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May Non-Farm Payrolls 54K, Below Consensus Of 165,000, Unemployment Rate 9.1%
Massive collapse in the American employment situation: May NFP at 54K, down from 244K, and not only below consensus of 165K, but below the lowest economist prediction of 65K. Private payrolls increased just 83K on expectations of 170K. Manufacturing payroll dropped 5K on expectation sof a 10K rise. The unemployment rate was 9.1%, although U-6 declined from 15.9% t 15.8%. The absolute number of unemployed increased fom 13.747 million to 13.914 million. For the third month in a row the Labor Force Participation rate remained flat at 64.2%.
Chart of the all important labor force participation:
From the Establishment Survey:
Total nonfarm payroll employment was little changed in May (+54,000), following gains that averaged 220,000 in the prior 3 months. Private-sector employment continued to trend up (+83,000), although by a much smaller amount than the average for the prior 3 months (+244,000). In May, job gains occurred in professional and business services, health care, and mining. Local government employment continued to trend down. Employment in other major industries changed little over the month. (See table B-1.)
Employment in professional and business services continued to increase in May (+44,000). Notable job gains occurred in accounting and bookkeeping services (+18,000) and in computer systems design and related services (+8,000). Employment in temporary help services was little changed.
Health care employment continued to expand in May (+17,000). Employment in the industry had risen by an average of 24,000 per month over the prior 12 months.
Mining added 7,000 jobs in May. Employment in mining has risen by 115,000 since a recent low point in October 2009.
Employment in manufacturing changed little in May (-5,000). Job gains in fabricated metal products and in machinery were offset by losses in transportation equipment, paper and paper products, and printing and related support activities. The manufacturing industry added 243,000 jobs from a recent low point in December 2009 through April 2011.
Construction employment was essentially unchanged in May. Employment in the industry has shown little movement on net since early 2010, after having fallen sharply during the 2007-09 period.
Employment in local government continued to decline over the month (-28,000). Local government has lost 446,000 jobs since an employment peak in September 2008.
Employment in other major industries, including retail trade, transportation and warehousing, information, financial activities, and leisure and hospitality, changed little in May.
The average workweek for all employees on private nonfarm payrolls remained at 34.4 hours in May. The manufacturing workweek for all employees increased by 0.2 hour to 40.6 hours over the month, while factory overtime was unchanged at 3.2 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was 33.6 hours in May. (See tables B-2 and B-7.)
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Santelli called it. He said 55k 8 seconds before it was announced.
Titanic is sinking.
But this ship can't sink!
She's made of iron, sir... I assure you, she can. And, she will.
From this moment, no matter what we do, Titanic will founder.
Love it. A little Santelli truth one more time.
Leisman=Queen of the douchebags.
Santelli bitch slaps Moody's to its economist's (Zandi) face.
Is everyone drinking Kool-Aid?
Meanwhile Moody's is downgrading the world, munis and I guess leaking (H/T Tyler).
Looks like we might have seen some intervention in the dollar just then. Anyone else see that? What great economic news!
Hedge Funds: "Flock to bonds! Flock to bonds!"
Now wait a minute people. Ignore this news. Obama is touring the nation praising his rescue of the auto industry.
Tell these unemployed minions to buy a Chevy volt, damn it!
Anyway, when the US devolves into an agricultural society non-farm payrolls will become irrelevant.
+5...
the joke in chief has been having the BLS fix the numbers more aggressively than ever to get headline below 10%.
He's looking at having to face "wtf did you do for 4 years" in 2012
YUP!!! ITS ALL ABOUT PSYChOLOGY
It won't be on Barry Soetoro's radar until it pops up on his teleprompter screen...
Did you say munis?
Many states fiscal budgets begin July 1. We should be seeing the visible cracks of those budget plans shortly. But, otherwise, all seems quiet for now.
as they proclaim the decrease in govt.jobs as a good thing, i wonder how many of these people took early retirement with gigantic pensions and buy outs and all other parting gifts....that probably cost us 5X's more than if they stayed employed
But, otherwise, all seems quiet for now".
The lull before the storm. A number of States are going to crash big time.
Illinois is cutting like crazy and the state Treasurer doesn't want to issue junk bonds.
Its ON !
Chasms, not cracks. We have a general idea of which States are fucked and how badly, but a lot of munis are including State funds in their budget forecasts that, in many cases, will not be coming. Crisis just around the next bend.
