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NFP +36,000, Huge Miss To +146,000 Expectations, 9% Unemployment, Not Seasonally Adjusted U-6 Surges From 16.6% to 17.3%

Tyler Durden's picture





 

Highlights

  • Change in Private Payrolls (Jan) M/M 50K vs. Exp. 145K (Prev. 113K)
  • Change in Manufacturing Payrolls (Jan) M/M 49K vs. Exp. 10K (Prev. 10K)
  • Seasonally adjusted U-6 underemployment 16.1% from 16.6% previously
  • Much more importantly, Not-seasonally adjusted U-6 surged from 16.6% to 17.3%!
  • The civilian labor force declined from 153,690
    to 153,186
  • Government workers: from 20,759K to 20,740K
  • Labor force participation at 64.2%, the lowest since March March 1984
  • Part-time workers for economic reasons: 8,407
  • Part-time workers for non-economic reasons: 17,552
  • Birth/Death adjustment: -339,000

We are now all awaiting Snow Lavorgna to appear and explain how January snow is to blame for genital herpes, among every other bad thing in the world.

From the report:

The unemployment rate fell by 0.4 percentage point to 9.0 percent in January, while nonfarm payroll employment changed little (+36,000), the U.S. Bureau of Labor Statistics reported today. Employment rose in manufacturing and in retail trade but was down in construction and in transportation and warehousing. Employment in most other major industries changed little over the month.

The unemployment rate (9.0 percent) declined by 0.4 percentage point for the second month in a row. (See table A-1.) The number of unemployed persons decreased by about 600,000 in January to 13.9 million, while the labor force was unchanged. (Based on data adjusted for updated population controls. See table C.)

Among the major worker groups, the unemployment rates for adult men (8.8 percent), whites (8.0 percent), and Hispanics (11.9 percent) declined in January. The unemployment rates for adult women (7.9 percent), teenagers (25.7 percent), and blacks (15.7 percent) were little changed. The jobless rate for Asians was 6.9 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)

The number of job losers and persons who completed temporary jobs fell from 8.9 to 8.5 million in January. The number of long-term unemployed (those jobless for 27 weeks or more) edged down to 6.2 million and accounted for 43.8 percent of the unemployed. (See tables A-11 and A-12.)

After accounting for the annual adjustment to the population controls, the employment-population ratio (58.4 percent) rose in January, and the labor force participation rate (64.2 percent) was unchanged. (See tables A-1 and C.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) declined from 8.9 to 8.4 million in January. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

Full report

 


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Fri, 02/04/2011 - 09:33 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

Huge bar on /ES.  Someone is frantically defending the futures.  Isn't this huge volume for after hours?

Fri, 02/04/2011 - 09:33 | Link to Comment firstdivision
firstdivision's picture

There's huge bars all over the place on all markets.  Doesn't make sense unless algos are currently confused due to the 9% number mixed with that massive employment miss.

Fri, 02/04/2011 - 09:37 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

The real time 5 minute chart on the futures looked strange - started to drop like a rock and immediately huge (programmed?) buying stepped in.  Looks like volume on that bar was as high as the brief selloff during trading hours yesterday.

Fri, 02/04/2011 - 09:39 | Link to Comment FunkyMonkeyBoy
FunkyMonkeyBoy's picture

It's all lies, the algos have no reason to understand these numbers, just like us humans don't. They don't make sense, they are completely fabricated numbers. All governments do is lie.

If it doesn't stand up to scrutinity then it's a lie.

Fri, 02/04/2011 - 09:56 | Link to Comment Oh regional Indian
Oh regional Indian's picture

They're not numbers Funkyman. They are NUMBers.

When you see them as such, you ignore them unless you want to be NUMBered.

I'm glad this scam's days are NUMBered. Once the BDI slips into triple digits, it's just a matter of time.

After that, while money fall like pretty snowflakes from the sky, it won't buy you much.

Except maybe, a snowflake.

ORI

http://aadivaahan.wordpress.com/2011/01/31/then-again-people-choose-yoga...

Fri, 02/04/2011 - 09:49 | Link to Comment TruthInSunshine
TruthInSunshine's picture

It was...

 

....The Snow!!!!!

Weather Hurt U.S. Job Growth in January
Fri, 02/04/2011 - 09:51 | Link to Comment snowball777
snowball777's picture

Haters gotta hate!

Fri, 02/04/2011 - 09:55 | Link to Comment silvertrain
silvertrain's picture

 Funny I've never hear anyone say that the number was high because we had awesome whether last month..

Fri, 02/04/2011 - 09:44 | Link to Comment Twindrives
Twindrives's picture

The Federal Reserve is Benocide Bernanke's Frankenstein.  His creation terrorizes the world.  

Fri, 02/04/2011 - 09:30 | Link to Comment TrihumpTheInsultDog
TrihumpTheInsultDog's picture

Get a job Bitchez!

Fri, 02/04/2011 - 09:36 | Link to Comment whatsinaname
whatsinaname's picture

Rally On

Fri, 02/04/2011 - 09:44 | Link to Comment whatz that smell
whatz that smell's picture

soften 'em up with the sound cannon and tear gas... then nuke-em with the bernanke put!

