We’re still waiting for official numbers from the federal government, but for now, a new ADP National Employment Report isn’t looking good for America’s job market. It found that private payrolls rose by 145,000 in March, which was ‘well below expectations,’ CNBC reports. Glenn details those numbers in this clip, plus two others signs that a recession IS coming for our economy. You MUST share this news with friends and brace yourself for economic trouble, Glenn says, because these numbers signal that our jobs may be on ‘borrowed time.’
Below is a rush transcript that may contain errors
GLENN: So we've got an exciting time happening for us.
Now, the government numbers are a little different than the ADP numbers. But the ADP jobless numbers have already come out. We're waiting for the government's numbers. But it -- from ADP, it shows private sector hiring has decelerated.
And it's another sign that the US is headed for a sharp slowdown or dare I say it, recession.
Dare I say it, Stu?
STU: How dare you. There's no risk of this. This is transitory.
GLENN: Exactly right.
So the company payrolls rose by just 145,000 for the month, down from an upwardly revised 261 in February. And below the Dow Jones estimate of 210. Now, here's what -- here's what they do. ADP.
I don't know what Dow Jones does. I don't know what the government does. But I believe ADP has a very complex system. Because they're a payroll company. And what they don't -- it's my understanding, I could be wrong pap is they look at how many paychecks they cut last month. And then they give us the number that they cut this month.
And they either add or subtract to that, to give us the data.
Now, if they add some sort of fancy algorithm, I would say, that's why you can't trust it.
But I think that's a pretty good one. You know, you look at all the companies. And you're like, hmm. How many checks did we cut last month?
How many checks did we cut this month?
Okay. Add or subtract. Seems pretty easy. Seems pretty easy. But the government has, you know, a New York Times best-seller list kind of algorithm going for it.
So we'll see.
But it's not supposed to be a good day. And --
STU: The jobs. The actual jobs number is supposed to be tomorrow. Right?
GLENN: Is it tomorrow?
STU: There's something that came out today. There's the main jobs report. It always comes out on Friday. And it comes out tomorrow, even on I guess Good Friday.
GLENN: Yeah, there's something that comes out today, in jobs.
There was something else that came out separately today.
I like this quote, by the way, this is from chief economist at Zip Recruiter, actually. I think the image for me, most sums up where we are, labor market, is a chart by Bloomberg's chief economist, which shows that mentions of job cuts are now higher than mentions of labor shortages and earnings calls.
That's a big reversal after 2021 and 2020, where very much the years of the labor shortage, and everybody was talking about how they were struggling to find workers were at a tipping point now.
GLENN: Yeah. So we had all these people living off the teat of the government. And they wouldn't work.
Now the people who will work, they're losing their job. So this is good. This is good news.
Bite, ChatGPT. They did an analysis of the -- of the job market. They did this, at the behest of a Goldman trader, and he pit in all the things. And what do you just? And basically, he got back, we're all on borrowed time.
So I think that's good. I -- you know, nothing to worry about.
Hey, listen. Let me tell you. I don't know if you heard this. This is good news. But gold has approached an all-time high.
It -- it has passed the 2,000-dollar level. The all-time high is 2,075.
Price of gold yesterday was 2020. Oh, it was a fine year as well.
And it looks as though, gold is going to hit -- this is according to Citigroup, $2,300 in the near term.
We get up to 3 million, $4,000 an ounce. 3,000 really. You're in a different world.
The reason why Citigroup, may reach $2,300 in the near term. Gold has found itself on solid ground. As the US dollar strength has tapered.
Okay. Are -- are any of your friends paying attention to this?
Because this is the most -- I read a diary of a guy, from World War II. And he was in Germany. During the vie March republic. And he said, nobody had any idea what hyperinflation even meant. He said, we were just going along, and we had inflation. And, you know, things weren't great. But it wasn't hyperinflation.
He said, seven days later, that was the only conversation, you would have with anyone in Germany. When this happens, it happens fast. It's not like we're -- we're doing the slow approach to it now.
This is the time for you to explain this to your friends and your neighbors, that massive change is coming.
And the reason why you explain it, is the opposite of what Neil Cavuto told me one time. Neil Cavuto, I said, in 2008, that I thought we were headed for a crash. And the banking system didn't make any sense. These home loans were out of control.
And he -- when we got off the air, he didn't even look at me, he said, hey, thanks, Neil.
And Neil and I were friends. And I said, was there a problem? Did I get something wrong? And he said, no. No, you didn't.
And I said, okay. Is there a problem?
And he said, you're the most irresponsible man I've ever met. And I mean, it crushed me, and I said, oh, my God, what did I get wrong? He said, you didn't get wrong. We know this is coming. We don't tell the American people because they will freak out. And I said, respectfully, Neil, I disagree with you. We have to tell the American people, or they will freak out. You need to brace people for this. It is the government's belief, and it is many journalist's belief, that if they tell you these things, then it will make you go do it. It will just make it a done deal.
I've got news for you. Math is math. So it's coming. So don't freak out. Prepare. Prepare. And prepare your family and your friends. That way, we have a better chance of not eating each other for dinner. And that could happen. I eat a lot. That grocery store is closed for ten minutes, I'm knocking on your door. I'm just saying.
Now, I told you yesterday that China and Malaysia were discussing the Asian Monetary Fund. You also had Brazil involved in this.
Listen to this story today. Tell me that we are a superpower anymore. Tell me that our friends are not going to abandon us and our dollar. Listen to this.
The Mexican president Obrador has written to officials in China, requesting Beijing's help in stemming the flow of fentanyl into Mexico. Now, I for one would like to say at this point, I hope Beijing funds a wall on our southern border.
If Mexico's northern border could just be protected by a wall, wow, I would be very disappointed. He said, at a news conference, that he had written the Chinese after US officials encouraged him, US officials encouraged him to reach out to Beijing in a recent visit.
Why would we do that?
Why would we encourage the Mexicans to reach out for help from the Chinese, our enemy?
The Mexican president also struck out at the US, he complained about the US in his letter, and the rude threats coming from the US officials to classify Mexican drug cartels as terrorist groups.
I don't think that's rude. I think that's like fact. You know what I mean?
We got to get over these, well, that's hate speech.
Not if it's true. No. Then it's just a fact.
He said, we've come to you. In his letter to President Xi. We've come to you, President Xi, not to ask for your support in the face of these rude threats, but to request for humanitarian reasons, you help us control you shipments of fentanyl that can be sent from China to our country. Unjustly. The United States is blaming us for problems that in large measure, have to do with their loss of values.
That's not hate speech. On his part. That's true. These positions are in themselves a lack of respect. And a threat to our sovereignty.
And moreover, they are based on an absurd, manipulative, propagandistic, and demagogic attitude. That's our friend Mexico writing a letter to President Xi in China.
Top Saudis, now said that they are meeting with the Iranians in Beijing for a new peace conference. Okay.
Listen to this: This -- this is coming from an Iranian official, who is standing right with the Saudi official. Quote, the era of the United States' involvement in this region, the Middle East, is over.
The regional countries are capable of preserving security and stability in the Middle East without any interference from Washington.
The next steps will be discussed in Beijing. Huh.
Do you remember when the experts all said that a Biden administration would restore us in good standing with the rest of the world.
A Biden administration would put us back where we belong. And nonexperts like me said, no. No.
They won't. No one respects us with this kind of leadership. Little did I know, we would not only not be respected, but we would be shunned, because of what's happening in our country.