Liesman: "But U-6 went down!"
we're just in rehab, dont worry guys
is it my imagination or is joe kernan getting tired of the lies and becoming more realistic, or is he a created counterpoint?
I said 50k 2 days ago..........posted right here on ZH
I said Treasuries rally 1 day ago thru 30 days ago...........posted right here on ZH
Well it looks like you were 4000 short. Some prediction you made.... Looks like you need to realign your crystal ball.
/sarc
yep; disastrous number.
the economy is structurally fucked and so is the government's fiscal position
What does the government's fecal position have to do with it?
I have a feeling the saying you don't "shit where you eat" fits in here somehow...
Cue the South Park episode with the mouth to perineum surgeries.
But the economy cant sink, she's made of the most bouyant iron available!
Derivatives contracts?
Have a good day, everyone.
True, we are now at a state where it APPEARS the laws of physics no longer matter. Buoyant iron is only iron because the shills repeatedly state it is. It really has properties that more closely resemble an eggshell.
The fiat damage control crew is on the problem. I can already hear Capn' Bernank barking orders, "man the pumps!" and Timmy shouting "Capn' Ben, we're trying to weld a patch over the largest hole but the buoyant iron keeps cracking... with all due respect, Cap'n is it time to lower the lifeboats (ballasted with gold bars)."
"Ship's status has been stabilized and it is listing only 47 degrees. The leaks are only transitory"
Ships log, USS Bernanktic 03 May 2011
Looks like ADP got this one right.
Credit where credit is due.
CNBC shouldve gone to him first instead of the panel of economic "experts"
Part time workers saying fuck it for the summer, expect more to drop out through august.... hey free house , free summer vacation...shit just like teachers, what a deal, I am in...
QE3 is flying in to the rescue!! I'm so glad that QE1 and 2 have helped the jobs situation as it was marketed to the public.
Market flash crashing?
I thought the tax cuts were suppose to creat jobs.
Just like Free Trade creates jobs and better relations...and going off of the gold standard will help human innovation...oh and DDT is good for you.
We Americans just love being lied to don't we.
It would be funny, if it wasn't funny.
Actually, the link between DDT and cancer is more specious than the link between BLS data and the US economy.
UR, exactly right Rachel Carson and her ilk killed more people in the 3rd world than anyone has been able to kill including WW1,2, soon 3 well I should probably hold on that one.
yes, on a par with cellphone radiation as a cancer risk, then again this is from UN’s WHO, so who really knows.
http://www.cnn.com/2011/HEALTH/05/31/who.cell.phones/index.html
To which can be added this from Thank You For Smoking:
http://www.youtube.com/watch?v=THwqPMbI9N8
And...I heard somewhere yesterday that they (the gubmint) is just about ready to push through the latest "free trade" agreement with Colombia and Korea....I shit you not.
This is just what we need to "fix" the employment issue here in the U.S.
The problem is that withoug a manufacturing base of good-paying jobs, there can really be NO economic recovery. And since these jobs are gone and most likely will not be coming back....welcome to the "new normal" (unless of course we can get ourselves into a war that is so big that full employment in the arms industry is needed for our continued survival (that will be the program announced for QE-5 - war with Asia)
Seriously though...the stupid motherfuckers running the finances of this nation - which is basically the same group, that created the financial mess we are in, and which came to power during the Reagan years, honestly believe that if we are just MORE pure in our "free-trade", "laissez-faire" and "trickle-down" ideology that everything will fix itself. This is the SAME EXACT arguement that the hard-line soviets in the Politburo made when the USSR was falling apart - "If only we can be more pure in our ideology...things will magically get better"
Have these people not been living in the same U.S. as I have? Do they NOT see the implications and effects of this "global free trade" and top-down approach to the economy? Makes you wonder if they are really this incompetent or if there is a secret, hidden and nefarious agenda behind all of this? hmmmmmm... I wonder?
When people keep doing the same things over and over again....and are surprised that the results are the same....they are usually called insane. I would argue that our entire nation and it's economic system suffer from some sort of pychotic amnesia....it is either that...or this is a planned weakening for the eventual take-down of the U.S.?
But who profits from that? (Hint: not me or you)
supranational "free trade" benefits the supranationals.
Everybody should know this by now. Trade protections were so workers could have decent wages. Now only those awful socialist nations have them.
All this after 2QEs?
What was the B/D?
+1 LOL Watch it John, they'll just say they got to go bigger next time... LMAO!!
Come on Liesman-explain this one away! Lmaooooooo you fucking douche bag.
