Euro Pacific Funds founder and chief strategist Peter Schiff said on his show Friday that the latest jobs numbers from the Biden Administration are “just another hyped-up jobs report.”
The U.S. economy added 199,000 new jobs in November, according to the latest non-farm payroll report from the Bureau of Labor Statistics (BLS). Furthermore, the unemployment rate declined to 3.7% last month rather than the 3.9% forecast by economists. Mainstream analysts have widely hailed this as a strong jobs report, but Peter Schiff says not to be so sure.
Pundits are excited that Nov.'s job report beat, which will likely be revised to a miss next month, when everyone is focuses on Dec. Meanwhile striking auto & motion picture workers retuning to their #jobs added 24% of the total, while Govt. & health care made up 83% of the rest.
— Peter Schiff (@PeterSchiff) December 8, 2023
Daniel Zhao, the lead economist for job ratings site Glassdoor, said, “The job market continues to be resilient after a year of dodging recession fears.” Meanwhile, Robert Frick, corporate economist with Navy Federal Credit Union, said, “What we wanted was a strong but moderating labor market, and that’s what we saw in the November report.”
But in a recent episode of the Peter Schiff Show, the Euro Pacific Funds strategist said, “Wall Street likes to pretend that everything is Goldilocks, but they forget how the story ends when the bears come back. But the bears are going to come and they’re going to eat Goldilocks’s porridge or Goldilocks.” Schiff added that despite all the hype, “This is not a good number.”
Schiff explained that the economy also lost jobs as it added jobs on balance. He argued that the lost jobs were higher quality jobs with better pay than the new jobs the economy added. He concluded, “Probably, the people who lost those manufacturing jobs [ … ] that’s the story of this so-called strong labor market — people replacing good jobs with multiple bad jobs.”
Peter Schiff: Just One More Hyped-Up Jobs Report https://t.co/nccZawFpdS
— zerohedge (@zerohedge) December 11, 2023
He added that the numbers aren’t even firm yet, “It’s very likely that by next month, they’re going to revise this month’s number lower. And so, it wouldn’t have been a beat. It would have been a miss. But no one’s going to care because they’re going to be focusing on the December number, which may be another beat that gets revised to a miss in January.”
Peter Schiff has frequently appeared on CNBC, Bloomberg TV, and Fox News. He notoriously predicted the housing crisis of 2007–08 in 2005–06.