Good news for the gold investors on Friday as the Department of Labor Statistics released the long-awaited jobs report. We won’t bore you with re-hashing everything in there, but the main point you should remember is pretty obvious, the US economy was able to create just 38,000 jobs which is definitely much less than the 160,000 jobs the analysts were expecting.
Just yesterday, when looking at the latest sudden drop in the US employment, JPM warned that as a result of the dramatic downshifting in the US economy, the bank's recession indicator had just hit a new cycle high of 36%.
As the economy struggles and wage growth stagnates, everyone can rest easy knowing that the Federal Reserve bank presidents are getting paid quite nicely for all of their efforts.
While wages grew 2.6% (at best) In 2015, Fed presidents saw a 4% average salary increase. And before anyone says that the presidents took one for the team, taking a pay freeze from 2011-2013, it was made up for in 2014 when a 6.6% increase was awarded.
Employment Lies
Paul Craig Roberts
June 3, 2016. Today the Bureau of Labor Statistics announced that the US economy only created 38,000 new jobs in May and revised down by 59,000 jobs the previously reported gains in March and April.
Yet the BLS reported that the unemployment rate fell from 5.0 to 4.7 percent, a figure generally regarded as full employment.
The May jobs increase only covers a small fraction of the monthly growth in the labor force and, therefore, cannot account for the drop in unemployment.
By EconMatters
Bonds, Stocks, Credit and Risk are all mispriced right now in Fed and Central Bank enabled financial markets - you can just see the money managers begging for the Fed not to hike rates on their enabled asses. A 4.7% unemployment rate and the Fed still cannot hike rates - 8 years is a complete business cycle folks.
https://www.youtube.com/watch?v=KuoP6dJhqE4