Jobs Report, Economic Weakness & Interest Rate Hikes

Everybody is focusing on this great jobs report. Again, it is the jobs report that is the outlier. It is all the other economic data that shows just how weak the economy is. And the jobs report is only the outlier if you accept it on face value. Once you scratch beneath the surface, you realize just how weak the American labor market is and that is consistent with all the other economic data.

Despite that, everybody is saying, "Oh, this means we are going to get interest rate hikes, maybe June is back on the table." There is no way June is on the table. But now they are saying, "Oh, maybe it is going to be September."

Look, even the IMF came out this week and urged the U.S. Government (for the wrong reasons) but the IMF said, "Don`t raise rates until 2016."

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.