Rickards: The layoffs are just beginning

Daily Reckoning/James Rickards

“We’re starting to see a second wave of layoffs as the Payroll Protection Plan money runs out and the economy doesn’t recover as hoped. Meanwhile, states and cities are also planning huge layoffs in the coming weeks as tax revenues dry up and the costs of riots and looting begin to add up. Putting all of this together reveals that unemployment may actually rise, starting now, after declining from May through August.”

USAGOLD note: Rickards sees the improving numbers on the employment front the past couple of months as a false spring and says “we’re looking at disinflation and deflation for now, despite all the money creation we’re seeing.”

Repost from 9-19-2020

This entry was posted in Today's top gold news and opinion. Bookmark the permalink.