 

Fri, 02/04/2011 - 09:48 | Link to Comment Azannoth
Azannoth's picture

"The unemployment rate fell by 0.4 percentage point to 9.0" at this rate we'll have a surplus of jobs next year without any1 actually working

Fri, 02/04/2011 - 10:29 | Link to Comment Armando Javier ...
Armando Javier Finkeltein of the Boise Finkelsteins's picture

That is funny

Fri, 02/04/2011 - 10:48 | Link to Comment ElvisDog
ElvisDog's picture

If my math is correct, they seasonally-adjusted an additional 2M workers into the ranks of the employed.

Fri, 02/04/2011 - 09:31 | Link to Comment firstdivision
firstdivision's picture

Tyler,

You forgot to mention that it was due to weather, except that drop to 9% was becuase of the awesome work of the Bernak!

Fri, 02/04/2011 - 09:33 | Link to Comment Max Hunter
Max Hunter's picture

9% according to the survey... Good Grief.. Looks like they are kicking the rhetoric up a notch..

Fri, 02/04/2011 - 10:00 | Link to Comment firstdivision
firstdivision's picture

Pat Robertson said the miss was becuase the people were looking for gay jobs, in gay industries.  So god made it snow a lot to pervent the people from getting gay jobs, in gay industries.

Fri, 02/04/2011 - 10:13 | Link to Comment cosmictrainwreck
cosmictrainwreck's picture

am a little dubious /sarc, but will definitely check it out next time I talk with the Almighty

Fri, 02/04/2011 - 10:44 | Link to Comment firstdivision
firstdivision's picture

If you don't get the joke, google Pat Robertson , snowstorm. 

Fri, 02/04/2011 - 12:03 | Link to Comment sun tzu
sun tzu's picture

I'm sure that's relevant, because Pat Robertson is the cause of this country's economic problems

Fri, 02/04/2011 - 09:31 | Link to Comment lynnybee
lynnybee's picture

Non - farm payrolls .     Well, if I can't find a decent job in the "non-farm" space, then, I guess I'll have to start looking in FARM PAYROLLS !!  ........ time to drop out of "their game" & find my own game.

Fri, 02/04/2011 - 09:33 | Link to Comment etrader
etrader's picture

Explains the Gold buy basket move , yesterday afternoon ;-)

Its all the snows fault.....

Fri, 02/04/2011 - 09:32 | Link to Comment uhb
uhb's picture

Astonishing how few jobs you get for 1,400,000,000,000 new debt per year . buahuahua!!!!

Fri, 02/04/2011 - 09:32 | Link to Comment EscapeKey
EscapeKey's picture

9.0!

Lies, damn lies, and government statistics.

Fri, 02/04/2011 - 10:04 | Link to Comment docj
docj's picture

Yep - worst employment participation rate in 26-years and the "headline" number is materially better than the lows of the recession.

The Ministry of Truth at "work".

Fri, 02/04/2011 - 09:33 | Link to Comment Shocker
Shocker's picture

Wait one second, so we dropped to 9.0% unemployment. That is horrible because unemployment hasn't dropped. It means more people are now out of the system. Check for yourself

http://www.dailyjobcuts.com

 

Fri, 02/04/2011 - 09:34 | Link to Comment uhb
uhb's picture

can't be, there are only 40,000,000 amerivans on food stamps. it would be funny if it wasnt so depressing.

Fri, 02/04/2011 - 09:36 | Link to Comment EscapeKey
EscapeKey's picture

You're preaching to the choir.

Fri, 02/04/2011 - 09:40 | Link to Comment Shocker
Shocker's picture

Well I'm glad some people see, the crazyness :-)

Fri, 02/04/2011 - 09:34 | Link to Comment 101 years and c...
101 years and counting's picture

bernanke is accomplishing his mandate of lowering unemployment.  too bad its only because he's made the situation so impossible, everyone is giving up looking.  good job ben, you genocidal, lying sack of shit. 

Fri, 02/04/2011 - 09:34 | Link to Comment fastishplastic
fastishplastic's picture

why would they report a more-truth today of all days? 

Fri, 02/04/2011 - 09:35 | Link to Comment youngman
youngman's picture

And unemployment down to 9%.....they just drop people off the roles....watch the foodstamp number..its a better number..they do not drop off there...they just announced 500,000 dropped off the roles....lol...so what do those people do...they file for foodstamps....this is a joke...with Bernanke yesterday...and these numbers...we are a joke...

Fri, 02/04/2011 - 09:42 | Link to Comment uhlmant
uhlmant's picture

so we drop unemployment to 9% but inflation kicking in.  Misery index increasing.  We need a new economy misery index that accounts for the throngs on food stamps and u-6.

Fri, 02/04/2011 - 13:15 | Link to Comment ToddGak
ToddGak's picture

Didn't you guys see the USA Today article yesterday?  Our standards of living are better than ever...because we pay twice as much for housing and health care than we did in 1980, even inflation adjusted...and we have iPhones.  And you can get a t-shirt at Walmart for $3.

