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Disappointing NFP: Private Up Just 71k On Consensus Of 90k, Total Down -131K on Consensus -64K
July Non Farm Payrolls miss expectations, coming in at -131,000, way below the consensus of -65,000, yet the unemployment rate drops once again to 9.5% as even more people drop out of the labor force. Total Private Payrolls rise only 71k, on consensus estimates of +90k. The June Jobs report is revised majorly downward to -221K, from -125K, as the double dip gets yet another validation. The 2 Year Treasury just hit another fresh all time low of 0.5136%. And the stunner: those working actually declined by 159,000 to 138.960 million, even as another 381 thousand left the labor force between June and July, resulting in an actual drop in the unemployment rate from 9.6% to 9.5%. Another NFP debacle which will certainly cause stocks to sure by at least 5% as QE 2 is now absolutely inevitable.
- U-6, or real unemployment, is flat at 16.5%
- The average duration of unemployment is now 34.2 weeks, Median 22.2
- 44.9% have been out of a job for longer than 27 weeks.
- Birth/death adjustment just 7k, compared to 147k in June
- The only silver lining: average hourly earnings up 0.2% to $22.59, even as total private hours increased from 34.1 to 34.2, as those employed have to do triple-duty
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Gotta love the Bloomberg Headline.
Company Payrolls Rose by 71,000 in July; U.S. Jobless Rate 9.5%
Nothing but skittles and unicorns.
you beat me to it, yikes
Bloomberg must be trying to bump off CNBC as most suckup pro administration boot licker media Wall St pumper. I swear lately theyre just vomitous.
You all realize they've been doing this suck up dance for a year to get the ad dollars for the election...without that ad spending they are toast. When you see it that way the stupid, candy-ass suck up makes a lot more sense.
Sucking harder:
Stocks Rise on Earnings; U.S. Futures Fluctuate, Sugar Rallies By Stephen Kirkland - Aug 6, 2010 8:58 AM ET
Bloomberg is the new CNBC.
Bloomberg Kool Aid corporation headline:
Company Payrolls Rose by 71,000 in July; U.S. Jobless Rate 9.5%
The U.S. employment report on Friday showed the key non-farm payroll employment figure dropping a much larger than expected 131,000 in July, following a sharp downward revision to 221,000 non-farm jobs lost in June. Market expectations were for a 60,000 decline in U.S. non-farm payrolls in July. The original June non-farm jobs figure was down 126,000.
Can anyone tell me why the monthly employment revisions are ALWAYS down?
Never revised UP.
Anyone?
.
So the next month's figures will show a sharp improvement before they're revised downward.
it takes a lot of mopping before they actually find out how much blood is on the floor...suddenly we're back to Au and USD inverse $1208/80.35
Backloading. Much less impact than the numbers being counted as current.
The EU markets just dropped through the floor. Our 'bots must be talking to their' bots.
Disappoiting news all around -lets jam the stimulus accelerator to floor and not look back. How 'bout it Krugman? On the bright side, Christina Romer has to feel like she got in the last lifeboat off the Titanic. *Phew* Who says timing isn't everything.
Yeah, she for sure didn't know when when the right time to jump, right? And Pelosi called the house back to vote on a "99" bill by coincidence, right?
The June revision is absurd. But, that's how the game is played.
The revisions for june went from -123K to -221K. May dropped by 1K. That means the numbers is -230K
DAMN you Belogical and your infernal ability to do mathematics! Dont you know this is supposed to be the dark ages and we're supposed to all be illiterate morons to be fooled daily by the magical wizards?
Romer gettin out while the gettin's good. Jump in the Titanic lifeboat as theres only enough for half the passengers and she needs a whole one to herself anyway.
Everyone hyping 'its all for fall elections' yea its going to be a bloodbath.
'Revising downward' may work for BS NFP data but it wont work for pissed off jobless americans in the street. We're just not all as stupid as they'd like to believe, and the morons dont vote anyway.
"Recovery Summer" continues to roll along.
O.K. I am just a regular guy so let me see if I got this right:
1) Weak Employment report = Less Expenses = More Profit = Market Higher
2) Decent Employment Report = More consumers spending = More Profit = Market Higher
Such is life in the United State of CitiWell Goldgan of America
Market making technical bottom = all news is good news.
http://i37.tinypic.com/65mi46.jpg
Range bound for last 4 days, high in SPY 113.00 low 112.00. Don't think we will see any big drops the closer we get to November.
Great posts, whiskey.
Maybe you'll like this chart of mine: http://i37.tinypic.com/65mi46.jpg
Well, assuming none of the nukes smuggled across the border go off in the middle of major US cities of course. All is always 'well', well, until it suddenly isnt. Cant live in state of suspended reality forever, or even very long at all.
MASSIVE QE must be anticipated right now, otherwise this piece of shit equity market would be trading at 3,000.
So at what point does MASSIVE Q/E become a negative? After $10 trillion more? $100 trillion? Whats the number in your estimation of decay rate of positive feeding frenzy on fiat before it simply becomes indigestible?
BTW for everyone saying its all for November, there wont be a November. Take my word for it or be left holding the world record bag.
Folks laughed at my suggestion of a .5 print on the 2yr.....
Relax, people. It's only slightly worse than twice as bad as everyone thought it would be. Which is better than three times as bad and so qualifies it as good news! DOW11,000 - here we come!
Lies, lies and more damn lies. CNBS and Bloomie are in a race to see who can become chief boot licker for the administration.
Fun to watch.
Stick-save!
New song of the decade: "Brother, can you spare a dime, and maybe a 401k?"
Even with the birth/death model being inconsequential this month, the numbers still blew.
Perhaps we should just encourage people to leave the work force to help the unemployment rate go down and take this charade to its absurd extreme.
Money McBags has detailed analysis of the numbers and plenty of dick jokes if you're interested:
www.whengeniusprevailed.com
There are certainly a lot of details like that to take into consideration.I read and understand the entire article and I really enjoyed it to be honest.
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