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NFP +244,000, 9% Unemployment, Birth/Death Adjustment +175,000

Tyler Durden's picture





 

And so much for all economic data indicating a drop. The BLS just reported the biggest monthly gain since February 2006. From the release: "Nonfarm payroll employment rose by 244,000 in April, and the unemployment rate edged up to 9.0 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in several service-providing industries, manufacturing, and mining." And yet: Birth/Death adjustment +175,000.

From the establishment survey:

Total nonfarm payroll employment increased by 244,000 in April, and the private sector added 268,000 jobs. Employment rose in a number of service-providing industries, manufacturing, and mining. Since a recent low in  February 2010, total payroll employment has grown by 1.8 million. Privatesector employment has increased by 2.1 million over the same period.(See table B-1.)

In April, employment in retail trade rose by 57,000. Within the industry, employment in general merchandise stores increased by 27,000, offsetting a decline of similar magnitude in the prior month. Elsewhere in retail trade, April job gains occurred in electronics and appliance stores (+6,000), building material and garden supply stores (+6,000), and automobile dealers (+5,000).

Employment in professional and business services continued to expand in April, with an increase of 51,000. Job gains occurred in management andtechnical consulting services (+11,000) and in computer systems design and related services (+8,000). Employment in temporary help services was little changed over the month, following an increase of 34,000 in March.

Health care continued to add jobs in April (+37,000). Within health care, job gains continued in ambulatory health care (+22,000) and hospitals (+10,000).

Employment in leisure and hospitality continued to increase in April (+46,000). Over the past 3 months, this industry added 151,000 jobs, with nearly two-thirds of the growth in food services and drinking places.

Employment in both state government and local government continued to trend down, with April losses concentrated in the non-educational components.

Elsewhere in the service-providing sector, employment in information, financial activities, and transportation and warehousing changed little
in April.

In the goods-producing sector of the economy, manufacturing employment rose by 29,000 in April. Since reaching an employment low in December 2009, manufacturing has added 250,000 jobs, including 141,000 in 2011. Over the month, employment growth continued in machinery (+5,000), primary metals (+4,000), and computer and electronic products (+4,000).

Mining added 11,000 jobs in April. More than half of the gain occurred in support activities for mining. Since a recent low point in October 2009, employment in mining has increased by 107,000.

Construction employment was about unchanged in April. This industry has shown little net movement since early 2010, after having fallen sharply during the prior 3 years.

The average workweek for all employees on private nonfarm payrolls remained at 34.3 hours in April. The manufacturing workweek for all employees, at  40.4 hours, also was unchanged over the month, while factory overtime  increased by 0.1 hour to 3.3 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged in April at 33.6 hours. (See tables B-2 and B-7.)

In April, average hourly earnings for all employees on private nonfarm payrolls increased by 3 cents, or 0.1 percent, to $22.95. Over the past 12 months, average hourly earnings increased by 1.9 percent. In April, average hourly earnings of private-sector production and nonsupervisory employees rose by 5 cents, or 0.3 percent, to $19.37. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for February was revised from +194,000 to +235,000, and the change for March was revised from +216,000 to +221,000.

 

 


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Fri, 05/06/2011 - 08:29 | Link to Comment cossack55
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BLS Bitchezzzz!!!!

Fri, 05/06/2011 - 08:33 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

May the gods bless our beloved warlord ruler!

Fri, 05/06/2011 - 08:30 | Link to Comment Shocker
Shocker's picture

haha, Of course always on the up and up. Well for the 3 to 5 people that still believe we are in a recovery. Get a grip and take a look

http://www.dailyjobcuts.com

Fri, 05/06/2011 - 08:33 | Link to Comment LRC Fan
LRC Fan's picture

Party on bitchez

Fri, 05/06/2011 - 08:34 | Link to Comment terryg999
terryg999's picture

What's U-6 at? 

Fri, 05/06/2011 - 08:37 | Link to Comment Cassandra Syndrome
Cassandra Syndrome's picture

Up to 15.9%. Healthy...

