Escalation in Middle East by U.S., Iran and Houthis Sends WTI Futures over $104; August CPI Reported as +0.4%, 3.4% Annual, Core at 2.4%

Stocks spilled lower for a fourth consecutive day on Thursday as the BLS released August PPI with a reading of +0.4% month-over-month and an annualized figure of 5.4% and military activity escalated in the Middle East.

While the headline and core numbers were in line with Wall Street expectations, there was no doubt about the discretion of traders, who continued the selling of equities. Also contributing to the general unease were long-dated treasury issues reaching multi-year high yields.

Yield on the 10-year note soared to 4.94% while the 30-year bond checked in at 5.36%, the gains related to a general consensus that Friday's CPI numbers would be high enough to prompt the Federal Reserve to raise the federal funds rate by at least 25 basis points at its upcoming meeting next week (Sept. 15-16).

Crude oil futures were at the highest levels since May, with Brent approaching $110/barrel and WTI crude topping $104 overnight. As morning approached in Europe, prices eased slightly as demand destruction and a driving slowdown in the U.S. became the dominant meme.

For the week, stocks have not fared well. Through the three days closing on Thursday, the Dow had shed some 1350 points, the NASDAQ was down 425, and the S&P 500 was off 126 points.

Stock futures pointed to a higher open as all eyes turned to the BLS release of August CPI at 8:30 am ET.

The hope was that CPI would come in at a somewhat tame 0.2% for the month, which might influence the FOMC to continue their pause on interest rates, keeping the federal funds target rate at 3.50-3.75%.

Wall Street's fears were realized when the BLS announced August CPI at a staggering +0.4%.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent on a seasonally adjusted basis in August after rising 0.1 percent in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.4 percent before seasonal adjustment.

The index for gasoline rose 3.9 percent in August, accounting for over one third of the monthly all items increase. The index for energy increased 2.1 percent over the month. The shelter index rose 0.3 percent in August after rising 0.1 percent in July. The index for food increased 0.1 percent over the month, as the index for food away from home increased 0.3 percent.

The index for all items less food and energy rose 0.3 percent after increasing 0.2 percent in July. Indexes that increased over the month include communication, lodging away from home, airline fares, education, and used cars and trucks. Conversely, the index for medical care and the index for motor vehicle insurance were among the major indexes that decreased in August.

The all items index rose 3.4 percent for the 12 months ending August as it did for the 12 months ending July. The all items less food and energy index rose 2.4 percent over the year, following a 2.5-percent increase over the 12 months ending July. The energy index increased 16.3 percent for the 12 months ending August. The food index increased 2.7 percent over the last year.

The announcement sent stock futures sharply lower, but then rebounded as core CPI fell from 2.5 to 2.4%, the lowest in more than five years.

With the general perception that the CPI figure would surely cause the FOMC to raise rates, it remains to be seen how the cash market will respond to close out what has been a troubling week.

At the Close, Thursday, September 10, 2026:
Dow: 52,064.10, -316.56 (-0.60%)
NASDAQ: 26,081.73, -171.62 (-0.65%)
S&P 500: 7,591.70, -44.66 (-0.58%)
NYSE Composite: 24,140.65, -170.50 (-0.70%)

August PPI up 0.4%, 5.4% Annualized; Dow Closes Below 50-Day Moving Average Over Interest Rate, Oil Price Tops $100; Panic in the Air

Well, there it is.

The Dow Jones industrial Average closed decisively below its 50-day moving average for the first time since early April, when the U.S.-Iran war was just beginning to cool down. Now that military conditions appear to be getting heated once more, will this spawn a selloff in stocks as was the case in early March when kinetic acton was at its height?

Maybe. It's clearly too early to tell from a chartist perspective, but, then again, could the Iranians (and Houthis) be playing a little politics? Would they like to see President Trump lose power in the midterms and possibly face impeachment proceedings in the House? There's little doubt that Iran's leaders would relish that possibility. Then again, it could be merely coincidence, though those with suspicious minds may be thinking deeper than merely the midterms. A master plan may be at work for those with their tin foil hats firmly secured.

Fail in the midterms. Let the economy - and the dollar - crash, send treasury yields on long-dated maturities higher, blame the Democrats, usher in emergency rate cuts in Q2 2027, inflate, inflate, inflate. Simple. Done deal. Actually doesn't sound so far-fetched.

