Show notes
Don’t miss my upcoming appearances:
The Las Vegas Trading Conference, Oct. 4-5
The Dallas Money Show October 13-14
and the New Orleans Investment Conference, Nov. 1-4
The Numbers Really Look Bad in Private Payrolls
Where the numbers really start to get bad is when you look at the private payrolls. There, they were expecting 150,000 private sector jobs created. The private sector jobs are far more important than the government jobs. The private sector jobs are self-sustaining. The tax payers are on the hook for paying the salaries of the government workers and the private sector employees, by and large are actually productive. They're making our lives better.
Manufacturing is Very Weak
They were looking for 150,000 private sector jobs; we got just 96,000 jobs. AND, they revised last month's private payrolls down from 148,000 to 131,000. Manufacturing - very weak: they were looking for 8,000 jobs - instead, we added just 3,000 manufacturing jobs in August and last month, July, they originally said that we created 16,000 manufacturing jobs and we only created 4,000 manufacturing jobs.
34,000 Jobs Created in Category "Government"
Now if you actually look at the breakdown of all the jobs that were created, 34,000 jobs were created in the category of "government". So, of all the different job categories, the one that added the most was government - 34,000 jobs. I think about 20,000 of these people were temporary hires associated with the 2020 Census. Where's the money coming from to pay for these government jobs? It's being borrowed. We're borrowing more money to hire more government workers. Of course, ultimately the taxpayers are on the hook for paying all these salaries, for paying interest on the money borrowed, to pay all these salaries.
Slowest Job Growth in Private Sector Creation in 8 Years
In fact, if you look at the private sector job creation so far in the Trump Presidency, this year, 2019, is on track to have the slowest growth in private sector job creation in 8 years. Trump is out there talking about how this is the greatest economy ever - he's the greatest jobs president ever. We've got the manufacturing sector, the weakest it's been in 10 years, we have the slowest growth in private sector payrolls in 8 years - this is a disaster!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