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Peter Schiff warns US job numbers up only because Americans ‘forced to take 2 or 3 jobs'
Posted on 2/26/24 at 9:26 am
Posted on 2/26/24 at 9:26 am
quote:
The U.S. economy added 353,000 jobs in January 2024, significantly outperforming economists’ expectations. But according to Peter Schiff, CEO and chief global strategist at Euro Pacific Capital, the situation might not be as positive as the headline figures suggest.
“The only reason that jobs are going up is because people are forced to take two or three jobs, because prices keep going up, and their paychecks are not,” said the economist and financial commentator during a recent appearance on OAN Network’s “Real America.”
Schiff’s perspective on the labor market starkly contrasts with that of the White House.
President Joe Biden recently highlighted the jobs report as proof that “America’s economy is the strongest in the world.”
Biden also celebrated other achievements of his administration, saying, “Our economy has created 14.8 million jobs since I took office, unemployment has been under 4% for two full years now, and inflation has been at the pre-pandemic level of 2% over the last half year.”
Despite these accomplishments, Schiff remains critical.
“Figures lie and liars figure,” he said, paraphrasing a famous quote often attributed to Mark Twain. “... and they're always going to try to spin these numbers and try to, you know, put lipstick on a pig. But if you look at Biden's popularity, which is the lowest of any president in history, and you look at why he's so unpopular — it's the economy.”
quote:
Schiff is particularly concerned about America’s inflation challenge.
The consumer price index increased by 3.1% in January 2024 from a year ago, according to the Bureau of Labor Statistics. This was higher than expected, but is a notable improvement from the 9.1% annual increase recorded in June 2022, which was the highest since 1981.
Nonetheless, Schiff is unimpressed, labeling the latest CPI report “a disaster.”
“It really confirms what I've been warning for months now that inflation is bottoming, that we're not at the peak, but we're at the trough and we never got to 2%,” he said.
LINK
This post was edited on 2/26/24 at 9:30 am
7
Posted on 2/26/24 at 9:37 am to Street Hawk
The numbers don't back him up. Multiple job holders, as a percentage of those employed, is actually LOWER than it was in January of 2020.
This post was edited on 2/26/24 at 9:39 am
Posted on 2/26/24 at 9:46 am to Street Hawk
quote:
Peter Schiff
Has been predicting Doom & Gloom since I first saw him on Rogan podacast all the way back in like 2016
Is he still trying to hawk buying gold on everyone as a store of wealth/assets?
Posted on 2/26/24 at 10:48 am to Street Hawk
quote:
recent appearance on OAN
Stopped reading right there…
Posted on 2/26/24 at 11:36 am to JohnnyKilroy
quote:Don't they?
The numbers don't back him up.
Over Biden's tenure, multiple job holders are up ~25%. That is the sole point of reference.
Posted on 2/26/24 at 12:01 pm to NC_Tigah
quote:
Over Biden's tenure, multiple job holders are up ~25%. That is the sole point of reference.
.8% of all employed people. Yes, that’s a 25% increase, but we’re talking about an increase of 1.6 million total jobs. Non-farm payrolls are up 15 million over the same timeframe.
This post was edited on 2/26/24 at 5:20 pm
Posted on 2/26/24 at 12:12 pm to Street Hawk
Ole Peter is slightly retarded
Posted on 2/26/24 at 12:20 pm to NC_Tigah
That seems like cherry picking to me. Calling something that went from 4.3% to 5.1% a 25% increase is just exaggerating to make a point.
Even at 5% it seems like that number is historically low if you look at long term trends looking at the chart you posted.
Even at 5% it seems like that number is historically low if you look at long term trends looking at the chart you posted.
Posted on 2/26/24 at 1:03 pm to slackster
quote:
Non-farm payrolls are up 15 million over the same timeframe.
Minus the previously existing jobs rehired after COVID - that's a BIG inconvenient number for bidenomics.
Posted on 2/26/24 at 1:30 pm to Street Hawk
The cost of everything is through the roof, they can take their inflation numbers and stick em up their arse. The economy is stagnant because inflation is so damn high and wages havent even thought of keeping up...all of this is because of govt intervention. If the free market had been allowed to work, we would be humming right along.