Whether the Iran situation or the midterms or the interest rate cycle plays out in exactly this manner may not actually have to happen for a crisis to develop. There may already exist a financial crisis that the elitist government isn't keen on revealing to the unwashed masses. Treasury Secretary Bessent has already intervened in the Japan carry trade. Oil is at three-month highs. Gas prices are killing everybody. High diesel prices are the hidden inflation driver that will eventually trigger another round of price inflation. Meanwhile, the Fed has been quietly humping the money supply higher.

See the chart? That move from July, 2025 to July, 2026 is a 5.14% move. That's higher than inflation, whatever CPI number is released on Friday. The Federal Reserve is doing more to debase the dollar and erode purchasing power than all the IIRC generals in Iran combined. Keep pumping the money supply, inflation will follow like night follows day.

"Inflation is always and everywhere a monetary phenomenon." -- Milton Freidman

Approaching the opening bell, everybody got a little taste of what the CPI is likely to show tomorrow as the BLS calculated August PPI at 5.4% on an annualized basis.

The Producer Price Index for final demand moved up 0.4 percent in August, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices rose 0.1 percent in July and decreased 0.1 percent in June. (See table A.) On an unadjusted basis, the index for final demand increased 5.4 percent for the 12 months ended in August.

In August, the index for final demand goods advanced 1.1 percent, and prices for final demand services increased 0.1 percent.

The index for final demand less foods, energy, and trade services rose 0.3 percent in August after moving up 0.4 percent in July. For the 12 months ended in August, prices for final demand less foods, energy, and trade services advanced 4.7 percent.

That announcement sent shockwaves through the futures complex. Dow futures fell to -156, NASDAQ futures dove more than 350 points and S&P futures were rocked 35 points lower. As usual, gold and silver were punished as well. The lone standout amid the fraying in the markets was crude oil. WTI crude futures for October shot over $100/barrel as hostilities in the Middle East continued to escalate.

The major indices have spent the past three sessions in the red, starting with the August Non-farm Payroll report on Friday that sent rate hike expectations through the roof. With the PPI figure released today suggesting that price inflation isn't about to roll over and die, what will CPI look like tomorrow, and what will investors do?

Three straight down days on the majors doesn’t make a trend. That happens all the time. However, all three majors dropping between two and three percent over the last month might be considered trend-worthy. It's at least something to consider. For now, it's a minor pullback from arguably overvalued levels. Should Friday's CPI figure be worse than expected (headline upwards of 3.4%; core, 2.4%), market response is likely to be largely negative.

If stocks are entering a downtrend phase, there isn't much in the way of catalysts to stem the tide. There's the FOMC meeting next week. If the Fed decides they've had enough of inflation and raises the federal funds rate, it's doomsday. After that, the 2026 fiscal year closes for the federal government on September 30 and roughly two weeks after that third quarter earnings begin to roll. That's a month full of possible pitfalls, suggesting cautious market movement.

Friday is also the 25th anniversary of 9-11, the Twin Towers disaster. It is one of the nation's most terrifying and revered dates and one Wall Street veterans will never forget. Sentiment over the event is not likely to play a part in whatever happens in markets on the last trading session of the week.

For now, it appears that te Dow's breakdown below the 50-day moving average was indeed a strong signal. Fears of a rate hike by the Fed last week have accelerated and panic is in the air.

At the Close, Wednesday, September 9, 2026:
Dow: 52,380.66, -405.41 (-0.77%)
NASDAQ: 26,253.34, -168.07 (-0.64%)
S&P 500: 7,636.36, -37.16 (-0.48%)
NYSE Composite: 24,311.15, -161.91 (-0.66%)

Stocks, Bonds, Gold, Silver, Bitcoin All Slide After Labor Day Holiday; Crude Oil Higher; Dow At Pivot Point; Why You Should Not Own Crypto

U.S. stocks spent the entire session Tuesday in the red, but really caved late in the day as tensions mounted in the Middle East and the price of crude oil continued to ramp higher on global markets. The October WTI futures contract closed out the day at $94.23, a three percent jump and the highest price in three months. November Brent Crude futures closed out at $99.36 on the NYMEX.

The Dow took the worst of it on U.S. indices, losing just over 600 points and closing right at the 50-day moving average, which is no coincidence. On August 20, the Dow 30 lost just more than 700 points, and on September 1, the Dow dropped about 420 points, both times landing right on the 50-day. Each time, the 30 industrials rallied the following day, so hitting the target is some kind of dog whistle to the assembled Wall Street sharpies. Wednesday will see whether the pattern holds or not.