Interesting to see the SGS figure later

 

Fri, 05/06/2011 - 08:40 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

15.5%

Fri, 05/06/2011 - 08:39 | Link to Comment Cassandra Syndrome
Cassandra Syndrome's picture

Yeah, sorry was looking at the Seasonally Adjusted column at 15.9%

Non Seasonally adjusted is 15.5%

Fri, 05/06/2011 - 08:40 | Link to Comment uhb
uhb's picture

Precisely what my first thought was, terry.

It (seasonally adjusted) is at 15.9%, or 0.2% up from 15.7%.

Party on bitchez...

Fri, 05/06/2011 - 08:31 | Link to Comment Lndmvr
Lndmvr's picture

Strip out the new McDonalds jobs and what do we have?

Fri, 05/06/2011 - 08:33 | Link to Comment Confused
Confused's picture

Thanks. That was my first thought as well. Manufacturing right? What a joke. 

Fri, 05/06/2011 - 08:37 | Link to Comment cossack55
cossack55's picture

I figured McDs for more assembly type work than MFG.

Fri, 05/06/2011 - 12:05 | Link to Comment Dollar Bill Hiccup
Dollar Bill Hiccup's picture

McD's is an industrial process, so you're really manufacturing burgers. It's actually a leap to say that you are cooking or preparing food, if you really think about it.

Industrial Life : not iLife but I-life ... lets put the emphasis where it's most appropriate.

Fri, 05/06/2011 - 08:33 | Link to Comment Jeremy Roenick
Jeremy Roenick's picture

Right on, right on.  McD's hired 50k this past month or at least that was the PR.

 

Want fries with that shake?

Fri, 05/06/2011 - 08:34 | Link to Comment Larry Darrell
Larry Darrell's picture

Actually, McD set out to hire 50k......they actually hired 62k.

Fri, 05/06/2011 - 08:41 | Link to Comment tmosley
tmosley's picture

244,000-175,000 (birth Death adjustment)-62,000 (McDonalds hires)=7,000

lol

Fri, 05/06/2011 - 08:44 | Link to Comment uhb
uhb's picture

no, not lol but ROFL + SUSFU

Fri, 05/06/2011 - 09:20 | Link to Comment Hedge Jobs
Hedge Jobs's picture

 

 

 

Fri, 05/06/2011 - 09:15 | Link to Comment Hedge Jobs
Hedge Jobs's picture

nice pick up mosley, looks like TD liked it so much he gave it its own post.

 

 

Fri, 05/06/2011 - 09:15 | Link to Comment Hedge Jobs
Hedge Jobs's picture

nice pick up mosley, looks like TD liked it so much he gave it its own post.

 

 

Fri, 05/06/2011 - 09:19 | Link to Comment Hedge Jobs
Hedge Jobs's picture

nice pick up mosley, looks like TD liked it so much he gave it its own post.

 

 

Fri, 05/06/2011 - 09:20 | Link to Comment Hedge Jobs
Hedge Jobs's picture

not too sure what happened here, ill blame IT. comment definately wasnt worth repeating 4 or 5 times!

 

 

Fri, 05/06/2011 - 10:51 | Link to Comment tmosley
tmosley's picture

Of course it was :)

Fri, 05/06/2011 - 08:56 | Link to Comment Alex Kintner
Alex Kintner's picture

Thank the McGawds. A new growth industry has arrived to replace all those crappy Hi-tech industry jobs sent overseas. Now once we adjust to living in dirt floor shacks and walking bare foot, all will be well in Hooverville. Bonus effect: We can scrounge through the company dumpster for uneaten fries.

Buy the oversized bowls of Dipping sauce bitchez.

Fri, 05/06/2011 - 09:28 | Link to Comment Bob
Bob's picture

They hadn't expected 12,000  physicists applying.  They decided to hire and keep them busy doing distributed research on nuclear fusion during slack times on the midnight shifts.

Fri, 05/06/2011 - 08:34 | Link to Comment NOTW777
NOTW777's picture

if they want to sell this jobs # then even less reason for more QE

Fri, 05/06/2011 - 08:45 | Link to Comment NOTW777
NOTW777's picture

LOL 62k from macdonalds - what an economic boom - we need more macdonalds

Fri, 05/06/2011 - 08:34 | Link to Comment oogs66
oogs66's picture

Household report showed -190k?

