Peter St Onge Podcast
Episode 30: Weekly Roundup 11.13.2023
Nov 13, 2023
Unemployment rate jumps, Switzerland considering capital controls, failing economy sends voters to Trump, election cheating debunked, household debt reaches record high, Austrian Economics explained, trucking predicts recession.
26:45
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Quick takeaways
- The latest jobs report in the United States reveals a rise in unemployment, with only 150,000 jobs added in October and over one-third being government workers who do not contribute to productivity.
- Switzerland is considering imposing capital controls to limit withdrawals from failing banks, in response to the risk of bank failures and its heavy reliance on one bank (UBS) accounting for one-third of deposits and 80% of clients.
Deep dives
Job Market Worsening: Unemployment Rising and Low-Paid Jobs Increasing
The latest jobs report released by the Labor Department shows that unemployment is rising again in the United States. In October, only 150,000 jobs were added, down by half from the previous month and marking the second worst showing since the pandemic. More concerning is the fact that over one-third of the new jobs were government workers, who do not contribute to productivity. The majority of the remaining jobs were in education and healthcare, with almost 90% of healthcare jobs being low-paid positions. Meanwhile, manufacturing and trade sectors experienced job losses. The inflation is anticipated to increase as more people rely on government checks while few are actually producing goods.
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