A drop below the 50-day MA would send a strong signal that all is not well and further downside would be anticipated. Given current conditions, it would be probable that investors might be seeking safe shelter, but where? On Tuesday, everything was down, including gold, silver, bitcoin and long-dated treasuries, with yields on the 10-year note and 30-year bond hitting 4.81% and 5.27%, respectively. So, where to hide? Oil futures? Copper? Zinc? Cash would be the more obvious choice for most, as protecting assets becomes more important than booking profits. Making four percent in a money market, even in an inflationary environment, makes just enough sense.

Still, the degree to which Wall Street and the Trump blow hards fix the narrative cannot be understated. There's just as good a chance that markets will rally on Wednesday. After all, August PPI and CPI won't be released until Thursday and Friday, so there's still a chance to make some money before the next big data drops. All it would take is one Trump "truth" posting to move the needle.

With the opening bell dead ahead, stock futures are near the lows of the morning, gold and silver are rallying, and Brent crude topped $100 overnight. WTI crude futures are sitting at $95.70.

By all appearances, the Dow is set to break below its 50-day moving average, which would be a strong sell signal.

*****

Why you shouldn't own bitcoin or any other crypto "assets."

Today's lesson is an excerpt from BitcoinMagazine.com:

The Liquid Network said Sunday that purported white-hat hackers withdrew about 4,000 bitcoin, worth about $320 million, from the federation wallet that backs L-BTC.

Bridge nodes were disabled, and the sidechain was paused. Other issued assets, including USDT, DePix and RWAs, were unaffected, the official account said on X.

The Liquid Network is a federated sidechain of Bitcoin, founded by Adam Back’s Blockstream. The Liquid chain issues a variety of assets such as LBTC, which it backs with BTC on the Bitcoin main chain, held in a large multisig of 15 corporate and known members. 11 of the 15 members need to sign a valid multi-signature transaction to move coins from the treasury. Before the hack, the treasury held over 4200 BTC; after the hack, Blockstream’s proof of reserves page reports a little over 207 BTC left.

The hackers withdrew 4,019.4 BTC from the reserve address in a peg-out transaction using the SideSwap Peg-out Authorization Key. SideWap is a bridge exchange and a member of the Liquid Federation. While details on the mechanism of the hack are not confirmed yet, it appears an inflation bug on the LBTC side chain was exploited by the hackers to create over 4,000 LBTC that did not exist before, and cash them out for on-chain bitcoin from the federation. Because the transaction appeared as valid, given the consensus bug, the federation members’ HSM security servers signed the BTC withdrawal transaction, worth roughly 320 million at the time.

Seriously, how much of that did you understand?

The point is that crypto assets can be created, diverted, rehypothecated, counterfeited, and/or stolen in a variety of manners, none of which are well understood by the average, or even above-average, investor.

At the Close, Tuesday, September 8, 2026:
Dow: 52,786.07, -628.18 (-1.18%)
NASDAQ: 26,421.41, -85.58 (-0.32%)
S&P 500: 7,673.52, -45.08 (-0.58%)
NYSE Composite: 24,473.06, -166.19 (-0.67%)

WEEKEND WRAP: Celebrating Labor or Servitude?

“If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that ye were our countrymen.” -- Samuel Adams

Samuel Adams thus phrased his passionate appeal to the American people to reject British rule and to defend their freedoms, in a speech to the Second Continental Congress on August 1, 1776, from the steps of the State House in Philadelphia. Pennsylvania, in the midst of the American Revolution, as Congress debated independence.

How far have we come?

On Monday, September 7, Labor Day will be celebrated across the United States. There will be parades and picnics, beer and hot dogs, and a day off for most Americans who toil for a living.

Before it was a federal holiday, Labor Day was recognized by labor activists and individual states. After municipal ordinances were passed in 1885 and 1886, a movement developed to secure state legislation. New York was the first state to introduce a bill, but Oregon was the first to pass a law recognizing Labor Day, on February 21, 1887. During 1887, four more states – Colorado, Massachusetts, New Jersey and New York – passed laws creating a Labor Day holiday. By the end of the decade Connecticut, Nebraska and Pennsylvania had followed suit. By 1894, 23 more states had adopted the holiday, and on June 28, 1894, Congress passed an act making the first Monday in September of each year a legal holiday.