Lord Youngman is going to say.....SHIT...Crapola..
bloomberg "watch for 10yr below 3.00%"
-___-
2.95% ........ and falling
Lol ... and what good will QE3 do without fixing the misallocation of resources?
That's right, nothing.... or just make things worse.
The Bernank is just following a script that he has been told to follow... and the teleprompter is only an actor filling a role and playing golf.
I've always believed the boys behind the bernank will collapse the system when they are made whole enough to come in and pick of the pieces for pennies on the dollar. Is it time for them to roll out the next phase?
May I ask... who are the people behind the Bernank? And this isn't a loaded question or anything... but who/what is the cabal exists behind the Fed?
That would be the shareholders of the Fed, which are families like the Rockefellers, Lehmans, Morgans, Rothschilds, etc. Take a look here...
http://www.save-a-patriot.org/files/view/whofed.html
They own our money printing machine.
LOL Someone junked me for posting a link to the Fed's org chart? Okay. Must be a Lehman or a Rockefeller trolling around here.
The Federal Reserve Cartel: The Eight Families
http://www.globalresearch.ca/index.php?context=va&aid=25080
sockpuppet.
Can't do QE3 yet, the PDs haven't tanked the S&P 500 yet... still need to cause a little panic in the markets before begging for QE3, which we all know to be inevitable.
At least today is free doughnut day.
Was the truth just told?
Never... when there is spin inside of spin...
Read: The Bernank spinning for QE3 inside of Obama Bin Lyin' re-election spin...
Sometimes the propaganda acquires neutral spin resembling truth...
Just an anomaly...
what ever it's called (QE3, etc) it will actually be FU2
Bullish for equities: QE3 to the rescue. I wouldn't be the least bit surprised if the SPX is up 20 points today.
Enough with QE3 BS. You're playing games with yourself. Get off the stuff.
QE wont help anything anymore, not even 1,000 P/E bubble equities.
How did unemployment go up? That is almost scary as last month household was revised up 225k and this month +100k so household saying 325k jobs last 2 months but unemployment rate up to 9.1%. Lots of people must be running out of money and started looking for jobs to pay the fuel and food bills.
There are creative ways to raise money, too. My car was broken into last Friday, for example.
It looks like it was pros that did it, which is a shame because I almost wish the money had ended up feeding someone's kids.
new high school and college graduates maybe?
Epic Fail
A 2/3 miss - HOLY S**T
Gold short term bubble (July-October) is coming closer :
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&start=420#p32823
Game over, man, game over.
http://www.youtube.com/watch?v=dsx2vdn7gpY
Let's build a fire and sing a couple of songs.
Who is the "aliens" in this case?
I wish we had such a clearly recognizable enemy... Would make everything easier. lol
Remember: Short, controlled bursts.
Get your "It's Transitory" t-shirts here!
+1
lol I'd buy one.
Lol. What the hell. That guest basically said "Japan quake effects will abate, housing is coming back, that's just due to foreclosure sales, plus this month had less reporting days, so if you average both months you get like 150k jobs."
Already explaining away Q3. "July could be crazy, anything could be reported" Lolololol. I feel better about Q4 than Q3. Lololololol.
Zandi is useless. Its a contest between Zandi and Liesman as to who is more worthless. I guess he missed the 6.3 EQ off the coast of Sendai earlier.
What a wormy looking fucker, wonder how long he'd last lost in the woods?
and 2 months ago he was saying japan was a non issue, if anything the reconstruction would be a positive!
Birth/Death PLUS 206,000 jobs !?!?!?!?!?!?!?!?!?!?
Oh, that's easy to explain. All the incoming college graduates are starting their own video production companies. That and screenwriting.
we were bumping along the bottom..then the bottom fell out.
It was pretty humid in May.
It's official.
TPTB is going to let the economy and stocks crash.
Time to go short big.
"A girl can dream, can't she?"
It's official. You are the perfect fade.
Crisis now over, nobody needs gold, but they are clamoring for bank stocks
RobotTrader - Mon, May 30, 2011 - 10:55 PM
If you didn't see this coming by mid-May, you're a terrible money manager then. Why go short when the crashing is going to end in a bit. Just sit cash and wait for July to buy long and wait for QE3 announcement.
fraud: you mocked us on tuesday to go long in size because new highs were imminent.
but you won't take your own advice, and short. if the market holds you'll be braying to the high heavens that bears are fools.
but hey: you've got the lying texas gunslinger covering your back.
"TPTB is going to let the economy and stocks crash."
