disastrous jobs report

quick recap here on the jobs report we

came in with 194 000 jobs which is a big

miss compared to the 500 000 jobs that

we were expecting we did have the

payroll numbers the unemployment report

go down to 4.8 from 5.2 this was mostly

because of seasonal judgment adjustments

including a large decline in the

unemployment figures for

or the employment figures for private

schooling and government schooling a lot

less hiring here than expected leading

to a negative number sort of a draw down

holding down the

jobs report but either way no matter

where the jobs came from or didn't come

from 194 000 jobs is way less than

expected the

average hourly earnings went up 19 cents

that's more than the 17 cents they went

up last month and that works out to

about a 7.4 annualized rate of inflation

so this means we're in a situation where

we had

less jobs than expected which would be a

signal to not taper but a little bit

more inflation than expected on job

wages which is a signal potentially to

taper but this definitely puts the

federal reserve in a very difficult spot

there is commentary suggesting that this

is maybe not a labor shortage situation

this is a skill shortage uh situation

where people have to essentially retool

their skills to get appropriately hired

by companies uh there are arguments that

and this is an argument the fed has made

there are arguments that uh maybe uh it

wasn't that uh we had a federal reserve

unemployment boost of 300 a month that

kept people at home it was such a common

thing we'd constantly hear it

specifically from folks on the right in

the media that uh oh well of course

people aren't going to go back to work

we're paying them not to work well now

we're no longer paying people not to

work with the exception of state

unemployment benefits and we're not

really seeing those large wage gains or

employment gains where we're missing on

these estimates over and over and over

again uh and so now it does

send a very unclear message to the

federal reserve uh and the fed's

probably uh sitting there like this

right now you know going what what what

what do we do now i mean quite frankly

i'd be confused if i were on the fed

because you've you've got this horribly

unclear report it'd be nice if we just

had a report that's like hey look we're

overheating taper hey we're not

overheating don't taper i mean and this

report does say we're not overheating

but it does say that inflation is still

lasting longer and staying around in a

larger form than expected

so uh and then now it matters you know

you've got this this fed dual mandate uh

stable prices aka inflation and uh you

have a um

a jobs mandate a maximum employment

mandate and so that's the fed's dual

mandate and so the fed now in november

is going to have to pick

uh do we

or maybe they do some sort of gradient

right they could do no taper they could

do the taper

or they could do something in between

like hey we were going to taper harder

but now we're thinking we're not going

to finish tapering maybe until the end

of 2022. we're going to push everything

back a little bit because we're not

seeing that employment recovery either

way the reaction we're getting in the

market is mixed and confused

if anything it's it's maybe slightly to

the upside because there's more of a

chance of less tapering or

like i said a slower tapering or no

taper but uh no clear movement to either

side this is a very confusing report i

wish we had some more clarity but but we

don't a bitcoin mostly flat afterwards

uh the uh cryptocurrency is generally

flat after the report you've got uh

mostly flatness in in the indices

although most indices up about a quarter

of a percent the only cryptocurrency

that's really moving at least that that

we're tracking here uh is shebe and this

right here is where the jobs report was

it was already on an uptrend took a

little breather here as the jobs report

came out and then when it came out with

a miss we really started seeing a

movement here on sheba again uh going

from uh just about 2200 to about 2700

right now obviously in the massive

decimals here but uh a nice nice

momentum mover right here so that gives

you a recap on what just happened with

the jobs report and so with that said uh

get uh get up to 70 dollars for free

with

public.com by going to medcap.com public

get up to 70 dollars in free stocks and

check out the programs down below on

building your wealth use that diamond

hands coupon code i don't actually have

the diamond hands cup today but i have a

level 99 fire making cup so

it says the same thing use the coupon

code link down below all right

[Music]

you