-- History of Labor Day, U.S. Department of Labor

Some lucky people will get paid for the day off. A paid holiday, how nice. And the government will tax their wages and tax the wages of everybody on Tuesday, Wednesday, every day. You work. The government takes a cut. Is it prostitution or slavery? No matter how it's defined taxing labor is probably unconstitutional, illegal, and the 16th amendment, which codified the income tax into law, possibly was never properly ratified by a 3/4ths majority of states and the United States congress.

Do a little research. There are plenty of sources out there. Here's a good place to start:

The Law That Never Was - Bill Benson's 1985 book about income tax and the 16th amendment.

The problem is that the Supreme Court has ruled against all arguments that the income tax is void, unconstitutional or otherwise illegal on numerous occasions. Basically, like it or lump it, Americans are stuck with it. The income tax and payroll taxes are a constant and not-so-subtle reminder of who's in charge in the United States of America.

You work, the government taxes you, spends even more than they collect on things you never voted for, and sends you the bill.

The chains of which Samuel Adams spoke some 250 years ago have not set so lightly.

Stocks

For the week, stocks ended up essentially a draw. The Dow was down, the S&P, NASDAQ, and NYSE Composite up, but only marginally. The big mover was the Dow Jones Transportation Average, which slid 1.72%.

It was fitting that summer trading ended with a dull week and a down Friday. Since June 18, the NASDAQ broke even, the Dow and S&P up three to four percent. It's been a slog. With the big traders getting back to their desks on Tuesday, along with the House and Senate, there is likely to be a considerable amount of volatility as there are many plates still spinning.

The situation in the Middle East is far from being resolved, the midterms are less than two months hence, oil has spiked to hihger levels and gas prices are near the highest they've been since the beginning of June. Inflation, especially at the retail level, remains a problem, and the decision to raise or lower or stand pat on interest rates will be decided at the next FOMC meeting on September 15-16. Readings on August PPI and CPI will be in focus Thursday and Friday, respectively.

It's a shortened trading week. The biggest moves will be made late unless there are deviants front-running the data.

Relevant data releases can be found at Trading View.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
07/31/2026	3.78	3.80	3.85	3.83	3.92	3.98	4.08
08/07/2026	3.79	3.79	3.83	3.87	3.89	3.96	4.01
08/14/2026	3.79	3.80	3.81	3.86	3.88	3.95	3.98
08/21/2026	3.80	3.77	3.80	3.88	3.90	3.95	4.03
08/28/2026	3.84	3.83	3.86	3.90	3.94	4.02	4.15
09/04/2026	3.79	3.83	3.90	3.91	4.00	3.98	4.13

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
07/31/2026	4.28	4.34	4.45	4.59	4.75	5.28	5.27
08/07/2026	4.19	4.25	4.35	4.49	4.65	5.20	5.19
08/14/2026	4.17	4.24	4.36	4.51	4.68	5.25	5.25
08/21/2026	4.24	4.31	4.43	4.57	4.74	5.25	5.27
08/28/2026	4.34	4.41	4.48	4.59	4.73	5.21	5.22
09/04/2026	4.37	4.45	4.54	4.65	4.78	5.25	5.24

Spreads remain elevated, with 2s-10s at +41 and full spectrum +145, but slightly down from the prior three weeks. Bessent's version of "operation twist" seems to be having at least limited success, for now. It appears to be something along the lines of a Broadway show that gets fair reviews upon opening, but fails to last, closing down after only a couple of months of performances. The actors go back to window washing and bartending jobs.

Bessent will be taking a back seat to Fed Chair Warsh as the September 15-16 FOMC meeting approaches. It's still more than a week off, but time will pass quickly with this week only four days. Plenty of which to look forward.

Credit risk is elevated and becoming troublesome around the world, especially in European and UK government issues. Doug Noland explains.

There seems to be a lot of background noise being generated out of the bond markets, but the signal is as yet unclear. Credit markets look a lot like ammo dumps waiting for a fuse to be lit. Things could get dicey soon, or else, Bessent and the slavish bond traders will see clear until the midterms. There's no general consensus other than "nobody knows for sure."

