September Job Numbers Shows U.S. on Verge of Economic Collapse, Says Peter Schiff
The September jobs reports shows there has been no recovery in the labor market and the U.S. could be on the verge of economic collapse. At least, that’s the opinion of renowned market commentator Peter Schiff.
Schiff has long been skeptical of America’s economic recovery. In his view, the U.S. has been going through a transformation of the economy from a lot of full-time jobs to part-time jobs. Government statistics, Schiff argues, hides the real story of people settling for part-time positions and the loss of middle-class, high-paying jobs.
The September job numbers only drove that point home further. In a video posted on YouTube on Friday, Schiff pointed out a number of glaring problems. This report, he believes, will soon force the mainstream media to accept that there has been no recovery in the labor market under the Obama administration. (Source: Sept. Jobs Report Confirms Weakening Labor Market, Peter Schiff, October 2, 2015.)
To drive his point home, Schiff highlighted the steep drop in the number of Americans in the labor market. Last month the country’s labor force participation rate dropped another two-tenths to 62.4%, the lowest since 1977. Another 579,000 people left the labor force in September and there are now 94.6 million Americans not working.
Americans who manage to find work are struggling with stagnant wages. In September, analysts had expected average hourly earnings to grow by 0.2%, but there were no gains in incomes. The average work, in fact, actually ticked down, from 34.6 hours in August to 34.5 hours in September.
To hear Peter Schiff’s entire commentary, check out the full video here.