Labor

When it comes to fake data, China is in a class of its own: between fabricated export and import numbers (where hundreds of billion in capital flight are hidden), to massaged, goalseeked GDP "data", Chinese economic reporting has become a laughing stock across the developed world. Just last night, we showed a Goldman analysis according to which China was also misrepresenting its broadest credit aggregate, Total Social Financing, by hundreds of billions if not more as it was not accounting for shadow banking flows that did not end up in the economy.

Giving people free money might be the only solution when robots finally take our jobs According to Shadow Chancellor John McDonnell, the British Labour is considering the idea of a universal basic income (UBI) in response to the increasing robotization of the workforce.

by Ron Paul

Late last week the markets were shocked by a surprisingly bad May jobs report – the worst monthly report in nearly six years. The experts expected the US economy to add 160,000 jobs in May, but it turns out only 38,000 jobs were added. And to make matters worse, 13,000 of those 38,000 were government jobs! Adding more government employees is a drain on the economy, not a measure of economic growth. Incredibly, there are more than 102 million people who are either unemployed or are no longer looking for work.

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.