Spreads:

2s-10s
2026
1/2: +72
1/9: +64
1/16: +65
1/23: +64
1/30: +74
2/6: +72
2/13: +64
2/20: +60
2/27: +59
3/6: +59
3/13: +55
3/20: +51
3/27: +56
4/3: +51
4/10: +50
4/17: +55
4/24: +53
5/1: +51
5/8: +48
5/15: +50
5/22: +43
5/29: +47
6/5: +38
6/12: +37
6/18: +27
6/26: +31
7/2: +35
7/10: +35
7/17: +37
7/24: +36
7/31: +47
8/7: +46
8/14: +51
8/21: +50
8/28: +39
9/4: +41

Full Spectrum (30-days - 30-years)
2026
1/2: +114
1/9: +112
1/16: +108
1/23: +104
1/30: +115
2/6: +113
2/13: +97
2/20: +100
2/27: +90
3/6: +102
3/13: +115
3/20: +123
3/27: +124
4/3: +120
4/10: +124
4/17: +119
4/24: +122
5/1: +126
5/8: +124
5/15: +141
5/22: +135
5/29: +127
6/5: +130
6/12: +128
6/18: +121
6/26: +117
7/2: +128
7/10: +135
7/17: +133
7/24: +136
7/31: +149
8/7: +140
8/14: +146
8/21: +147
8/28: +138
9/4: +145

Oil/Gas

With the situation in the Middle East reheating, oil moved to a higher level over the past couple of weeks. WTI crude futures closed out the week at $91.22, the price of crude rising steadily since August 26. Other than a spike in mid-July, oil prices are at their highest levels in three months.

Average price for a gallon of unleaded regular gasoline in the U.S. was $4.03 last week and $4.11 this week, rising to the highest Sunday price in three months. Peace prospects in the Middle East continue to be pursued, oil flows improving, but not sufficiently enough to lower global pricing.

Gas prices in key states:

California (leader): $5.84 (+0.19)
Washington: $5.48 (+0.24)
Indiana: $3.43 (lowest) (+0.05)
Oklahoma: $3.64 (0.00)
Louisiana: $3.74 (+0.09)
Mississippi: $3.70 (+0.11)
Florida: $3.89 (+0.04)
Illinois: $4.24 (-0.13)
Pennsylvania: $4.27 (+0.06)
New York: $4.28 (+0.11)
Maryland: $4.00 (+0.09)
Michigan: $4.00 (-0.15)
Texas: $3.65 (+0.08)
Georgia: $3.86 (+0.13)

On Sunday, September 6, there are twenty-four (24) states with average prices at or above $4.00, with twenty-four (24) below the $4 threshold, not including Hawaii ($5.35) and Alaska ($5.02), with two above $5 (California and Washington). The Southeast has maintained as the lowest region overall over the past 12 weeks as a gallon of unleaded regular is averaging below $4.00 ($3.64-3.86) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region second, prices ranging from $3.74 to $3.97. Exceptions include Florida in the Southeast and Michigan, Wisconsin, and Illinois in the Midwest. Prices in the Northeast rose steadily this week, with all states, from Delaware and Maryland all the way to Maine, averaging above $4.00. Gas prices overall were higher in nearly every state on the mainland.

Bitcoin

This week: $79,607.76
Last week: $78,862.44
2 weeks ago: $77,297.70
6 months ago: $68,099.83
One year ago: $110,083.63
Five years ago: $45,164.73

Despite the dramatic rise in crypto over the past few weeks, Bitcoin, and the rest of the nebulous "currencies", are still crap, only useful to criminals and governments (same thing) and for speculation.

Precious Metals

Gold:Silver Ratio: 66.91; last week: 67.14

Futures, per COMEX continuous contracts:

Gold price 8/7: $4,401.30
Gold price 8/14: $4,432.00
Gold price 8/21: $4,661.60
Gold price 8/28: $4,504.10
Gold price 9/4: $4,477.20

Silver price 8/7: $63.80
Silver price 8/14: $64.82
Silver price 8/21: $69.01
Silver price 8/28: $67.09
Silver price 9/4: $66.82

SPOT: (stockcharts.com)
Gold 8/7: $4,340.72
Gold 8/14: $4,375.15
Gold 8/21: $4,609.49
Gold 8/28: $4,454.08
Gold 9/4: $4,429.45

Silver 8/7: $63.56
Silver 8/14: $64.68
Silver 8/21: $68.96
Silver 8/28: $66.34
Silver: 9/4: $66.20

Precious metals have taken a breather the past few weeks, but so have stocks and fixed income, so no harm, no foul. As events heat up, there's likely to be some movement in gold and silver, though directionally, there's no real signal. Could be up or down. The good news is that even if gold and silver suffer some setbacks, the rebounds will be solid through the end of the year and beyond.

