People Are Going Backwards Here – The Jobs Report

Audio Length: 00:12:15

Gold is down on the week, and so is Bitcoin. But the big news this morning is the US jobs report, which shows—on the surface—strong growth. But Eric Sprott says, once again, things aren’t as rosy as they seem.

“By far, the majority of the jobs are part-time. Who knows what part-time means? Maybe it’s five hours or ten hours or whatever. The fact that the wage increase was only .1%, which by the way is 1.2% annualized, which is less than inflation, i.e. — people are going backwards here. It should be worrisome to the average person. Of course, that’s what’s been happening for decades here, that the workers’ wages are going up slower than inflation, and everyone’s essentially moving backwards in terms of total net compensation. So, yes it looked like a good report on the surface, but it wasn’t particularly strong when you get into the guts of the matter.”