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August Total Non Farm Payrolls Come At -54K On Consensus Of -105K, Unchanged From July, Unemployment Rate 9.6%, Birth Death Adds 115K
Private payrolls come in at +67K as Birth Death adds 115K, compared to just 6K previously, as U-6 rises from 16.5 to 16.7%, highest since April. Total Part time workers (all industries) increased by 401k from 18,157 to 18,558; part time workers for economic reasons increased by 331K. Workweek unchanged month over month at 34.2 hours, with average hourly earnings up slightly from 0.2% to 0.3%. 42% of the unemployed were out of a job for 27 weeks or longer, compared to 44.9% previously; average duration of unemployment at 33.6 weeks.
From the release:
Nonfarm payroll employment changed little (-54,000) in August, and the unemployment rate was about unchanged at 9.6 percent, the U.S. Bureau of Labor Statistics reported today. Government employment fell, as 114,000 temporary workers hired for the decennial census completed their work. Private-sector payroll employment continued to trend up modestly (+67,000).
The number of unemployed persons (14.9 million) and the unemployment rate (9.6 percent) were little changed in August. From May through August, the jobless rate remained in the range of 9.5 to 9.7 percent. (See table A-1.)
Among the major worker groups, the unemployment rate for adult men (9.8 percent), adult women (8.0 percent), teenagers (26.3 percent), whites (8.7 percent), blacks (16.3 percent), and Hispanics (12.0 percent) showed little change in August. The jobless rate for Asians was 7.2 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)
The number of long-term unemployed (those jobless for 27 weeks and over) declined by 323,000 over the month to 6.2 million. In August, 42.0 percent of unemployed persons had been jobless for 27 weeks or more. (See table A-12.)
In August, the civilian labor force participation rate (64.7 percent) and the employment-population ratio (58.5 percent) were essentially unchanged. (See table A-1.)
Establishment survey breakdown by sector:
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Yabs the bears have no balls, the bulls have no brains, everyone just sits and gawks. The country deserves to be destroyed and it is. Meanwhile morons dance around saying 'rally', instead of pooling resources and fighting back against it all. America has NO balls.
- perhaps you could explain exactly how we should "fight back", and what "resources" should we be pooling? I think most of the ZH community is aware that we are at Peak Civilization/Peak Resources, and that "we" are preparing for the major paradigm shift that is coming.
The bears have balls but the bulls are in control of the manipulated data and are backed by unlimited money.
This isn't about a struggle between the bears and the bulls anymore, it never was. This is a coordinated FED effort to continue with the ponzi scheme and a corrupt system that enriches the banking cabal, no more, no less.
Thank you taraxias.
You know, taraxias, when you take the trouble to present a reasoned argument instead of telling Leo to "FUCK OFF", you actually make good points.
I sat around shooting the breeze yesterday with my co-workers when the discussion turned to the economy. I was asked what we could do to which I promptly replied - "we need to stop the Banks and the US Government from messing wth the economy and the markets and let it right itself once and for all".
I was asked how?
Well for one, "we could all stop paying our mortgages and credit cards for one month. If a majority took this pledge and stood by it, the people, us, would show TPTB who really has the power".
"But what about our credit rating? I have a 700 and I don't want to lose it"
To myself I thought "we really have no balls"
The only way to fight back is by not playing the game. The only resources to pool are survival skills.
RALLY!!!
fresh off ed steers site.
When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain. - Napoleon Bonaparte
I hope all you permabull 'tards buy into this BS and get scalped big time.You know what I hate about all you people? You claim you're so smart from Tyler on down, but have never thought to do anything about this travesty, just sit and comment on it all day long. America deserves to be destroyed, as is happening. And you fuktards dance around at 'good news' when you know its BS. You ALL should be over at Yahoo with the other clowns.
yeah, i like thinking that everything is going to hell in a handbasket and the prospect of living in squalor while the mercanary military industrial complex sorts out the new world government. screw thinking about that, i'm gonna go stick my head in the sand and hope it all gets better, because the trend definitely points that way. right.
Or you could join the military-industrial complex. Not recommending it, just saying it's an option.
So we get a -54K print after $1T in direct stimulus and 2-years of multi-trillion defecit spending AND at the end of "Recovery Summer" - but because this was "better than expected" it's RALLY ON, DUDE.
Enjoy the party while it lasts, folks. The hangover is gonna be a biatch.