Fri, 02/04/2011 - 09:35 | Link to Comment john milton
john milton's picture

must be the snow effect instead of wealth effect

Fri, 02/04/2011 - 09:35 | Link to Comment papaswamp
papaswamp's picture

NILF skyrockets by more than 2.2 million. Ouch!

Fri, 02/04/2011 - 09:36 | Link to Comment uhb
uhb's picture

NILF? I only care about MILF's ;)

Fri, 02/04/2011 - 09:50 | Link to Comment KTV Escort
KTV Escort's picture

it'll cost you, they need work

Fri, 02/04/2011 - 09:39 | Link to Comment Stuart
Stuart's picture

any analyst or commentator that does not point this out or worse, tries to ignore it, is the one that needs to be ignored from that point on, period.  

Fri, 02/04/2011 - 09:35 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Some idiot is on CNBC saying these numbers are meaningless because of January weather. Of course, if jobs had been up 200k the numbers would have been full of meaning.

Ass wipe.

Fri, 02/04/2011 - 09:41 | Link to Comment EscapeKey
EscapeKey's picture

Well, the only shocking thing in that statement is the admission that you watch CNBC!

Fri, 02/04/2011 - 10:01 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

LOL

I watch and listen to CNBC during breaking news moments. Otherwise it's running in the background on one of my monitors with the sound muted. As a financial planner and broker who manges money, I would be a fool not to be aware of what's going on, regardless of how insane it might be. 

Fri, 02/04/2011 - 10:32 | Link to Comment TrihumpTheInsultDog
TrihumpTheInsultDog's picture

Wow you sound like a real big shot trader. Multi monitor setup, maybe a phone bank with direct lines to the trading pits, RAN Squawk (so you can hear what they are saying about you when you decide to move the markets).

Just wow!

Fri, 02/04/2011 - 12:08 | Link to Comment Blano
Blano's picture

Lol, I read that as "broker who mangles money."

Fri, 02/04/2011 - 12:49 | Link to Comment Founders Keeper
Founders Keeper's picture

[I would be a fool not to be aware of what's going on, regardless of how insane it might be.]---Cognitive Dissonance

I agree, CD.

I keep track of the MSM as well, regardless of their spin. I need to know what's being fed to the public in order to gauge where the general public is at emotionally/mentally. I go else where for truth.

Yeah, if I had a personal money manager, you bet I would want him or her surrounded by banks of monitors, including CNBC in the background.

 

Fri, 02/04/2011 - 09:43 | Link to Comment pazmaker
pazmaker's picture

admitting that you watch CNBC says a lot.  :)

Fri, 02/04/2011 - 14:01 | Link to Comment Quantum Nucleonics
Quantum Nucleonics's picture

Come on now, a sizeable number of the people here watch CNBC at least occassionally.  It's easier to deduce the truth if you know the lies and disinformation. Back in the good old days, the CIA read every word of Pravda every day.

Fri, 02/04/2011 - 14:07 | Link to Comment Quantum Nucleonics
Quantum Nucleonics's picture

Duplicate

Fri, 02/04/2011 - 09:43 | Link to Comment Max Hunter
Max Hunter's picture

Zamboner from Moodies.. LOL..

I like what Santini on the floor said.. about one of those talking heads not being a cool aid drinker.. :)

Fri, 02/04/2011 - 09:53 | Link to Comment Founders Keeper
Founders Keeper's picture

Saw that.

Fri, 02/04/2011 - 09:45 | Link to Comment firstdivision
firstdivision's picture

I cannot believe you waste your time watching that crap.  Tom Keen's reaction to the numbers was worth a listen.  Listening to Bill Gross on BBRadio talking about the numbers.  Better than people trying to blame the numbers on the weather and nothing more. 

Fri, 02/04/2011 - 10:09 | Link to Comment tickhound
tickhound's picture

I find cnbc to be an incredibly accurate and very informative contrarion indicator. For those of us who did watch... pre-announcement of the six "analysts" was like an orgy in ecstasy of anticipated over performance. Post-announcement, following the list of excuses, was like someone bringing in a horse with a hard-on in which case only Steve Liesman remained excited. I wish I recorded it.

Fri, 02/04/2011 - 12:54 | Link to Comment equity_momo
equity_momo's picture

You made me laugh,thanks.

Fri, 02/04/2011 - 10:01 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

I don't waste my time watching that crap. I do tune in during breaking news moments. See my comment above. I run money for a living. I need to know what's going on regardless of how insane it is.

Fri, 02/04/2011 - 10:30 | Link to Comment pazmaker
pazmaker's picture

hmmmm  I recall you passing judgment on me because I said I flip through the radio dial on my way home from work and sometimes listen to Hannity...Judge not and you shall not be judged.

Fri, 02/04/2011 - 09:35 | Link to Comment AldoHux_IV
AldoHux_IV's picture

The NFP has been pathetic no matter how the lamestream media/punditry try to spin it.  It's not worth all the economic carnage that Ber-satan-ke has been imposing on the world economy.  Trillions of dollars later and all we have is a worthless market that does not even portend to an economy.  It's become a greedy mechanism ever dependent upon the worthless teet of the fed.

