Peter Schiff: PPI Says Inflation is Back

On Sunday’s podcast, Peter breaks down the latest economic headlines and explains why the official PPI numbers, released last week, are hiding a worsening reality. He connects bad jobs revisions, distorted inflation measures, and reckless trade moves to a policy mix that will fan inflation while weakening American industry.

He opens by revisiting last week’s surprising jobs reversal and his prior warnings that the headline numbers were unreliable:

Remember last week we got the really bad jobs numbers? We got the July jobs number which was way below estimates, but worse than that they went back and they downwardly revised May and June significantly, almost wiped out all of the job creation for those two months. It was the biggest back to back monthly downward revision in over 50 years and I had been warning about it. It’s not like I was surprised by the revisions; I expected them, they may have been even bigger than what I was anticipating, but I knew the initial numbers were no good.