Posted on 2/26/24 at 1:52 pm to JohnnyKilroy
quote:
The numbers don't back him up. Multiple job holders, as a percentage of those employed, is actually LOWER than it was in January of 2020.
If these numbers include people who DoorDash or Uber occasionally for extra cash as "having two jobs" that would be shocking. If not, then its a false indicator.
Posted on 2/26/24 at 2:13 pm to JohnnyKilroy
quote:
The numbers don't back him up. Multiple job holders, as a percentage of those employed, is actually LOWER than it was in January of 2020.
The whole jobs thing is interesting to me. We have (reportedly) ongoing massive job creation going on yet Unemployment has been slowly ticking upward, the LFPR has yet to recover to pre-COVID levels and new jobless claims are remaining low while continued claims are slowly ticking upward (which I am taking to mean that more and more people filing new claims are stay jobless longer). The Boomer generation (slowly) bowing out of the labor pool makes things chaotic, but that can't account for everything.
Taking it all in together it may be that what we're seeing is more reflective of the people who are staying in the job market more and more being the ones who have already been working multiple jobs (as opposed to a glut of people moving into holding multiple jobs).
Posted on 2/26/24 at 2:51 pm to Street Hawk
Ocasio-Cortez made roughly the same claim in 2018:
LINK
quote:
Alexandria Ocasio-Cortez, the Democratic nominee for New York’s 14th Congressional District, wrongly claimed that the low U.S. unemployment rate was “because everyone has two jobs.” The number of people holding more than one job has no bearing on the unemployment rate.
LINK
This post was edited on 2/26/24 at 2:52 pm
Posted on 2/26/24 at 2:55 pm to cwill
Using AOC level logic. That's a tough look.
Posted on 2/26/24 at 3:39 pm to roadkill
quote:
Minus the previously existing jobs rehired after COVID - that's a BIG inconvenient number for bidenomics.
I don’t disagree.
Posted on 2/26/24 at 4:23 pm to slackster
Have any of you looked at the Bureau of Labor Statistics.
The January 5th 2024 report states the following:
Employment in government increased by
52,000 in December. Over the month,
employment continued to trend up in local
government (+37,000) and federal government
(+7,000). Job growth in government averaged
56,000 per month in 2023, more than double
the average of 23,000 per month in 2022
LINK: January 5th BLS report on jobs
The January 5th 2024 report states the following:
Employment in government increased by
52,000 in December. Over the month,
employment continued to trend up in local
government (+37,000) and federal government
(+7,000). Job growth in government averaged
56,000 per month in 2023, more than double
the average of 23,000 per month in 2022
LINK: January 5th BLS report on jobs
This post was edited on 2/26/24 at 4:24 pm
Posted on 2/26/24 at 5:06 pm to TigerDoug
Yeah, the two big sectors where job growth has been most prevalent over the last year has been government and leisure/hospitality. Those are both heavily weighted on service (as opposed to production, or even transportation) and as such can be more vulnerable to economic downturns (leisure/hospitality far moreso than government).
Posted on 2/26/24 at 5:18 pm to TigerDoug
Yeah government jobs are substantial, but they just crossed their Feb 2020 threshold in October of 2023.
In other words, it’s not like they’re any more or less responsible for jobs overall. In fact, they’re up less from February 2020 than total non-farm jobs.
In other words, it’s not like they’re any more or less responsible for jobs overall. In fact, they’re up less from February 2020 than total non-farm jobs.
Posted on 2/26/24 at 5:20 pm to slackster
Fed gov has crazily NOT grown all that much in personnel during the biden admin.
Almost all of the government job growth is state and local.
Almost all of the government job growth is state and local.
Posted on 2/26/24 at 8:46 pm to Street Hawk
An area of concern might be the percentage of created jobs that are full time. Job numbers are less than rosy if they are part time jobs without benefits.
Schiff has been a pretty consistent bear for a while now. It would be bad news if he is correct.
Schiff has been a pretty consistent bear for a while now. It would be bad news if he is correct.
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