Keep stacking, holding, and hoping for the best. China, India, Russia, Turkey, and Dubai are the new price setters. American buyers have shown a reluctance to accept COMEX pricing as reliable. Premia remains high on both gold and silver. The GSR and SOSMPB (below) suggest buying silver at this point.

Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):

Item/Price	Low	High	Average	Median
1 oz silver coin:	67.56	83.95	75.91	76.56
1 oz silver bar:	72.00	87.35	77.56	76.86
1 oz gold coin:	4579.32	4780.20	4660.00	4646.18
1 oz gold bar:	4606.91	4749.89	4648.48	4643.71

Ending five weeks of advances, the Single Ounce Silver Market Price Benchmark (SOSMPB) lost ground, closing out at $76.72, a decline of $2.01 per troy ounce from the August 30 price of $78.73.

WEEKEND WRAP

Hope you're enjoying your Labor Day weekend. Back to work Tuesday. people.

At the Close, Friday, September 4, 2026:
Dow: 53,414.25, -271.85 (-0.51%)
NASDAQ: 26,506.99, -77.11 (-0.29%)
S&P 500: 7,718.60, -29.11 (-0.38%)
NYSE Composite: 24,639.25, -80.95 (-0.33%)

For the Week:
Dow: -145.74 (-0.27%)
NASDAQ: +105.47 (+0.40%)
S&P 500: +6.84 (+0.09%)
NYSE Composite: +54.07 (+0.22%)
Dow Transports: -367.02 (-1.72%)

Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2026, Downtown Magazine Inc., all rights reserved.

BLS Says 162,000 Jobs Were Created in August, Mostly Teachers, Waiters, and Bartenders; Gas Prices Higher; Government Economics a Sham

Just because Fed Chairman Kevin Warsh is adamant about the central bank not giving forward guidance on its policies, his tight-lipped approach doesn't necessarily apply to the people surrounding him.

On Thursday, Fed governor Christopher Waller spilled the beans, remarking that he would be inclined to keep interest rates on hold at the September FOMC meeting if the data showed inflation was cooling.

That got Wall Street's hopes up and sent stocks soaring.

Friday morning's Non-farm Payrolls for August might have thrown some shade on those prospects, as the BLS reported strong job gains in August.

Total nonfarm payroll employment increased by 162,000 in August, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in food services and drinking places and in local government education. The information industry lost jobs.

Teachers are back on the job and restaurants and juke joints are hiring. Makes perfect sense, except that teachers jobs almost always increase in august and September and there's conflicting data showing that more and more people can't afford dining out or binging at their local clubs.

The news from the BLS sent stock futures screaming lower along with precious metals. Spot silver dropped to as low as $64.79. Gold dropped by more than $100, before rebounding slightly to around $4,380.

This, of course, is all nonsense. All markets are rigged by entities behind the scenes, mostly tentacles of the U.S. government, which continues to try desperately to keep the dollar the world's reserve currency, when everybody knows it is nothing more than paper backed by empty promises.

Inflation isn't going away. Gas at the pump stands at a national average of $4.12 per gallon. Employment has been stagnant since 2021. The BLS will revise it's monthly figures, as it did with June and July:

The change in total nonfarm payroll employment for June was revised up by 11,000, from +20,000 to +31,000, and the change for July was revised up by 44,000, from -23,000 to +21,000. With these revisions, employment in June and July combined is 55,000 higher than previously reported.

The government just lies about everything in order to keep you working, paying taxes, contributing your labor to Social Security and Medicare black holes, all along running budget deficits of $2 trillion a year.

Not to be too blunt about it, but the U.S. economy is a sham, the stock market entirely broken and the American people are wage and tax slaves living in an open air plantation, given just enough food and pleasure (bread and circuses, as in ancient Rome) to keep them happy.

The government is bankrupt. So is the Federal Reserve.

Have a nice weekend. Monday is Labor Day.

At the Close, Thursday, September 3, 2026:
Dow: 53,686.11, +624.16 (+1.18%)
NASDAQ: 26,584.06, +366.23 (+1.40%)
S&P 500: 7,747.71, +81.11 (+1.06%)
NYSE Composite: 24,720.15, +224.60 (+0.92%)