AWKWARD: Gold & Silver Gyrate After Release Of October Jobs Report Which Shows WAGES RISING SLOWER THAN INFLATION, Consumer Prices!

“Job growth was widespread”. Sure it was…

(by Half Dollar) The Employment Situation Report, commonly called the Jobs Report, has just been released for October of 2021.

According to the BLS, in October:

  • Total employment rose by 531,000
  • Unemployment rate fell by 0.2% to 4.6%
  • Labor force participation was unchanged at 61.6%
  • Average hourly earnings rose by $0.11 to $30.96 per hour

Curiously, the BLS notes (bold added for emphasis and commentary):

Over the past 12 months, average hourly earnings have increased by 4.9 percent.”

So, taking the BLS at face value, wages are rising.

However, also according to the BLS, the latest inflation report (CPI) shows prices rising 5.4% over the last 12 months.

That’s doubleplusungood!

Speaking of ungood news (bold added for emphasis and commentary):

“Starting in January 2022, weights for the Consumer Price Index will be calculated based on consumer expenditure data from 2019-2020. The BLS considered interventions, but decided to maintain normal procedures.”

Meh.

Probably nothing.

Other than a way for understating inflation even more:

Outright lies notwithstanding, of course.

See also here if you want to get a glimpse at what they’ve done to silver.

Regardless, back to today’s Employment Situation Report, from the first paragraph of the report (bold added for emphasis and commentary):

“Job growth was widespread, with notable job gains in leisure and hospitality, in professional and business services, in manufacturing, and in transportation and warehousing.”

Do you even supply chain disruption, bro?

Gold & silver have gyrated following the release of the Jobs Report:

Developing…