Will the naysayers ever admit that the glass is half full? Let's raise our glasses to the fact that private sector job growth is slowly coming back.
Leo the bull with no brains and no balls, the 'bull' who will soon be trading seashells after debt default.
How shall I reply to this brainless comment? Must be a miserable existence waiting for Armageddon and never seeing it materialize. Try searching deep inside your soul to find some good in humanity. You're another hopeless cynic.
Youre a fucking moron Leo, youve become your own means to your own end, I hope youre all in on margin and end up broke on the street for being an enabler of this bullshit.
Leo are familiar with the exponential function? Just asking.
Leo, a case study in Stockholm Syndrome, may the fleas of a thousand camels infest your armpits for all eternity for putting up a picture of that criminal. And I hope youre all-in long on margin as you SHOULD be with all your shit talking! I hope a flash crash leaves you dead broke, praying for it.
Or - you could wish him success beyond his wildest dreams. What would be wrong with that?
private sector job growth is slowly coming back
ADP says otherwise.
..to hopeless incurable optimism! yay!!
Private sector jobs are coming back? Post your resume on Monster and see how many job recruiters will contact you. I did see a pick up in activity during the first 3 month of the year. I was contacted a few times a week during that period. Since then, I've had 2 or 3 contacts. A friend of mine (an architector) is without work since September. She told me that she would never think that the company will be without work, they were so busy 2-3 years ago! Her husband (IT professional) is without work since January. I consider myself lucky to have a contract with the state government. Everybody that I know is cutting expenses.
Don't you see that there is no return to buble-fueled econmy of 2003-2007? Home equity does not exist, home sales are way down which means less money for construction workers, realtors, banks (depressed mortgage rates, smaller mortgages, less closings), real estate attorneys. Financial industry is on life support. Watch for brokerage firms, hedge funds to shut down as most people avoid the ponzi market. I understand that it's difficult to find a safe investment vehicle nowadays, but I believe that participating in this market is like participating in a ponzi scheme waiting to get out before it crumbles.
What you need to do is send your resume to Birth/Death Model Inc.. They'll hire two of you.
80's music montage.
http://www.youtube.com/watch?v=peLD2vlxRM0
I am having a real hard time connecting the dots. Just a few days ago there were headlines that US birth rate dropped to a new CENTURY LOW.
But the birth-death model adds 115K in August. How dumb you have to be to believe this bunch of government bullshit?
Also, an article dating back to a year ago:
U.S. Job Losses May Be Even Larger, Model Breaks Down
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aGBkhROUjNds
But why should you care, stay the Jim Cramer you really are, go buy some more stock, Leos of this world.
BB revised the death numbers downward to -17k.
Jesusonline, you have to be VERY dumb to believe these lies from gubmint, but even the Zerohedgers are overtaken by Stockholm Syndrome! I hope they all go all-in on margin, and get KILLED!
you need to get laid.
The birth-death model has nothing to do with babies being born. It claims to measure the birth and death of businesses.
So, is this the final push up being made by the big boys?? We all know that leading economic indicators are ugly.
The futures surged, and my guess is people "in the know" will be selling into this all day heading into the long weekend, meaning that from where we open we won't move much up or down throughout the rest of the trading day.
Last gasp desperation pump to dump...what have Zerohedgers such as Leo totaly lost their fuking minds? SO desperate to be right he believes the gubmint hype, thats just pathetic I feel so sorry for poor Leo. Soon he'll be long seashells and beads.
Dude, ZH is way over your head...wish you could stay, here's your hat.
Leo is not a ZHer, he is a Cuckoo, in every sense of the word
I think this will totally screw the wave cpunt up of 3 of 3 coming
I don't think I'll renew my prechter subsciption
he said the FED cannot save the stock market
well obviously he underestimated them
LOL. If you subscribe to Prechter then you deserve to lose money, I'm sorry to say. Prechter lost his credibility in mid 2009, and only had it beginning in late 2007. The guy has been wrong on the markets for most of his publishing career. He is far too overly wed to his EW model, a construct that is interesting in hindsight from an academic sense but near useless as a predictive tool
Jobs report translation:
There are now plenty of jobs so all you lazy slobs will soon stop getting free money which we don't have anyway and to get more those Chinese want higher returns on our Tresuries. Besides, we want to get re-elected in November so even if there are no real jobs we'll make more up out of thin air just like we do with money.