Fri, 05/06/2011 - 08:32 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

What a shocker, the economy isn't improving (!)

Fri, 05/06/2011 - 08:32 | Link to Comment lettuce
lettuce's picture

read goldman's piece yesterday to show the effects of mcdonalds not mattering and also the fact that increased participation rate will require 290k+ jobs/mo just to keep the headline unemployment steady. suckers.

 

RISK ON!!!!!!!!

Fri, 05/06/2011 - 08:32 | Link to Comment DavidJ
DavidJ's picture

Will Silver & gold rally much on these better NFP numbers?

Fri, 05/06/2011 - 08:51 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

At least I hope this is the bottom.

Fri, 05/06/2011 - 09:18 | Link to Comment DavidJ
DavidJ's picture

they are rally now!!!!

Fri, 05/06/2011 - 09:20 | Link to Comment DavidJ
DavidJ's picture

they are rallying now!!!!

Fri, 05/06/2011 - 08:32 | Link to Comment hamurobby
hamurobby's picture

And they revised last weeks number...up of course, Will this weeks be revised over 250 next week I wonder.

Fri, 05/06/2011 - 08:32 | Link to Comment wandstrasse
wandstrasse's picture

sorry, little bit out of context, but such a great song -

'The Revolution Will Not Be Online'

 

http://skuff.bandcamp.com/track/the-revolution-will-not-be-online

Fri, 05/06/2011 - 08:35 | Link to Comment fockewulf190
fockewulf190's picture

Thanks to McDonalds for helping the numbers.  Gotta count them burger flippers.  Can I take out my mortgage now?

Fri, 05/06/2011 - 08:33 | Link to Comment CreditcalMass
CreditcalMass's picture

Rally on bitchez.

Fri, 05/06/2011 - 08:36 | Link to Comment docj
docj's picture

Total nonfarm payroll employment increased by 244,000 in April, and the private sector added 268,000 jobs.

No need to read past that. Total, complete, 100%, Grade-A, unfiltered bullshit.

Fri, 05/06/2011 - 08:34 | Link to Comment LoneStarHog
LoneStarHog's picture

Birth/Death Model = +175,000 ?!?!?!?!?

Fri, 05/06/2011 - 08:38 | Link to Comment Fantasy Planet
Fantasy Planet's picture

Couldn't they just combine the QE3 full steam ahead announcement at the same time?

Fri, 05/06/2011 - 08:39 | Link to Comment oogs66
oogs66's picture

birth/death was 175k?

Fri, 05/06/2011 - 08:39 | Link to Comment Bartanist
Bartanist's picture

I am confused. How can the birth/death effect add employement in specific sectors?

Need more data.

Fri, 05/06/2011 - 08:43 | Link to Comment NotApplicable
NotApplicable's picture

Because they said so.

Fri, 05/06/2011 - 08:38 | Link to Comment Veekay23
Veekay23's picture

The broader U-6 unemployment rate rose to 15.9 percent from 15.7 percent

Fri, 05/06/2011 - 08:38 | Link to Comment sbenard
sbenard's picture

Bizarro! Unemployment RISES on best job growth in years!

Pinch me! Is this real?

Fri, 05/06/2011 - 08:43 | Link to Comment Herne the Hunter
Herne the Hunter's picture

The party line is that unemployment % counts the number of unemployed people ACTIVELY looking for a job. As economy recovers, more people "smell blood" and start looking for payrolls, hence increase in unemployment. But that's the theory.

Fri, 05/06/2011 - 08:41 | Link to Comment Herne the Hunter
Herne the Hunter's picture

birth certificates, bitchez

Fri, 05/06/2011 - 08:38 | Link to Comment nantucket
nantucket's picture

i'm gonna go to BLS and look at the trailing 12 months of birth death adjustments to see what they have been and if this is a huge outlier

Fri, 05/06/2011 - 08:38 | Link to Comment Josh Randall
Josh Randall's picture

McD'z hiring the peeps out there is what got us where we are today. Heckuva job Ronald...

