According to Peter Schiff on the Nonfarm Payroll Job Numbers for July 2014, he says:The projected estimate was that 230,000 new jobs would be created. It came in at 21,000 less, at 209,000 jobs created in June. Some of the job creation was left over demand from the bad weather, when employers were not hiring in the first quarter. So the trend is way down.
Unemployment rate ticked up from 6.1 to 6.2% , and the Labor Force Participation Rate went up from 62.8% to 62.9%, still at 35 year lows.
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Age 16-24: Gained 83,000 jobs
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Age 25-54: Peak Earning Years – A net loss of 142,000 jobs.
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Age 55-69: Gained 159,000 jobs, comprising 22% of the workforce
The group that needs the good jobs the most, in their peak earning years of 25-54 LOST 142,000 jobs.
The group that is supposed to be retiring and living off their savings, the over 55 group, gained the most jobs of all. The Fed is saying the reason that the labor force is shrinking is because all the baby boomers are retiring.
No, the older people are having to go back to work. Their CDs make no interest and inflation is eating up their existing money.
And the young people, age 16-24 are either summer jobs or college kids getting jobs. These are low-paying, part-time jobs.
The shocking trends for jobs are:
- There are less jobs created than expected and compared to last month.
- The job gains are only for young and older workers.
- For people in the peak earning years of 25-54, jobs are being lost by the hundreds of thousands per month.