There's no fooling analysts on inflation as U.S. payroll data accompanies fresh Bitcoin price rejection.
Wall Street opened with a whimper despite U.S. payrolls for July coming in at twice estimated levels. The curious reaction had some analysts arguing that the numbers did not in fact show economic strength, but rather existing workers taking on second jobs due to inflation.
“The gain of 528K jobs in July as the labor force participation rate fell to 62.1, means that most of the new jobs went to people who already had jobs,” gold bug Peter Schiff“Collapsing real wages force many workers to moonlight to pay the bills. If the labor market were strong one job would be enough.”
Schiff was far from alone in his suspicions about the state of employment, with Wealthion CEO Adam Taggart among others voicing distrust.
Be a housing crisis unless we have a significant bout of unemployment. It’s never left my memory. Boy were they wrong.
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