Fri, 05/06/2011 - 08:41 | Link to Comment Silverhog
Silverhog's picture

I think we can say goodbye to the Mining jobs.

Fri, 05/06/2011 - 08:41 | Link to Comment somethingelse
somethingelse's picture

244K - 62K McD's hired in April event =182K (in the estimated consensus range...how come the analysts did not factor in the McD's jobs in their expectations?)

Fri, 05/06/2011 - 08:42 | Link to Comment LRC Fan
LRC Fan's picture

LOL@ CNBC.  Kernan was just saying "let me check Drudge, I bet it says NINE PERCENT!  NINE PERCENT!  NINE PERCENT! (he said it in a retarded robot type voice)" and then Becky Quick was like "omggggggggg it DOES SAY 9 %%%% WTF@LFLKJFLOBBQ?  Why can't they just say +244 kay?!?!?!"  Lollllll I love these rigged ass markets. 

Fri, 05/06/2011 - 08:40 | Link to Comment goldinpenguin
goldinpenguin's picture

Unemploymment rate up 2 clicks to 9%, job seekers are increasing faster than hires. They waited til spring, why tramp around in snow seeking non existent jobs when you can wait til warmer weather. Workweek unchanged. Mickey D's got a waiver from O'B admin to hire with lesser benefits (I heard) don't know if it's true or the details.

Fri, 05/06/2011 - 08:43 | Link to Comment sbenard
sbenard's picture

Futures are responding with glee. Wall Street has a Pollyanna complex!

Fri, 05/06/2011 - 08:45 | Link to Comment dpr10
dpr10's picture

weekly claims and the NFP report does not make any sense at all..this is another pump job...+175k b/d why dont they make it 250k and have 300k job growth::)))

Fri, 05/06/2011 - 08:42 | Link to Comment Sour Grapes
Sour Grapes's picture

Unemployment rate went up because household survey said -190K, that is a negative 190K

Fri, 05/06/2011 - 08:45 | Link to Comment Cassandra Syndrome
Cassandra Syndrome's picture

 

271,000 people drop out of the Labour Force, hence the increase in the Unemployment rate.

Fri, 05/06/2011 - 08:46 | Link to Comment John McCloy
John McCloy's picture

175k lol. Strap in folks this recovery is going to be some bitchin ride. Who cares if it's all a simulation.
The Fed should just do everyone a favor and send them all virtual reality goggles. It would save everyone much time and now they can sit back and at least go to a pretend job, cash a pretend check and go spend some virtual money at the VR Abercrombie.

Never realized how ahead of it's time The Wachowski twins were.

Fri, 05/06/2011 - 08:58 | Link to Comment Bob
Bob's picture

I love the Matrix trilogy (just watched Revolutions again last night), but it wasn't an entirely original idea:

http://en.wikipedia.org/wiki/Simulacrum

http://thisisnthappiness.com/post/489300143/cest-une-pipe

http://matrix.wikia.com/wiki/Simulacra_and_Simulation

The transformation of the "Mainstream Media" into the Corporate Media sure as hell changed the cultural landscape, though.

 

Fri, 05/06/2011 - 08:44 | Link to Comment Cassandra Syndrome
Cassandra Syndrome's picture

 

271,000 people drop out of the Labour Force, hence the increase in the Unemployment rate.

Fri, 05/06/2011 - 08:45 | Link to Comment bingaling
bingaling's picture

Holy smokes- Lets see unemployment numbers improving (if you believe..)- commodity prices coming down - stocks taking a one day hit -dollar strengthening- looks like the perfect setup to explain why the US needs one more "final" round of QE and how this "last" QE will fix the remaining problems after the worst financial crisis the world has ever seen .

Fri, 05/06/2011 - 09:40 | Link to Comment ElvisDog
ElvisDog's picture

What you wrote doesn't make sense to me. I thought the justification for QE was that it was an emergency response to economic weakness. How does improving employment numbers make for the "perfect setup" for QE? It seems to me it would make the argument for not doing any more QE.

Fri, 05/06/2011 - 08:47 | Link to Comment The Alarmist
The Alarmist's picture

Maybe we need a Jobless Claims / NFP MACD indicator ....

