Who Do YOU Believe?
You can trust a group of lying politicians who have been overstating the economic stats that they create every month to make people believe things are just hunky dorey, or you can trust an objective third party organization whose business depends on it’s reputation to produce as accurate a picture as possible. I think you get a much better and more accurate read of the job picture and economy from the ADP Survey, than you do from the Bureau of Lies and Spin. The markets were shredding both the Administration and FED narratives and so this jobs report provides a perfect excuse for the criminals at the Comex to cover whatever short contracts they have added in this mostly higher week for gold and silver. Given the dollar’s oversold condition it was expected there would be a bounce there as well. Don’t expect it to last more than a few days at most. For gold and silver just another opportunity to Buy the dip!
This so called strong jobs report actually gives the FED cover to do the 50 basis point hike this month that Powell pretty much confirmed in his talk this week. If the report was as weak as the ADP report and some of the other economic data suggested the FED could have been criticized for doing 50 instead of only 25 or just pausing for further data. Now it is a forgone conclusion and the question will be, 25 or a pause for the first meeting of 2023.
Looks like Zerohedge agrees with me. https://www.zerohedge.com/markets/something-rigged-unexplained-record-27-million-jobs-gap-emerges-broken-payrolls-report