EXACTLY headbanger! The checks will be cut off, gubmint will tell the millions of permanently unemployed 'we're gaining jobs, go get one'!
Hey headbanger, is it just me or is even the 'brainy Zerohedge club' losing its f'n mind with Stockholm Syndrome'??
Judging from your posts, I'd guess you have snapped this morning. Calm down.
That's exactly the point, Rampers want Bears to go mad.
OK, unemployment numbers come in worst, its Friday, so gold drops $11 at opening????? Time to pick up some on the dip!
Household survery employed up 290M and yet part time was up 401M meaning full time jobs declined by 110M........simply an amazingly hard number to believe
maybe the market, at least the FX one isn't so dumb after all - wouldn't one expect the USD to be up on this "news" (cough "propaganda" cough)? But it's unchanged, but the Yen is down and CDN is up? the hit on gold was just waiting for an excuse as cover and this employment report was just the thing
get above 1100 and i think its well and truelly on its way
bears have lost
Well until the sudden crash back, leaving all the bulls frantic to make posts saying they called it.
261k increase in part time workers because of 'Slack work or business conditions'.....
The first step to more layoffs.
Or the spring board to full-time employment...
anyone see the birth-death adjustments?
Actually there were 732M part-time workers added in the household survey yet the total change for household number was only 290M. Meaning 442M fall in full time workers. Historically how does that 732M monthly change in part-time workers look??
Y'all keep using "M" when I think you mean to use "K". No?
That's probably the Roman numeral style M.
Silver crashing a whopping 6 cents on this news...
Metals aint buyin it, bonds aint buying it, rally on LOSERS such as Leo and all you other Zerohedge permabull 'tards. Put your money where your mouth is and get long fully margined!
THIS jobs report means 'HI, we're the gubmint, all you unemployed are getting your checks cut off so go find one of these 'jobs' AH HA HA HAAA enjoy suckers!
Wow, I have been schooled this week.
Monday - draw in shorts with a big selloff, close to dropping off a cliff in the head and shoulders pattern.
Tuesday - ramp up prices at 3:59 to 4:15 to lock in short squeeze gains (short losses).
Wednesday - ramp up in the morning and allow the shorts to cause there own pain.
Thursday - Squeeze (orchestrated) a little more since there is no volume.
Friday - ramp up prices pre market, will the shorts covering cause their pain again?
Tell me no one new the results of the employment and ism numbers before the week started. I still think there is more to this action then just trading. I believe some hope to turn around the retail exit.
Nice job.
There's a name for this, it's called "recapitalizing the banks".
It's called everybody trying to "front-run" everybody else.
Bottom line: Unless you are a connected insider and have access to information before it becomes public, you should stay away from these "markets".
Blah Blah blah blah.......jobs created......blah blah.
Birth/death adjustment = the sum of the square root of B squared minus 4 a/c Blah Blah Sunshine, bunnies and unicorns.
So the market gets pumped on THIS bullshit?? This has become absolutely comical; a real and masterful deception, [these proclamations] by a bunch of guys who prognosticate from inside their drywall prisons, beneath the glow and hum of twinkling flourescent lights deep, within the bowels of some tragic looking concrete behemoth.
What a pathetic excuse for a government we have. Do they honestly believe we are really that stupid?
Fuck it, I'm going back to bed.
I hear you, screw all this nonsense. And these Zerohedge clowns jump around over it acting more retarded than those clowns over at Yahoo! finance.
CNBC is pumping this report like the structural defects facing our economy have magically disappeared and all is well in a fairy land that continues to manipulate its citizenry for the sole purpose of obtaining a vote. I must say that the current regime is quite good at massaging the negative news into what seems to be positive rubbish. I'm also a bit shocked at how CNBC has become so blatant in trying to help "move" this stock market up. I'm all for being positive, but come on, there are some people that are going to get their asses handed to them again. Then again, maybe I'm not shocked. Everyone has an agenda.
"Transportation and Warehousing" went from three months of steady double digit gains (May-July) to -7.4. I haven't been able to read the '09 numbers for comparison. Point being...does this provide insight into the coming sharp downturn of the inventory-building cycle, and if we look historically, can we see just how bad it's going to be?