U.S.A, U.S.A!

Fri, 02/04/2011 - 09:35 | Link to Comment small watcher
small watcher's picture

More to come

More what? Revisions? Lies? Random numbers?

Fri, 02/04/2011 - 09:35 | Link to Comment equity_momo
equity_momo's picture

9% >.< what happened , did we give Michigan to Canada last month?

Fri, 02/04/2011 - 09:36 | Link to Comment denarii
denarii's picture

they removed 500k from the labour force over the month....

Fri, 02/04/2011 - 10:21 | Link to Comment Bob
Bob's picture

9.0%?!  WTF.

A massive increase in part-time employment?  Average work week decreased by 0.2 hours.

That can't be reconciled with the drop in U6, though. 

Farms must be booming. 

Fri, 02/04/2011 - 09:37 | Link to Comment aztrader
aztrader's picture

Another day in the twlight zone.   These pricks will do anything to keep the ponzi going.  I wonder how many of the jobs were part time.  These reports should be criminal.  Liesman keeps spinning like madman.  No one wants the truth.  This bubble is getting uglier every day...........

Fri, 02/04/2011 - 10:13 | Link to Comment Founders Keeper
Founders Keeper's picture

[These reports should be criminal.  Liesman keeps spinning like madman.  No one wants the truth.]---aztrader

I fear for the lives of these CNBC hosts. When the market indices eventually drop, the talking heads will be in grave danger.

By Feb and Mar 2009, I feared Cramer (with his call for June 09 real estate bottom) wouldn't live to see 2010.

Seriously. The spin and lies are criminal. We have a court system in which to bring grievances. I hope and pray no harm comes to these talking heads at the hands of crazies acting outside the rule of law.

 

Fri, 02/04/2011 - 10:18 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

Founders, your charity towards criminal MSM could be better used to support those pushed to violence that take such action..of the two who has committed the worst crime?

Fri, 02/04/2011 - 10:40 | Link to Comment Founders Keeper
Founders Keeper's picture

[Founders, your charity towards criminal MSM could be better used to support those pushed to violence...]---overmedicatedun...

Crimes are prosecuted in a court of law, not the streets. 

 

Fri, 02/04/2011 - 11:07 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

"Crimes are prosecuted in a court of law, not the streets. "

Courts that are blind to power,equal and fair.. go find one.

 

 

Fri, 02/04/2011 - 11:47 | Link to Comment Founders Keeper
Founders Keeper's picture

[Courts that are blind to power,equal and fair.. go find one.]---overmedicatedun...

Doing the right thing, such as observing the rule of law, is always the harder thing to do.

Given the choice between doing what's right or skirting the law for quick personal justification, I'll take the lawful harder way every time.

The "good guys" don't have it easy. But, we do it anyway.

 

Fri, 02/04/2011 - 09:37 | Link to Comment the not so migh...
the not so mighty maximiza's picture

Good work Bernank ...you douch

Fri, 02/04/2011 - 09:37 | Link to Comment Kina
Kina's picture

9% no doubt because a massive increase to those on food stamps. Soon unemployment will be 4% and food stamps 80m

Fri, 02/04/2011 - 09:38 | Link to Comment Xibalba
Xibalba's picture

that's a lot of people going on emergency benefits

Fri, 02/04/2011 - 09:38 | Link to Comment thepigman
thepigman's picture

It's official. We are a friggin joke.

Fri, 02/04/2011 - 09:37 | Link to Comment Astute Investor
Astute Investor's picture

Love the excuses coming out of CNBS:

(1) Numbers are meaningless - though it wouldn't be if they were up

(2) Weather

(3) January hardest month to predict

(4) Discrepancy between establishment and household survey - not capturing all of new self-employed

(5) U-6 went down to 16.1%

Fri, 02/04/2011 - 09:41 | Link to Comment Id fight Gandhi
Id fight Gandhi's picture

They're actually saying how close we are to an 8 handle on the number.

The prez will be all over this drop in unemployment.

Fuck this

Fri, 02/04/2011 - 09:44 | Link to Comment youngman
youngman's picture

yes they are missing all the new Hookers.....women and Men(yuck) that are prostitutes now to survive..its a third world country now...

Fri, 02/04/2011 - 09:44 | Link to Comment equity_momo
equity_momo's picture

That fking douche Mark Zandi needs to stfu and never appear in public again.

Fri, 02/04/2011 - 09:38 | Link to Comment thepigman
thepigman's picture

Go ahead and BTFD....lol

Fri, 02/04/2011 - 09:49 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

There's no dip to buy!  You had a 11ms window of opportunity.  F*ck this market.

Fri, 02/04/2011 - 09:39 | Link to Comment HankyPankyBernanke
HankyPankyBernanke's picture

Must be PM whacking time.....yup there they go....

Fri, 02/04/2011 - 09:40 | Link to Comment voltaic
voltaic's picture

Sadly the consuming mob and MSM only tracks the U3 unemployment rate, so as far as the ministry of propaganda is concerned , 9% unemployment helps their case of saying "all is well, jobs are coming back, go buy more things". I think this is the first report that tracks unemployment past 99 weeks. That should be interesting. 