What is this let shit.
Permission to die sir.
hrrmph i say good chap. Permission granted.
And so, QE3 will be NEXT! With bancheros getting richer by the minute, the US "fraudonomy" continuing it's devastating death spiral! One big QE3 Bounce then.....
LIGHTS OUT!
And all that massive amount of money thrown at the banksters gets you this....
Genocidal ChairSatan, well done...
gold just spiked $14 after number release.
and dropped silver like a lead brick 60 cents in a second
yep there goes industrial demand
And time or us with actual jobby jobs to back up the truck and buy
...and with it the life savings of certain silverbugz who were warned.
Silver is money - always has been, always will be. The only reason the "industrial metal" is viewed as such is because the banker oligarchy has spent its entire existence, especially in the late 1800's, pushing to have it demonetized and taken out of circulation, which is easy when you capture every single part of the regulatory structure.
If silver was only an industrial metal, why would Mexico be on the verge of monetizing the Libertad, and why would China and India be urging its citizens to invest in silver? The reason, of course, is that psychologically people naturally believe it is money. The only people who do not realize this fact are either disinfo shills or ignorant of history.
Even if you hate CNBS you have to watch, Zandi's head about to explode defending how wrong he has been!
Can someone post a link to that video?
Zandi is such a joke. They teed it up for him to say something rational. They said "All our email says you are going to say this is transitory." Basically giving him the chance to save face. He didn't grab the lifeline
What did he say? It was transitory, and you have to average April and May
maybe even he jumped the shark today and we won't be subjected to his cr*p
At this stage in the cycle? Catastrophic!
"we're in rehab" lol.. sounds like more like a junkie trying to get another fix...
summer interns at BLS hit the wrong key..these numbers are from the 2nd set of books they keep..wait for immediate revision.
Hilarious: CNBC's "Simon" makes the "bullish case for the next quarter," that because 325,000 cars weren't sold due to the Japanese supply chain problems, gas will be coming down, which will stimulate the economy.
The data numbers finally have LINKED-IN with the stock market!
ROFLCOPTER.
All we need is lots more overvalued tech start up IPOs. They create jobs..
QE2 working like a charm...
54K...and this is the manipulated upward number? What are the guesses on the real number?
Guesstimate? Minus 50k-75k, based on the b/d padding.
Kick ass numbers from kick ass leaders.
My top cudos to Rick Santelli, tellin' like it is.
The others sit there and say that everything is fine, all negatives are transitory, and we should feel "LUCKY" that things are where they are because of how bad the financial crisis was. Easy for the anyone still making the big bux to sit there and say 'don't change a thing'
And there is the crux of the problem: NOTHING has been done to restructure the economy for the massive new global and domestic realities. EVERYTHING has been done to maintain the status quo ante. And there is the problem. And there are many in high places with vested interests in seeing that nothing changes regardless of how bad it gets.
Can you buy Foodstamp futures....they are going to skyrocket...probably into bubble territory....I predict 70 million by election time...
great setup for the "are you better off than you were 4 years ago" line
You can buy options on JPM as a proxy for foodstamps as they make a nice profit on administiring those SNAP cards.
meanwhile looks like the Yemeni president got "injured" by the opposition. John Brennan, the US envoy, left Saudi Arabia on Thursday for more talks on Yemen in the United Arab Emirates, a US official in Saudi Arabia said. He will seek the help of the two countries' leaders to pressure Saleh to accept the exit deal
Steve LIESman, please go away. Take Mark Zandi and Commiebama with you.
yemen president reported killed by opposition president....
Francisco Franco is still dead
BLS historical database just crashed
no joke.
WTF? I had it on very sound authority that last months blowout job numbers signaled rainbows and unicorns for all.
I feel like I'm being mislead.
The most depressing aspect of this week of horrible data?
We spent $12 trillion to get here. And the bills are now due and still rising.
All of that money was mis-allocated to the non-productive sectors of the economy, and simply accelerated the process of giving away the productive sectors of the economy to other countries. It should have been the exact opposite. When a fire destroys your house, you start by rebuilding the foundation and the beams. Not the frickin' jacuzzi. (!)
+++
DDT only effective cheap agent against mosquito and bed bug..so of course we made it illegal..fits right in with a strong economy off shoring all it's jobs and QE was to improve the economy..cognitive failure.
Hmmmm...in order to hit Janet Yellens "QE2 will create 3m jobs" yanks need to create 2.7m jobs in June. One wonders if MCD is going to have a hiring month?
