According to Peter Schiff, CEO and chief global strategist at Euro Pacific Capital, the situation might not be as positive as the headline figures suggest.
“The only reason that jobs are going up is because people are forced to take two or three jobs, because prices keep going up, and their paychecks are not,” said the economist and financial commentator during a recent appearance on OAN Network’s “Real America.”
According to the Labor Department’s latest jobs report, 8.1 million people held multiple jobs in January 2024, up from 7.8 million a year ago. Notably, 416,000 people were working two full-time jobs simultaneously, an increase from 343,000 in January 2023.
Schiff added, “We’ve been replacing full-time jobs with part-time jobs. So the numbers would favor extra jobs.”
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