Fri, 02/04/2011 - 09:40 | Link to Comment Kina
Kina's picture

Those figures are scary and = a lot of pain a suffering for a lot of people and for many more to come.

Fri, 02/04/2011 - 09:40 | Link to Comment thetruth
thetruth's picture

and silver falls

Fri, 02/04/2011 - 09:40 | Link to Comment alexwest
alexwest's picture

********** DETECTED LIE LIE LIE *********
IN http://www.bls.gov/webapps/legacy/cpsatab1.htm

Series Id: LNU00000000
Not Seasonally Adjusted
Series title: (Unadj) Population Level
Labor force status: Civilian noninstitutional population
Type of data: Number in thousands
Age: 16 years and over

DEC2010 -238,889 THOU
JAN 2011 - 238,704 THOU

BLS REDUCED NUMBER OF CIVILIAN POPULATION BY 200.000 PEOPLE..

alx

Fri, 02/04/2011 - 09:40 | Link to Comment thepigman
thepigman's picture

Plenty of part time jobs for bedpan

emptiers and mini-mart clerks.

BTFD.

Fri, 02/04/2011 - 09:40 | Link to Comment alexwest
alexwest's picture

********** DETECTED LIE LIE LIE *********
IN http://www.bls.gov/webapps/legacy/cpsatab1.htm

Series Id: LNU00000000
Not Seasonally Adjusted
Series title: (Unadj) Population Level
Labor force status: Civilian noninstitutional population
Type of data: Number in thousands
Age: 16 years and over

DEC2010 -238,889 THOU
JAN 2011 - 238,704 THOU

BLS REDUCED NUMBER OF CIVILIAN POPULATION BY 200.000 PEOPLE..

alx

Fri, 02/04/2011 - 10:14 | Link to Comment Bob
Bob's picture

So that's about .08%?

Fri, 02/04/2011 - 15:18 | Link to Comment Head for the Hills
Head for the Hills's picture

Holy shit, the FEMA death camps are real!!!!

Fri, 02/04/2011 - 09:41 | Link to Comment dpr10
dpr10's picture

9% ha why not 8%..??

Fri, 02/04/2011 - 09:41 | Link to Comment Sathington Willougby
Sathington Willougby's picture

Central planning sucks prosperity and blows lawbankers.

Fri, 02/04/2011 - 09:41 | Link to Comment WineSorbet
WineSorbet's picture

Where's HaMy?  I need a laugh.

Fri, 02/04/2011 - 09:46 | Link to Comment thepigman
thepigman's picture

Hamy would say: The fewer people employed by corporations

the higher the corporate profits. This

is truly good news for Ameica.

 

Fri, 02/04/2011 - 09:51 | Link to Comment EscapeKey
EscapeKey's picture

Don't forget his "more people out of work = less petrol consumed = lower petrol prices = bullish" statement a few days ago. That was classic.

Fri, 02/04/2011 - 09:42 | Link to Comment gookempucky
gookempucky's picture

TD Cairo coverage live here-----

 

http://www.livestation.com/channels/52-press-tv-english

 

Fri, 02/04/2011 - 09:42 | Link to Comment A Man without Q...
A Man without Qualities's picture

50% more jobs created in Canada than in the USA... nice

The elite in America have no interest creating jobs.  As can be seen by the futures, the market prefers high unemployment as it means more cheap money.  What a fucking joke.

Fri, 02/04/2011 - 09:43 | Link to Comment The Axe
The Axe's picture

Please people are just giving up finding a job....thats the real take on the number...sad fucking sad     still the market will go up....

Fri, 02/04/2011 - 09:44 | Link to Comment tmosley
tmosley's picture

Waiting on the revision down to -86K to make next months numbers look good.

Fri, 02/04/2011 - 09:44 | Link to Comment thepigman
thepigman's picture

Long term structural unemployment confirmed,

bitchez.

Fri, 02/04/2011 - 09:48 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Big Ben Bernkakke is 100% confident that unemployment fell, according to the the only metric that matters. So there.

These assholes get to rig the game, get to whisper leak the 'expectations,' and then fail to even come remotely close to even the low-threshold expectations...

How screwed is this country?

a) Very screwed

b) Way more screwed than choice a above

c) In the process of Bernankicide (aka so screwed, we're going to need more lube)

p.s. - Bernanke has expanded the Fed's balance sheet by 3 trillion, and backstopped 13 trillion in default swap and other credit-denominated liabilities, which will become a taxpayer off-shoved liability soon (right now, it's merely taking out savers and the fiscally prudent of the last 20 years), and we get this broke dick economy with massive national deficits, and a Wall Street that enriches itself at the expense of the country and Main Street getting more massive holes gashed into their hull. Thanks, Bernanke! You're doing a heckuva job on all measures!

Fri, 02/04/2011 - 09:57 | Link to Comment tinsmith
tinsmith's picture

Choice D - Huddled in the corner shivering and covered in sweat wondering what just happened, oblivious to the line of banksters at the door waiting to get their shot at us.  The U.S. has been screwed, and is about to get more of the same.