Fri, 05/06/2011 - 08:47 | Link to Comment goldfreak
goldfreak's picture

Birth/Death adjustment +175,000.

am confused, what does this mean?

Funeral homes are adding more jobs?

Fri, 05/06/2011 - 08:54 | Link to Comment Dr. Engali
Dr. Engali's picture

It is supposedly how they track old business that die off and new businesses born (they guess )and it's funny how much bigger that number gets every month. The big lie continues.

Fri, 05/06/2011 - 09:14 | Link to Comment Alex Kintner
Alex Kintner's picture

They must be counting all new eBays accounts as a new business. Newspaper ads for Tag Sales will be counted next.

Fri, 05/06/2011 - 08:56 | Link to Comment topcallingtroll
topcallingtroll's picture

Birth death is an estimate of business start ups, newly self employed, and small business hires not captured by the formal data gathering, minus small business closings.

It is just a guess.

Fri, 05/06/2011 - 09:12 | Link to Comment goldfreak
goldfreak's picture

i see so 80% of the report is just a guess?

Fri, 05/06/2011 - 09:23 | Link to Comment i-dog
i-dog's picture

The whole report is just a guess!

IIRC, it is a combination of statistical sampling and statistical adjustments ... it's not an actual tally of jobs. I could be wrong, however...........

Fri, 05/06/2011 - 09:05 | Link to Comment John McCloy
John McCloy's picture

Ok. Let's imagine you are trying to convince someone of how successful you are but sadly you only have about 800 bucks to your name and are unemployed. Obviously when you go home to impress your friends or secure a date with that gorgeous brunette you have had your eye on you would find it difficult to convince either of your success based on the above. Next morning wake up..go the mirror and repeat the following: I own 5 successful small businesses and have over 2 million in the bank. When you believe it they will believe it. Presto magic. That is Birth/Death Model. The govt literally pretends they are successful and not the complete opposite. Now stop being unparriotic please and go tell as many people as you can that Pres. Obama created 244k jobs and that the stock market is up.

Fri, 05/06/2011 - 09:11 | Link to Comment Alex Kintner
Alex Kintner's picture

Roiders tweet: "White House confirms approval to initiate Soylent Green contingency."

Fri, 05/06/2011 - 09:42 | Link to Comment smithcreek
smithcreek's picture

It means 174K people went down to the local sign shop and bought one of those magnetic banners you put on your car door, and presto!  They instantly became self employed business people.  The other 1k started magnetic sign stores.

 

I've never seen so many cars with those things on them as I have the past couple years.

Fri, 05/06/2011 - 08:47 | Link to Comment PulledPorkBBQ
PulledPorkBBQ's picture

Just 244k (or 244k-175k, LOL) added in 1 month?

 

Gee, just yesterday the news was "Initial jobless claims rose to 474k in the last week of April"

 

This ain't high-energy physics or anything, but it looks like the ship is still sinking...

Fri, 05/06/2011 - 08:48 | Link to Comment babylon15
babylon15's picture

Can someone explain where to find the birth/death adjustment number?

Fri, 05/06/2011 - 08:51 | Link to Comment sbenard
sbenard's picture

Crude jumps back above 100.

Fri, 05/06/2011 - 08:49 | Link to Comment sbenard
sbenard's picture

PMs not moving much, one way or the other.

Fri, 05/06/2011 - 08:53 | Link to Comment ebworthen
ebworthen's picture

 

So NFP really = +69,000.

(+244,000 minus the +175,000 Birth/Death "adjustment").

Is this a joke?

"69 K"?

Yeah, this is kind of a 69 between BLS and the FED, no?

 

Fri, 05/06/2011 - 08:50 | Link to Comment buzzsaw99
buzzsaw99's picture

Nobody really expected a bad number out of the gubbermint did they?

Fri, 05/06/2011 - 08:53 | Link to Comment monopoly
monopoly's picture

Number looks ok. Glad the govt. gives us the honest answers. Tough market to day trade.

0

Fri, 05/06/2011 - 08:56 | Link to Comment John Law Lives
John Law Lives's picture

Birth/Death adjustment +175,000

McDonalds hired 62,000 (I assume that total counted in April)

Sounds like a robust recovery...

