Trump SELF PRAISES himself in jobs Tweet as silver gets clubbed like baby seals into the 8:30 a.m. EST release. Here are the details…
(by Half Dollar) The Employment Situation Report for May, 2020 has just been released by the Bureau of Lies Labor Statistics.
First, here’s a look at the pre-report consensus estimates, via Econoday:
Nobody was expecting this shocker, and a shocker it was.
The actual report for May, 2020 was just released, and here’s how the numbers came in:
- Total employment rose by: 2.5 million
- Unemployment rate declined to: 13.3%%
- Average hourly earnings fell by $0.29
- Labor force participation rate increased to: 60.8%
Here’s more, from the BLS:
Total nonfarm payroll employment rose by 2.5 million in May, and the unemployment rate
declined to 13.3 percent, the U.S. Bureau of Labor Statistics reported today. These
improvements in the labor market reflected a limited resumption of economic activity
that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic
and efforts to contain it. In May, employment rose sharply in leisure and hospitality,
construction, education and health services, and retail trade. By contrast, employment
in government continued to decline sharply.
Here’s what the MSM says, via Bloomberg:
America’s labor market unexpectedly rebounded in May, signaling the economy is picking up faster than thought from the depths of the damage from the coronavirus pandemic.
Nonfarm payrolls rose by 2.5 million after a 20.7 million tumble the prior month that was the largest in records back to 1939, according to Labor Department data Friday. The jobless rate fell to 13.3% from 14.7%.
That’s AMAZING!
Trump’s words, not mine:
Really Big Jobs Report. Great going President Trump (kidding but true)!
— Donald J. Trump (@realDonaldTrump) June 5, 2020
This is an AMAZING JOBS REPORT! Edward Lawrence @FoxNews
— Donald J. Trump (@realDonaldTrump) June 5, 2020
Regardless, gold & silver have been pounded lower this morning, right into the 8:30 a.m. EST release of the report.
Here’s a look at gold & silver the moment the report hit the tape:
Ouch!
Gold has held up better than silver lately.
As silver’s received the brunt of the brute force trauma for most of the week:
If you can find it, real, physical silver at this price, with a relatively low premium over the “paper” price, in my opinion, is about as good as this current dip-buying opportunity gets.
Does anybody else find it odd that over the month of May, MILLIONS of people filed for INITIAL unemployment insurance claims, each and every week, with “initial” unemployment claims meaning people had just lost their jobs, and yet 2.5 million jobs were CREATED in May?
Rigged markets, and rigged jobs numbers.
As Main Street destroys itself.
Dang shame.
Developing…