Fri, 02/04/2011 - 09:46 | Link to Comment Commander Cody
Commander Cody's picture

I'm sure Harry will be along shortly to effuse about the significant reduction in the unemployment figure and to remind us of how well the economy is picking up.

Fri, 02/04/2011 - 09:46 | Link to Comment fastishplastic
fastishplastic's picture

sometimes i wish i'd never learned reading, writing or arithmetic. then i might be able to understand

Fri, 02/04/2011 - 11:20 | Link to Comment A_MacLaren
A_MacLaren's picture

Just take the Blue Pill.

Fri, 02/04/2011 - 09:47 | Link to Comment Stuart
Stuart's picture

Obama!!!, Egypt on Line #1.  Egypt: "er, uh, does this report mean you're going to be tied up with your own problems?   We can give you advise how to deal with the millions of people that are going to march down your Pennsylvania Ave later this year if you like."   

Fri, 02/04/2011 - 09:48 | Link to Comment whatz that smell
whatz that smell's picture

500,000 workers "disappeared"... good for the robots; bad for the vanished.

Fri, 02/04/2011 - 09:59 | Link to Comment tmosley
tmosley's picture

Good news, everyone!  They all froze to death!  That means more jobs for the rest of us!

You see, if we just kill everyone without a job, it makes the numbers look better.  Then the unemployed will be forced to take jobs for no pay.  Then they can pretend to work, and we can pretend to pay them.  Problem solved!

Fri, 02/04/2011 - 09:48 | Link to Comment fastishplastic
fastishplastic's picture

rotfc / sacc - (rolling on the floor crying - sitting at computer crying)

Fri, 02/04/2011 - 09:49 | Link to Comment Racer
Racer's picture

How much longer can they keep up the green shoot Hopium excuses. This is in reality Great Depression 2 and rapidly becoming the Greatest Depression thanks to Genocidal Benron

Fri, 02/04/2011 - 09:50 | Link to Comment countryboy42
countryboy42's picture

So, let me get this straight. 36,000 new jobs is good for a .4% decrease in unemployment. Ok, according to my math, that means that there are only 810,000 people still unemployed. Hmmmm, something don't add up to this countryboy. Sounds more like someone pissing on my leg, and telling me it's raining.

Fuck it, fur prices are up, i'm gonna go whack some coyotes this weekend.

Fri, 02/04/2011 - 09:49 | Link to Comment dryam
dryam's picture

Why not give three numbers?

1)  Total Americans

2)  Total Unemployed Americans

3)  Total Underemployed Americans

 

This isn't fucking rocket science.

Fri, 02/04/2011 - 10:10 | Link to Comment flaunt
flaunt's picture

Well that would be too straightforward and honest.  We are talking about the gov't after all.

Fri, 02/04/2011 - 13:52 | Link to Comment ToddGak
ToddGak's picture

What's sad is that not only do most people not know how the "official" number is calculated, they don't care.  They hear "unemployment drops to 9%" and they think, "Garsh, I might get a job soon myself...time to buy a new 3-D TV on my fifth credit card!"

Fri, 02/04/2011 - 09:51 | Link to Comment usexpat
usexpat's picture

This market is SO rigged. I am furious. Every time, most of us are right with our more negative views and the market goes up anyway!..Now these experts on CNBC, except for Santelli, are saying, oh, no big deal, meaningless, don't trust the figures...and the futures are up! What a bunch of BS

Fri, 02/04/2011 - 10:02 | Link to Comment TruthInSunshine
TruthInSunshine's picture

"...more negative views..."


More realistic views, you meant.

There is a big difference between realism and negativism.

Realism will save the astute person's ass.

 


Fri, 02/04/2011 - 09:52 | Link to Comment thepigman
thepigman's picture

the markets are so rigged by the bernank, it's unbelievable.

Japan

Fri, 02/04/2011 - 09:52 | Link to Comment MarkTwainsMustache
MarkTwainsMustache's picture

My goodness, the U.S. labor force is being decimated...

Fri, 02/04/2011 - 09:53 | Link to Comment HankyPankyBernanke
HankyPankyBernanke's picture

Only one sollution when QE runs out, send in Chuck Norris. The market will only close red if Chuck says it can....

Fri, 02/04/2011 - 09:53 | Link to Comment alexwest
alexwest's picture

let me put my analysis.

in june 2007
## (Unadj) Civilian noninstitutional population was 231,713 th
## Total private unadj - 116,603 th (TOP OF JOBS)

fast forward
2011 jan

## (Unadj) Civilian noninstitutional population was 238,704 th
## Total private unadj - 106,071 th

SO 3.5 eyars LATER WE A SHORT OF 17.5 MLN PIRVATE JOBS
7 MLN POPILATION + 10 MLN LOST PRIVATE JOBS..

HOW IS THAT ?

ALX

Fri, 02/04/2011 - 09:55 | Link to Comment virgilcaine
virgilcaine's picture

dreaded deflation coming..BDI back to Jan 09 levels.

