In reality the percentage of Americans in the workforce continues to drop. The unemployment rate held steady at 3.9%, but more people simply dropped out of the labor force.
The August jobs report came out last Friday. Mike Maharrey offered a little bit of analysis during the Friday Gold Wrap podcast, saying he was skeptical that the actual employment situation is as great as the mainstream seems to think. Peter Schiff offered a more in-depth breakdown of the employment report in his latest podcast, saying it was “anything but strong.”
The headline number was the 201,000 jobs employers added last month. That came in above expectations, and as Peter noted, people tend to get excited when the number pushes north of 200K.
“For an economy the size of the United States, this is really not a lot of jobs, even if we were creating 200,000 jobs a month.”
Peter said that lost in all the breathless reporting about that August number was the fact that the labor department revised the previous two months downward. It came to a…
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