In the opinion of economist Gary Burtless, senior fellow at the Brookings Institution, a think tank in Washington, D.C., as of the spring of 2013, he figures the U.S. was short around 7.4 million jobs. For those looking for work and unable to find it, unless they were buying gold coins before they got laid off, they were in for a tough time.
About 136 million Americans held down a job in July, as per the Labor Department’s poll of U.S. workplaces, also known as the “establishment survey.” If the economy was cruising along at normal speed the number would be 143.7 million and was putting to work more or less anyone who is capable and of a mind to work. That is 7.4 million jobs we are in the hole.
Unfortunately, the U.S. economy, in fact, hasn’t even gotten back to levels of employment before the recession. Just as the economy started to tank in early 2008, the number of employed was around 138.1 million people. We are still about 1.9 million shy of that number.
“The nation’s job market remains a long way from full employment,” Burtless noted. “Given the current size of the jobs shortfall and the recent pace of employment growth, the nation will need another 71/2 to 8 years to restore full employment.”
Another 71/2 to 8 years is a long time until we get back on level ground. What do you think the chances are that we don’t encounter a black swan in the meantime? Black swans usually tend to be on the unpleasant side and come with all manner of unintended consequences. In the words of Gandalf the Grey, “You’d better hope we don’t have one of those on our tail.”
At ITM Trading we think that in such uncertain times it is wise to have a long view on owning precious metals. We look forward to speaking with you on the benefits of owning gold and silver coins and adding them to your portfolio. Please feel free to give us a call at our toll-free number 1 888 OWN GOLD (1 888 696 4653).
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Chief Market Analyst, ITM Trading