Fri, 02/04/2011 - 09:54 | Link to Comment dpr10
dpr10's picture

The employment rate posted a new low for the recessionary period - 57.6%, falling below the 57.8% registered in January of 2010. 

There has been no improvement - at all - in the employment picture, and in fact the employed rate, as a percentage of the non-institutionalized population, is now the worst it has been since the economic downturn began.

Recovery my ass.from Karl Denninger..

Fri, 02/04/2011 - 12:05 | Link to Comment snowball777
snowball777's picture

Whiner! - P. Gramm

Fri, 02/04/2011 - 09:55 | Link to Comment uhb
uhb's picture

These numbers remember me of the numbers of the former USSR. we're all on our course to reach our 5-year-plan goals.

Fri, 02/04/2011 - 09:55 | Link to Comment Sancho Ponzi
Sancho Ponzi's picture

My friend who is retired and volunteers at a food bank told me about an older gentleman who had relied on the food bank's assistance for the last couple years while he searched for employment. Despondent about his inablility to find a job the poor gent recently took his own life. 

The recent rise in the S&P 500 doesn't do jack for 80% of this country, Ben, and don't you ever forget it.

Fri, 02/04/2011 - 13:25 | Link to Comment Founders Keeper
Founders Keeper's picture

[Despondent about his inablility to find a job the poor gent recently took his own life.]---Sancho Ponzi

That is a sad story, but thank you for sharing it. In the summer of '09 I started making modest yet monthly contributions to our local food bank charity. Your story reminds me that I'm doing the right thing.

Sadly, I imagine suicide due to economic circumstances are on the rise. And I do not doubt many folks are hunkered down freezing in homes with unpaid utility bills on this wintry day.

Actions have consequences. Many of which remain unseen and unreported.

 

Fri, 02/04/2011 - 09:56 | Link to Comment alexwest
alexwest's picture

10-30 yy bond implosion..
we will %4 for 10yy in couple of weeks...

yikes.. its goona hurt..
alx

Fri, 02/04/2011 - 09:56 | Link to Comment John Law Lives
John Law Lives's picture

So much for the credibility of the monthly ADP employment report.

So much for QE2 creating jobs o'plenty.

Must be time for QE3 so the genocide can commence.

Ponzi economy!

Fri, 02/04/2011 - 09:56 | Link to Comment satansanus
satansanus's picture

buyzzzle the pandit razzle

Fri, 02/04/2011 - 09:57 | Link to Comment fuu
fuu's picture

99 weeks ago was 3/13/2009.

Fri, 02/04/2011 - 09:57 | Link to Comment apberusdisvet
apberusdisvet's picture

Don't worry folks; by the time of the next election, unemployment, miraculously, will be only 5%; Barry and Benny have not finished wiping out the USA.

Fri, 02/04/2011 - 12:06 | Link to Comment snowball777
snowball777's picture

Guess again...even the Fed knows it will be >= 9% through this year and no lower than 8% by the next election.

Fri, 02/04/2011 - 09:59 | Link to Comment Caviar Emptor
Caviar Emptor's picture

The downsizing of America continues. They like to call it "structural unemployment". And it's a buzzword that is starting to get repeated more and more (Santelli, the only one on CNBS). But what that really means is we're unable to replace jobs lost in the downturn. Again. This actually the second time this has happened. 2002-7 was the first and milder version. That 'jobless recovery' never replaced jobs lost in 2001-2. THat was the first time in US history. Now we've surpassed that record not only in sheer numbers, but duration from onset of recession to trough. 

In plain English, the economy isn't functioning like it used to. When jobs were lost in one area, our powerful an diverse economy made it up by expanding in new and different areas. That is now at an end. It signals the inevitable result not only of 3 decades of offshoring (which was endorsed by the Fed's policy as a driver of the goldilocks economy), but also a deeper and more disturbing reality: we're not expanding into new areas of endeavor. And those are hallmarks of decline. 

Fri, 02/04/2011 - 09:58 | Link to Comment toros
toros's picture

That was the worst number I'm seen yet.  How do you get record corporate profits with all the housing defaults, high unemployment, food stamp poor, deleveraging, and high energy costs?  And the market, after a 100% gain, is ignoring this number???  Looks like factor Q3.  Ben is going to destory the dollar, and small nations.  Thank your lucky stars if you live in America.

Fri, 02/04/2011 - 10:02 | Link to Comment Caviar Emptor
Caviar Emptor's picture

As margins get squeezed more and more by biflation, corporations are forced to resort o cost-cutting to maintain profitability. I said this only a few days ago. The trend will continue. Not just layoffs, but cutting pay, benefits and hours will also continue. That will show up as "Increased productivity" and declining unit labor costs. But of course it's doomed and a vicious cycle because it further weakens the US consumer, meaning that input cost inflation can't be passed on to the consumer, so companies need to cut costs even more. 

You'll see this pattern for a long, long time

Fri, 02/04/2011 - 09:59 | Link to Comment thepigman
thepigman's picture

BLS just said 886,000 people couldn't work due to snow,
so it's all good.

