* Happy 4th of July to everyone * Unfortunately, we have given up our independence to government tyranny * I will be back on the radio again - I'll be on the Alex Jones Show every first and third Friday of every month when the Non-Farm Payroll numbers come out * I will be doing tomorrow's show - the second hour of the show * The Non-Farm Payroll Report came out early this week because of the 4th of July holiday * The consensus forecast of 230,000 jobs was close to the actual number 223,000 * The unemployment rate of 5.5% last month was expected to come in at 5$% - actually came in at 5.3%, the lowest unemployment rate in 7 years * Great news, right? Not great news * The devil is in the details * The Labor Force Participation Rate - 62.9 last month - plunged down to 62.6% * This is the lowest rate since 1977 * 432,000 people dropped out of the labor force in June - twice the number of people who got jobs in June * Once again, these new jobs are low-paying service sector jobs * During the Obama "recovery" we have lost 1.4 million manufacturing jobs and gained 1.4 million wait staff and bartender jobs * According to the Household Survey 640,000 Americans left the labor force in June * Now we have a record 93.6 million Americans no longer in the labor force * The Household Survey reports 349,000 jobs were lost during the month * The only net gain - 161,000 part time jobs - represent a net loss * The Household Survey shows that we lost good jobs * When asked about the Labor Force Participation Rate number, Secretary of Labor Perez commented, "One month does not a trend make." * This trend has been going down every month of every year that President Obama has been in office * Janet Yellen announced that the Fed would not start raising rates without "further improvement in the labor market" * She specifically cited the Labor Force Participation Rate and proliferation of part-time jobs as troubling trends * We are now further from that goal * The demographic leaving the labor force are young people who cannot find jobs * Average Hourly Earnings, to increase .2, actually came in flat, at zero * Last month's .3 increase was revised down to .2, failing to beat the estimate * Weekly Jobless Claims expected to come in at 270,000, actually came in at 281,000 and I think this number is going to go higher * There have been fewer hires and fewer fires than expected because the estimates were based on the Birth/Death model, that is proving inaccurate * Factory Orders are down for 9 of the last 10 months - this month we were looking for -.3% and we got -1% * April was originally reported as -.4 but was revised down to -.7 * Year over year Factory Orders are down 6.3% (adjusted) * The only time we have seen numbers this weak is during a recession * The economy is in worse shape now that when QE3 was launched * Yet the markets did not react to these bad numbers * They still cling to the narrative that the Fed is going to raise rates because the U.S. economy is in good shape * Article on Motley Fool refers to me as someone who was "right for the wrong reason" * The misquoted me on my prediction on (mortgage)interest rates going up * After I made that statement, interest rates did go up for 2 years - they did not go down until after the bubble burst * The Fed raised interest rates from 1% to 5-1/2 percent * This quote was taken out of context - read my 2007 book, "Crash Proof" * There are dozens of articles about the real estate bubble 2004-2007 * The record shows that I was right for all the right reasons * I did think the dollar would go down after the housing bubble burst,Our Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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