 

Fri, 05/06/2011 - 08:58 | Link to Comment dcb
dcb's picture

I am a bit angry as I did nopt close out my shorts ona thursday, it's one of my trading rules

Fri, 05/06/2011 - 09:46 | Link to Comment RockyRacoon
RockyRacoon's picture

Apparently it's not a rule.  Reassessment is in order.

Fri, 05/06/2011 - 08:56 | Link to Comment AldoHux_IV
AldoHux_IV's picture

Shouldn't we be adding much more than this by now?  Trillions of dollars and this still seems pretty pathetic.

Fri, 05/06/2011 - 08:56 | Link to Comment Owais
Owais's picture

GOLD 1500+ NEXT WEEK OR QE2.5 ?

Fri, 05/06/2011 - 08:58 | Link to Comment jason4u
jason4u's picture

Hi guys, can someone explain the birth death adjustment figure? What does it mean? Everyone seems to be ignoring the question...help tthe newbies out please! Gracias

Fri, 05/06/2011 - 09:06 | Link to Comment John Law Lives
John Law Lives's picture

Read all about it here:

http://www.bls.gov/web/empsit/cesbd.htm

Fri, 05/06/2011 - 09:01 | Link to Comment MiniCooper
MiniCooper's picture

Am I right in thinking that 244k minus the 175k Birth/Death adjustment minus the 62k McDonalds jobs leaves just ---- 8k!!

Or am I overthinking this?

Fri, 05/06/2011 - 08:59 | Link to Comment sbenard
sbenard's picture

So let me get this straight.

Micky D's -- 62,000 jobs

Birth/death assumption -- 175,000 jobs

BLS -- 244,000

Net jobs from private sector less McD's -- 7,000

Shouldn't we just change BLS to just "BS"?

BUt stock futures jump 150 points! Where's the good news I missed?

Fri, 05/06/2011 - 09:11 | Link to Comment John McCloy
John McCloy's picture

That's how it works. All biases favor the ponzi masters. They stage market take downs so they can whack oil and metals and 2 days later and a few future ramps they sneak them back up and hope oil and gold do not tag along.
The bias always favors the bank stocks, reits and tech stocks with super betas.
It is a nationalized stock market. Only when Ben reaches new highs will he stop since Americans with think we recovered because stocks are back up and nobody will know what fraud, leverage and taxpayer dollars it took to get us there.

Fri, 05/06/2011 - 09:00 | Link to Comment kkam
kkam's picture

Ponder this: Obama's poll ratings were down, re-election chances dropping. Somebody comes up with a brilliant plan: 1) Resurrect Osama and kill him in a staged-for-TV show. Follo that up with a photo op at ground zero with lots of families of survivors. Looks great on TV. Leads to a jump in the polls and a sharp reduction in criticism. 2) Engineer a collapse in the commodities complex, bringing crude down so that motorists can see gas is cheaper than ever! 3)   Goose the NFP and other key economic numbers to give the appearance of an improving economy. And lo - in a couple of months Obama is at the top in the polls.

You work out if this is true or hypothetical.

Fri, 05/06/2011 - 09:43 | Link to Comment ElvisDog
ElvisDog's picture

The problem with your theory is that it's all happening too soon. What good is it to engineer all this 18 months before the election. If this was all happening in May 2012, I might be more suspicious. Didn't George H.W. Bush have something like a 90% approval rating 18 months before the 1992 election (right after the Gulf War)?

Fri, 05/06/2011 - 09:03 | Link to Comment Kina
Kina's picture

Those jobs must have come with Food Stamps.

Is there anything in the US that isn't corrupt?

 

US economy is still toast and QEn still the future. It is still PMs as insurance against dying fiat, despite the recent corrupt activity of the cartel.

