“Fantastic graphic showing that a record 447,000 Americans are now working 2 full-time jobs.
Meanwhile, part-time employment has jumped by nearly 1.2 MILLION since June.
The number of Americans working 2 full-time jobs is now ~33% higher than it was in 2008.
Americans are taking on multiple jobs to fight inflation.”
It's unusual to see a record number of people working multiple jobs during a "soft landing."
Inflation is still an issue and higher interest rates are here to stay.
Can the Fed really achieve a soft landing?
Follow us @KobeissiLetter for real time analysis as this develops.
— The Kobeissi Letter (@KobeissiLetter) October 9, 2023
692,000 full time jobs lost since June.
Largest 3 month drop since 2020, 2008, and 2001.
— The Kobeissi Letter (@KobeissiLetter) October 9, 2023
How Inflationary Fiat Currency Causes the Affordability Crisis
Inflation continues to subtly deplete people’s wealth, and its real impact is often understated. Changes in inflation measures, complexities in defining its effects, and overlooking quality degradations in products mask the true rate. Compounding inflation drastically reduces money’s value over time. Adopting commodities as money, rather than inflating currency, could stabilize prices and even lead to beneficial deflation in a prosperous society.