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Peter Schiff: NO-JOBS Report: HORRIFIC NUMBERS!

Wednesday, January 14, 2015 14:00

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By Grams Gold

340,000 More People Dropped Out of the Workforce

Wages Down

Shale Bloodbath to Begin

For every 2 new jobs gained, 4 left the workforce

Let’s look at the numbers that are published monthly from the government BS. I meant – BLS (Bureau of Labor and Statistics): Total nonfarm payroll employment increased by 252,000 in December and the unemployment rate went down to 5.6% from 5.8%.

The Household Survey showed that 450,000 people left the labor force in December, while only 110,000 people got jobs.

The details are that the labor participation rate just slid once more, dropping to 62.7%, or the lowest since December 1977. This happened because the number of Americans not in the labor forced skyrocketed to 451,000 in December - far outpacing the 111,000 jobs added according to the Household Survey. It is the primary reason why the number of uenmployed Americans dropped by 383,000.

But, But the Reason for the Low Participation Rate is Because the Older Americans are Retiring. WRONG!

No, many of them can’t afford to retire, as they make no interest on money in the bank and inflation is causing all of their costs to go up. “The number of workers 55 and over just hit 32.9 million, up 1.3 million from a year ago, and anall time high.“

For those young people under 55, including college graduates who can’t find a decent job in their field, the biggest “number of workers employed in Food Service and Drinking Places, i.e., sub-minimum wage waiters and bartenders jumped by 43,600: the highest monthly increase since 2012.” No doubt people are out drinking their sorrows away, and the retirees that can afford to eat out are providing the only lifeline left to the young.

Biggest Job Increases in Waiters and Bartenders

In December, 43,600 people got jobs waiting tables and tending bar.
That’s the highest number added in that
segment since 2012.

For those college graduates and young people that get lucky enough to find a job, this is where they are working-in Food Service and Drinking Places. Translated: sub-minimum wage waiters and bartenders jumped by 43,600: the highest monthly increase since 2012.

”A lot of these waiters and waitresses are working part-time; they could be in their 60s and many of them probably have college degrees,” states economist Peter Schiff.

Wages Plunge Most In Last 8 Years

This was the biggest crash in hours earnings since the data series began in 2006. USA Today reports, “a 0.2% drop in average hourly wages, which fell short of the +0.2% wage gain expected.” Expected? Why do these lamestream mediaists always expect higher numbers? Zerohedge reports the truth, that “Hourly Earnings Plunge Most In At Least 8 Years”.

… taking the series to an all time high record of 10.848 million workers, and rapidly catching up with America’s barely growing manufacturing sector. The one where we are soon to see a bloodbath in shale layoffs.

Industries Adding the Most Jobs

What about other industries? Here is the full breakdown of the December 250,000 seasonally-adjusted job increase by industry: note the “strength” in low-paying education, health, leisure and hospitality, and retail sectors.

Shale Bloodbath to Begin

“In Houston, Texas, the first oil industry layoffs have been announced. States such as Texas, North Dakota, Alaska, Oklahoma and New Mexico are all likely to feel strains next year,” reportsReuters.

“The fact that the economic index is in decline in this region signals that the economy in these oil states is heading for an economic slowdown,” said Jerry Thomas, president of Decision Analyst.

Already, layoffs have been initiated by service companies like Halliburton and Hercules Offshore. And oil producer ConocoPhillips pared its 2015 drilling budget by deferring drilling in America’s shale developments,” according to The Advocate.

Lastly, Wolf Street reports that “US Steel is going to shutter plants in Houston, Texas, and Lorain, Ohio, that together produce annually over 800,000 tons of steel pipe for the oil and gas industry. In total, 756 workers will be axed starting in March, the majority in Ohio.

As the drilling boom craters, orders for steel pipe and tubes – US Steel’s “most reliable profit driver,” according to Wells Fargo analyst Sam Dubinsky – are fizzling. There will be a lot more bloodletting.”

Peter Schiff weighs in saying, ” The real problem with the Labor Force Partipcipation Rate is …

.Read the rest of the story here at GramsGold.com

*****

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Total 5 comments

tardasaurus

I`m wondering what`s going to happen when the baby boomers start dying in large numbers?
What`s going to happen to all those health care sector jobs when the demand for healhcare plummets as the boomers die off?
The boomers are a huge consumer force in our society when they die off demand for a lot of things is going to plummet.also consider that the surviving consumers that are left won`t be able to fill the gap because they are fewer in number and they don`t have the buying power of boomers due to the low paying jobs that have been forced to take.

Who is going to fill the jobs that are left vacant when the boomers die? we will need a lot of experienced people to step into those vacancies, who is going to do that, certainly not the people who have been forced to leave the workforce or forced to take low paying, unskilled service jobs.
people with little to no experience will have to take those vacancies, they will basically be on the job training. the learning curve will create a lot of mistakes and incompetence which could affect a lot of people.

we need to start getting people into meaningful jobs so that they will have the experience to take over when the boomers die or retire.

Jan 14, 2015, 2:50 pm 0 Reply
- RainMan
  
  ‘Biggest job increases in bars’…that would mean more people drinking…understandable.
  
  Jan 14, 2015, 3:21 pm 0 Reply
  - neanderthal
    
    Well lets see if you are correct,,
    1. At the rate of Inflation you no longer can afford a beer for 15 dollars a bottle.
    2. if you can you may get wasted and the cops will be more then happy to book you. .05 % = 1beer
    
    3. The judges, rehap carpetbaggers, attorneys, the for profit prisons all the cock roaches/parasites, the Ankle bracelt, you name it, will make a living off of your As$, which in turn means< YOU ARE THE PRODUCT, .
    tardasaurus I hope that answers your question, so do not worry what happens when the boomers die, worry about which jail you will be in. That is a booming business.
    
    Now throw the pharmies into the game and druggies you people will love life forever.
    
    Jan 14, 2015, 5:33 pm 0 Reply
truthlovingsoul

schiff report? what’s next, rockefellers on the love report or the rothschilds report on equality? maybe the bush report on transparency or the clinton truth report?

Jan 14, 2015, 3:59 pm 0 Reply
- neanderthal
  
  What is next? When the Derivative blow up you have your end game.
  Remember that word
  
  D E R I V A T I V E S = The biggest bomb on this planet and they know it.
  
  Jan 14, 2015, 5:37 pm 0 Reply

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