 0:28.9 | The employment situation for June was released earlier this morning. |
| 0:34.0 | The expectation was for a gain of 703,000 jobs. |
| 0:40.8 | And that followed I think at disappointing 559,000 jobs from May. |
| 0:46.8 | Now they actually did revise that main number up a bit, although I think the prior months |
| 0:51.5 | were slightly revised to the downside. |
| 0:54.9 | But June did come in ahead of what had been expected. |
| 0:58.2 | 850,000 jobs is the number that was restored in the month of June. |
| 1:04.0 | And again, I like to talk about jobs being restored rather than jobs being created. |
| 1:10.0 | Because these are jobs that we temporarily set aside due to COVID. |
| 1:15.4 | And now we're simply bringing them back. |
| 1:17.4 | So it's not really about an economy creating all these new jobs. |
| 1:21.2 | We're just restoring the jobs that we temporarily eliminated due to COVID. |
| 1:27.6 | But while the media is focusing on that beat in the headline number, oh, we created 850,000 |
| 1:34.4 | jobs. |
| 1:35.4 | So it's a stronger than expected report. |
... |
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