Fri, 05/06/2011 - 10:31 | Link to Comment Steelpulse
Steelpulse's picture

+1

Fri, 05/06/2011 - 09:12 | Link to Comment nantucket
nantucket's picture

birth/death doesn't look 3 sigma event out of line, here are the links to the adjustments for 2010 and 2011

http://www.bls.gov/web/empsit/cesbd.htm

 

and for 2009 and earlier

http://www.bls.gov/web/empsit/cesbdhst.htm

Fri, 05/06/2011 - 09:09 | Link to Comment Fourth Horseman...
Fourth Horseman of the Apocalypse's picture

The April survey period was 5 weeks this year rather than the traditional 4 weeks.  This boosted BDA by adding a fifth week.  The BLS probably added 1 week from June and you noted that June 2010 BDA added 192k so June's run rate is the highest of the year.  We should get a pay back in the May data.  This is a false positive which is confirmed by the weekly claims data, ISM Services data, and the Fed's regional manufacturing surveys.

 

Fri, 05/06/2011 - 09:10 | Link to Comment TomGa
TomGa's picture

Labor force participation rate remained steady at 64.2%, so the rise in the unemployment number to 9% did not come from discouraged workers re-entering the labor pool.

Fri, 05/06/2011 - 09:23 | Link to Comment ChartreuseDog
ChartreuseDog's picture

BTFD!

Fri, 05/06/2011 - 09:27 | Link to Comment mayhem_korner
mayhem_korner's picture

More skewed optimism from the MSM...

CNN/Fortune reporting some 96,000 available positions at Fortune 100 firms:

http://money.cnn.com/galleries/2011/fortune/1105/gallery.fortune500_most_hiring.fortune/index.html?iid=EAL

I checked out #4 on the list (IBM), listed as having 8,320 jobs available:

http://money.cnn.com/galleries/2011/fortune/1105/gallery.fortune500_most_hiring.fortune/4.html

Following the link and then querying IBM's job listing shows 2,100 of those openings being in the U.S.

Same with G.E. - CNN reports 8,320 jobs, but their site shows 2,843 in the U.S.

If I extrapolate and assume that 3/5 of the 96K are outside of the U.S., the conclusion is that 20 of the top 100 firms in the country have about than 40K jobs available.  And lots of those are internships or Best Buy entry-level associates.

How long before the veil is shredded?

Fri, 05/06/2011 - 10:27 | Link to Comment Alex Kintner
Alex Kintner's picture

Ha ha. IBM jobs. That's laughable. They tell existing employees, "Your job just moved to Dubuque IA at a lower salary. If you don't want to move, please sign these exit papers and have a good life." Plus, they just use the help wanted ads to scam the H1-B visa system. "Hey we couldn't find any US workers with the skills. Gotta bring in some off-shore workers at one third the salary." Then the gubmint winks and nods. IBM is a master at the game, just like all the other US Techs.

Fri, 05/06/2011 - 09:52 | Link to Comment ZapBranigan
ZapBranigan's picture

 

And the equities markets tear upwards....(it's not even humorous anymore)

 

Fri, 05/06/2011 - 10:00 | Link to Comment Mach1513
Mach1513's picture

Birth death adjustment up from 117,000 to 175,000.

Way to jiggle the numbers.

Fri, 05/06/2011 - 10:21 | Link to Comment HedgeFundLIVE
HedgeFundLIVE's picture

watch that birth death adjustment!  today's number was more in line to shitty, if anything: http://www.hedgefundlive.com/blog/the-bls-report-for-april-2011-aka-non-farm-payrolls-not-as-good-as-it-looks

Fri, 05/06/2011 - 10:24 | Link to Comment HedgeFundLIVE
HedgeFundLIVE's picture

 

watch that birth death adjustment!  today's number was more in line to shitty, if anything: http://www.hedgefundlive.com/blog/the-bls-report-for-april-2011-aka-non-farm-payrolls-not-as-good-as-it-looks

 

Fri, 05/06/2011 - 12:09 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

The birth death adjustmenet says it all - out here in the real world there is no driver for new hiring.  Simple as that.  But that is not news, so other that the quantum fluctuations in the markets this "news" tends to either induce or collaterally support, such as the inevitable levitation in equities, which will resume after this week's dip ends, pay no attention.

Fri, 05/06/2011 - 12:35 | Link to Comment Gimp
Gimp's picture

You all need to go to the re-education camps!  Gubbermint numbers are real, more jobs are being created and all is well....

War is peace

Lies are truths

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