Recession ended 2 years ago and average duration of unemployment is 39.7 weeks.Longest ever.
Hope and change is going well.....right. I mean Yanks are losing 700K jobs a month.
Second derivative green shoot all over the place ;)
Oh rub it in our face. You you canadian. :-P
Worry & lament not Heph. We are going to get bitch slapped BIG TIME up here in the very near future.
Most Canucks are in denial of the present situation WW and we are just whistling past the graveyard.
This is an absolutely horrific number. Think about it:
- ZIRP4EVA
- Peak of QE2
- Mark to fantasy firmly in place
- $1.65T deficit
- College grad hiring season
And the best that can be mustered is +55k with a monstrous +206k birth/death pad-justment?!?!?
The numbers caused Obama to bogey the 3rd hole.
+++ good one
...And Michelle was just seen scurrying into Wegman's for a cartload of Rocky Road...
Placed on her tab of course.
Risk OFF!!! (Until the excrutiating pain trigger QE III, IV, V and VI)
All we need is some high speed rail, a bunch more windmills, higher taxes, and the Summer of Recover 2 will be well on its way!
don't forget carbon credits.
Who was it, NY is suing some other state or something to try to recover from the "greenhouse gases" that power plants in that other state generate.
Of course, global warming is assumed correct, it's assumed caused by CO2, and the damages to NY I guess must just be assumed because, well, global warming is simply awful. We all saw those movies, right, with the big waves and sudden ice ages and shit.
That's AEP v Connecticut, et al. It was argued at the Supreme Court a couple months ago, waiting on the decision to be issued last I heard. Oral arguments didn't go well for plaintiffs.
That Euro short sure is looking good!!!!!!!!!!
Jeez, they can't cover up the lies any more- wait until the real numbers roll in.
Market won't go down still.. Money has no way to go.
Go ahead sell stocks and enjoy falling Dollar.
Sure in overall we are set for the RED day again.
In the real crash environment Paper Silver will drop through
the floor - $10+ from here in the flash.
Looks like it is up to the five million privately owned SME's to bail our sorry asses out of this one.
Good news is that GS can't fuck them up right now-- they are private. Bad news is that 3.7 M of these companies are owned by baby boomers who will sell or transition them in the next ten years; watch for GS to open a business to help these people..... right.... help them to the poor house....
Looks like it is up to the five million privately owned SME's to bail our sorry asses out of this one.
Good news is that GS can't fuck them up right now-- they are private. Bad news is that 3.7 M of these companies are owned by baby boomers who will sell or transition them in the next ten years; watch for GS to open a business to help these people..... right.... help them to the poor house....
So when it's a good number, it's being manipulated. But when it's a bad number, it's all gravy and accurate correct?
Flight to safety appears to be USTs and Gold.
And herein lies the problem. Anytime now, criminal syndicate Wall Street banks will begin laying off thousands of folk...who currently do just about nothing as there continues to be no loan demand whatever.
Why the pink slips have not emerged in the financial services group would be beyond me, but of course Ben Bernanke has kept them rolling in bonus money despite the fact that they add NOTHING to the economy.
Wrong...they are being trained as property managers.....to handle all the REO
RIMM below $40/share, CSCO $16, MSFT $24
is that a bubble? F* Chinese screwing stock market by
their junky IPO's, otherwise Tech sector is at the Recession
levels.
Oh my, what a coincidence. The data turns bad just as QE2 runs out and while there was no support for QE 3.
Another couple of reports and all the sheep will be baaing like crazy for the Fed to save them with QE3.
I don't believe the data anymore when its good, and I'm not going to believe it when its bad just because it meets my preconceptions.
The data is a tool used by the elite to herd the sheep into asking for what they were going to given anyway and then being grateful for it.
Does detainees seating in FEMA camps count as unemployed?
The missing 111.000 are probably farm jobs.
Down on Animal Farm ...
This will look really bad after the next 3 downward revisions.
If today is 6/3/2011 Weeks ago 99 UE Started 7/10/2009Silver had a pop to near $36/oz then down to $35/oz and back to near $36/oz.
Gold will likely surpass it's high and as gold prices are becoming a blur who needs to remember the high from day to day any more.
Another round of QE is on the way so gold/silver will mega-pop and it will kill the economy with rising prices and China will increase their sales of American debt which will kill the fiat paper dollar.
No further QE will kill the economy with unsustainable debts and China will increase their sales of American debt which will kill the fiat paper dollar so gold/silver will mega-pop.