The Peter Schiff Show Podcast - Episode 481 Recorded July 5, 2019 Markets Up on Low Volume - A lot of people on Wall Street probably took today off; after all yesterday was the Fourth of July, the market was closed.  On Wednesday they closed the markets early in preparation for the July Fourth holiday.  So when you have a Friday where the markets are open, but you have a Thursday when they're closed… most people probably left for the Hamptons on Wednesday afternoon, and so were not in their offices or down at the stock market when we released the nonfarm payroll numbers today. ADP Disappointing Number Teed Up Low Expectations - The June number, highly anticipated, as always, especially with a rate cut on deck now by the Fed. Most of the people who were probably handicapping the jobs number thought that it would probably come out weaker than expected. After all, most of the data we've been getting has been weaker than expected.  In particular, the jobs numbers, including the ADP report that came out on Wednesday, on that holiday-shortened trading session.  We got a disappointing number.  The consensus for private-sector employment for ADP was 140,000, and we ended up with 102,000.  So we had a significant miss in the ADP numbers. Back-to-Back Declines in Small Business Jobs - But also, look at the employment components of some of the other numbers that also came out weak on Wednesday, like the ISM non-manufacturing index.  It printed 55.1 versus an estimate of 55.8.  The employment component of that index was notably weak, especially for small businesses which had major reduction in jobs, no only in this month but the previous month. In fact, I read a tweet by Dave Rosenberg who pointed out that he hasn't seen back-to-back monthly declines like this since February/March of 2008. That was the year of the Financial Crisis. He basically said that small business job growth is the weakest it's been in over 9 years. Bigger Decline in Factory Orders - Now, small business job growth, that is the heart of the job market. That's where most of the jobs are created. So, if you look at a lot of the other data that has been coming out that might reflect on employment, you might have thought that there might have been a weak number. Look at the factory orders number that also came out on Wednesday. They were looking for a drop of .5% in factory orders, and instead, the orders dropped by .7%. So a bigger decline. RATE AND REVIEW this podcast on Facebook. https://www.facebook.com/PeterSchiff/reviews/ SIGN UP FOR MY FREE NEWSLETTER https://www.europac.com/ Schiff Gold News: http://www.SchiffGold.com/news Open your Goldmoney account today: https://www.Goldmoney.com/ Buy my newest book at http://www.tinyurl.com/RealCrash Like and follow Peter Schiff on Facebook http://www.Facebook.com/PeterSchiff Follow me on Twitter: http://www.Twitter.com/PeterSchiff

Jason talks about according to official US government economic data how this is the longest economic expansion in US history breaking the past record of 120 months. This is now the longest US economic expansion in history https://www.cnbc.com/2019/07/02/this-is-now-the-longest-us-economic-expansion-in-history.html Tweet from Economist David Rosenberg about today's jobs numbers: https://twitter.com/EconguyRosie/status/1147161325782654976 Articles about US Consumer Spending: 1) Why A Third Of Americans Have Cut Spending Over The Last Year https://www.zerohedge.com/news/2019-07-01/why-third-americans-have-cut-spending-over-last-year 2) Great Recession To Great Reshuffling: "Young People Are Trapped In Debt In 'Distressed' Communities" https://www.zerohedge.com/news/2019-07-02/great-recession-great-reshuffling-young-people-are-trapped-debt-distressed 3) 40% Of Americans Think A Recession Is Looming https://www.zerohedge.com/news/2019-07-03/40-americans-think-recession-looming Please visit the Wall St for Main St website here: http://www.wallstformainst.com/ Follow Jason Burack on Twitter @JasonEBurack Follow Wall St for Main St on Twitter @WallStforMainSt Commit to tipping us monthly for our hard work creating high level, thought proving content about investing and the economy https://www.patreon.com/wallstformainst Also, please take 5 minutes to leave us a good iTunes review here! We only have about 51 5 star iTunes reviews and we need to get to our goal of 100 5 star iTunes reviews asap! https://itunes.apple.com/us/podcast/wall-street-for-main-street/id506204437 If you feel like donating fiat via Paypal, Bitcoin, Gold Money, or mailing us some physical gold or silver, Wall St for Main St accepts one time donations on our main website. Wall St for Main St is also available for personalized investor education and consulting! Please email us to learn more about it! If you want to reach us, please email us at: [email protected] **DISCLAIMER- ANYTHING MENTIONED DURING THIS AUDIO OR SHORT VIDEO RECORDING IS FOR INFORMATION & EDUCATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE INVESTMENT ADVICE. JASON BURACK AND HIS GUESTS ARE MERELY STATING THEIR OPINIONS ON DIFFERENT TOPICS RELATED TO INVESTING, THE ECONOMY, MARKETS OR COMPANIES. PLEASE TALK TO YOUR INVESTMENT ADVISOR AND DO ADDITIONAL RESEARCH AND DUE DILIGENCE ON YOUR OWN BEFORE INVESTING AND MAKING IMPORTANT INVESTMENT DECISIONS.- DISCLAIMER**