When the truckers fill the truck stops and lean on the phones looking for loads then you know the Nation is not really moving that much freight. Only the needful freight has work, the rest like... china trinkets for the mall sit in the warehouse for a while longer.
Why is the US dollar so weak when these economic numbers portend a strong recovery?
more $ into stocks less into bonds , QE postponed due to good data= weaker dollar
Risk trade equation
I'm back to reading every word on this blog as a form of therapy. Elementary to see that the US is on the brink of pure and utter failure, yet the momos, polics and banksters remain in control. Hard to fight that establishment yet, as Papillion said "I'm still here you bastards"!
So let's break the new private jobs down for July + August (to even out a lot of short-term layoffs)
15k mining and logging, 4k from b/d
15k construction, 4k from b/d
7k manufacturing, -6k from b/d
19k trade, transport, utilities (mostly wholesale), 8k from b/d
3k information, 4k from b/d
-15k financial, -5k from b/d
16k professional and business services (mostly temps), 30k from b/d
1k other professional and business services
79k health care and education (mostly former), 22k from b/d
24k leisure and hospitality (mostly food service), 61k from b/d
13k other services, -1k from b/d
(there are rounding errors and b/d numbers are pre-seasonal adjustment.)
If you cut out half the b/d, as BLS will probably do in the annual, you lose all the growth in temps and food service. Not sure those kinds of new jobs were such good news anyway.
You are still left with a wee bit of private sector job growth, but it's very heavily weighted to the health care sector, for obvious reasons.
The increase in construction jobs is curious to say the least. What could they be building and why? New government offices? Big rise in wholesale trade also looks odd to me.
I find it interesting that the Media cries bloody murder over a life lost or perhaps a few soldiers killed. But totally ignores the tragic loss of thousands each year in the USA from a variety of causes.
Does the birth rate include knocked up young teens in the women's clinic for the first time?
I don't think Leo is a troll. But I think it's kinda irritating hearing a guy advocating bull positions in a stock market that is obviously rigged to the "house" with the blessing of the government (at taxpayers' expense).
BTW - the stock market (if you really want to call it a market over the appropriate words "ponzi scheme") has continually ignored all bad news and the TBTF banks and the Fed are happy to artificially prop up the market on the faintest sign of good news or the absence of any bad ones. This job market report is truly lousy and if anyone wants to make a bet that the economy will get better the second Obama stops propping up every industry, please post your desire to here.
With that said, when the market goes up, it sure isn't because of Leo's logic . He advocates buying Chinese solars on the dips but he fails to mention he's down quite a bit even after buying the dips. Meanwhile, offering a alternative view that is reasonable no one on ZH has problems with. Unfortunately, when the market goes up, Leo's reasoning has nothing to do with the market going up - and that's the part that gets old.
Agree. Let's hear Leo's logical explanation why mar... ponzi is going to march higher. So far I did not hear any good reason beside "Fed's buying everything in sight".
Speaking of the Fed, they cannot alow equities rise above certain range as increasing interest rates will accelerate the default of the US. Bond market is way more important to them than Leo's solars.
If I hear the phrase "better than expected" or Nascent recovery one more time i will puke.
Your comment was better than expected.
The puke is making a strong recovery as well.
And the puking will get you hauled to a doctor from a concerned citizen calling 911 LOL.
"Hello, I am Dr. Obama and I am here to take care of your puking."
Do you feel even more sick now? /sarcasm.
ROFL. Almost had me rolling on the floor.
Smoke and mirrors, Flim Flam, Three Card Monte.
Just playing the ponzi masters game and loving it. Don't look for reality, there is none.
Pump it up, pump it up......
http://www.youtube.com/watch?v=Jnq74MaUGc8
the last time these liars did a jobs report like this was in December 2009 on the November numbers....and the hammered gold from 1225 intra day high to 1162 at the close..look at today...same bullshit..different outcome..no one is buying this crap now...gold is coming back strong...Looks like EXTEND AND PRETEND...IS ABOUT TO COME TO AN END
DOW chart update:
http://stockmarket618.wordpress.com
Money McBags loves when the B(L)S (and the "L" is in parentheses because it should be silent) breaks out their birth/death model plug and juices the numbers. Either way, of the 67k private sector jobs "gained", 17k were temporary and 10k were construction workers who had been on strike in July, so a big yawn to the report.
Money McBags has more analysis and plenty of dick jokes if you're bored
http://whengeniusprevailed.com/
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