- Yesterday we got the final jobs report of the Obama era,
- We got the December Non-Farm Payroll.
- Now technically, when we get the January number, the first Friday of February,
- Half of that would have been during the Obama presidency,
- But because we won’t get the official news until the Trump presidency,
- I’m sure that Donald Trump is going to take the credit, or maybe have to deal with the blame,
- Depending on how that number ends up being received, whether it beats the consensus or misses,
- But this is really the final jobs number for Obama.
- The number came out O.K.
- It missed the consensus estimate, which was 175,000 jobs,
- And the actual number, at least until they revise it next month was 156,000
- So that was below what was expected.
- Now they did revise upward the prior month from 178,000 to 204,000
- And the month before that was revised down a bit
- So I guess, when you take all the revisions, it was probably about a push on the number.
- This report should have been seen as not so good,
- Most of what I was reading was about how strong, not only this report was,
- But the entire job-creation legacy of Barack Obama
- This is what you get from the mainstream media
- That peddles all the fake news
- About what a great economy President Obama is handing off to Donald Trump;
- That we have really low unemployment –
- The official unemployment rate kicked up from 4.6, but still 4.7,
- So, low unemployment, all these jobs being created,
- Forgetting about the fact that once again, you’re talking about low-paying, part-time jobs that have been created
- In fact, the number of Americans not in the work force grows again;
- It wasn’t a big jump, but it was still a jump
- To a new all-time record high.
- So labor force participation has been eviscerated during the Obama years.
Obama Hands Trump Huge Bubble – Ep. 218
Peter Schiff is an economist, financial broker/dealer, author, frequent guest on national news, and host of the Peter Schiff Show Podcast.
2008 financial crisis bailout Bear Market Bernie Sanders Bitcoin Bond Market China coronavirus covid-19 DJIA dollar Dollar Index Donald Trump economic crisis economy fed Federal Reserve GDP gold gold stocks government spending Great Depression Great Recession inflation interest rates Janet Yellen Jerome Powell Market crash Minimum wage NASDAQ National Debt Oil Prices Peter Schiff President Trump QE quantitative easing recession Russell 2000 Silver Stimulus stock market tariffs Trade Deficit trade war Unemployment