Fri, 02/04/2011 - 09:59 | Link to Comment Al89
Al89's picture

What Just happened to the EUR/USD.

Jobs miss and the Euro is crushed v the Dollar.

http://finviz.com/forex_charts.ashx?t=EURUSD&tf=m5

Fri, 02/04/2011 - 10:00 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

I can explain the drop in UE to 9%- every-one's gone to cabos or are enjoying a year sabbatical on Maui..it's really simple people are just on vacation ..now aren't you feeling silly about this most honest number.?? Harry back me up here!!

Fri, 02/04/2011 - 10:06 | Link to Comment Headbanger
Headbanger's picture

It's not the real snow but fear of riots like Egypt happening in D.C. that got the BLS to do the biggest snow job they could!

Fri, 02/04/2011 - 10:02 | Link to Comment alexwest
alexwest's picture

let me put my analysis.
in june 2007
## (Unadj) Civilian noninstitutional population was 231,713 th
## Total private unadj - 116,603 th (TOP OF JOBS)

fast forward
2011 jan

## (Unadj) Civilian noninstitutional population was 238,704 th
## Total private unadj - 106,071 th

SO 3.5 years LATER WE A SHORT OF 17.5 MLN PRIVATE JOBS
7 MLN POPILATION + 10 MLN LOST PRIVATE JOBS..

HOW IS THAT ?

ALX

Fri, 02/04/2011 - 10:05 | Link to Comment Headbanger
Fri, 02/04/2011 - 10:04 | Link to Comment SparkyvonBellagio
SparkyvonBellagio's picture

Severe winter weather likely reduced the number of jobs created. Harsh snowstorms last month cut into construction employment, which fell by 32,000, the most since May.

 

 

 

 

Another Snow Job! LOLLLLLLLLLL

Fri, 02/04/2011 - 10:05 | Link to Comment somethingelse
somethingelse's picture

The United States has now officially become a Psychototopia: one nation under psychosis.

Fri, 02/04/2011 - 10:07 | Link to Comment smlbizman
smlbizman's picture

i have been trying to figure this out.....i guy i know is getting layed off march 1st.  he works for a collection agency in md.  they offered him calif. or fla. if he wants to continue with them.....in this enviornment i would think that collections would be a growth industry..

Fri, 02/04/2011 - 13:58 | Link to Comment ToddGak
ToddGak's picture

Not surprising that they need more collectors in CA and FLA, where bankruptcies, foreclosures etc. are rampant, than MD/DC area, where there are more federal jobs than ever.

Sat, 02/05/2011 - 02:36 | Link to Comment Sunshine n Lollipops
Sunshine n Lollipops's picture

in this enviornment i would think that collections would be a growth industry..

 

Except for that small problem regarding blood and turnips.

Fri, 02/04/2011 - 10:07 | Link to Comment Shock and Aweful
Shock and Aweful's picture

I am new here...but can someone explain to me how anyone is supposed to believe that with a miss of over 100,000 jobs (fewer) and the YTD jobs for 2010 revised DOWNWARD by about 215,000 LESS that what was fed to us earlier..that the total "unemployment" number can go down from 9.8 to 9.0 in the last 2+ months?

Don't we need to ADD over 200,000 a month to start making the numbers go down? 

Like I said, I am not an expert in these issues...but even I can see that these numbers are so obviously a lie and a farce.

I read the other day that Obungo "unoffically" started his campaign for 2012 re-election...I am willing to bet that this is part of his re-crowning strategy.

They keep blatently lying like this and maybe even the average idiot out there will take notice...???  (hahahahaha)

Fri, 02/04/2011 - 12:22 | Link to Comment tellsometruth
tellsometruth's picture

welcome.

manipulation man and managed truthieness is how...

eliminating people who have given up or 99ners helps...

Fri, 02/04/2011 - 10:08 | Link to Comment Caviar Emptor
Caviar Emptor's picture

THis all fits my Biflation theory: companies are facing stiff operating margin squeezes from rising input costs (energy, raw materials). But they can't pass the costs on much to a very constrained consumer (declining real incomes, poor job security, declining real assets, declining retirement benefits). SO the only choice is to cut costs aggressively. They cut jobs, pay, benefits and hours. And they continue to outsource to Asia where wages are cheaper. Completing a vicious cycle where the consumer is even more constrained. 

I predict more reports like today going forward. There will even be an amplification somewhere down the road. Multinational Corporate profits will stay buoyant because they'll continue to downsize the US labor force and expand overseas where they can pass costs on to rising consumers. 

Fri, 02/04/2011 - 10:09 | Link to Comment thepigman
thepigman's picture

Once summer comes, they'll be missing

due to the "extreme heat". LOL

Fri, 02/04/2011 - 13:30 | Link to Comment RmcAZ
RmcAZ's picture

Not enough jobs available for plowing snow.

Fri, 02/04/2011 - 10:10 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

BLS, new terminology: UE for more than 99 weeks - you now are classed as the LONG TERM VACATION GROUP. LTVG..no impact on UE and actually help the economy!! after all people on vacation spend freely..green shoots green shoots ..vacations for all.

Do NOT follow this link or you will be banned from the site!