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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%

Submitted by Tyler Durden on 02/04/2011 09:30 -0400

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 - 14:49 | 935637 TruthInSunshine

Do they get Whole Foods SNAP Cards, and free drinks on the Cruise Ship bars?

Fri, 02/04/2011 - 10:15 | 934494 usexpat

Now people on CNBC say the market is going up up up....I swear I feel like I am going insane...Is this the biggest pump and dump operation ever thanks to chairlatan Ben? No matter what happens, these pricks on Wall Street just spin this .....Wall Street, ONCE AGAIN, gets rich. The little people are on food stamps ..or getting nothing for their savings.

Fri, 02/04/2011 - 11:54 | 934883 MilleniumJane

I concur with your disbelief...I keep wondering when this house of cards is finally going to crash. This is a zombie economy pure and simple. The Bernank has become a Dr. Frankenstein, pumping all the lightning he can into his monster...where are all the peasants with their torches and pitchforks? Oh, that's right. Charlie Sheen is in rehab and Zsa Zsa is circling the drain so they cannot be bothered right now.

Fri, 02/04/2011 - 10:16 | 934497 thepigman

They subtracted 300,000 small biz

jobs in the birth/death model. Main

Street must be dying.

Fri, 02/04/2011 - 10:18 | 934504 jesus_quintana

C'mon guys, the highly paid analysts who expected an average of +146k couldn't possibly have been expected to notice the snow with their heads stuck so far up their asses.

Fri, 02/04/2011 - 10:18 | 934506 thepigman

Uh oh...Bloomberg commentator just

asked: "Why is job creation so weak?"

Better subpoena her.

Fri, 02/04/2011 - 10:21 | 934518 thepigman

She actually got to the gist of it

despite all the weather puts and takes.

Too funny.

Fri, 02/04/2011 - 10:21 | 934517 virgilcaine

Jobs are never coming back.(the good paying w benfits kind) Most Third World nations don't have high wages or living standards.. SO Living Standards have to come down.

Fri, 02/04/2011 - 10:22 | 934523 thepigman

Yeah, but we will never acknowledge

this.

Fri, 02/04/2011 - 10:25 | 934535 thepigman

Basically, you are stating the dirty

secret.....declining living standards

for most Americans.

Fri, 02/04/2011 - 10:28 | 934544 Bob

Except for the "producers" in the finance industry.

Fri, 02/04/2011 - 10:29 | 934552 Barry McBear

On the bright side, if the 500k rate of people leaving the workforce continues we'll be back to 5% unemployment in no time! Mission Accomplished QE!

Fri, 02/04/2011 - 10:36 | 934577 usexpat

oh and Netflix is up! So all of the unemployed can spend weeks on end watching old movies. Truly a sick economy.

Fri, 02/04/2011 - 10:37 | 934579 Pure Evil

So where's the crank wankler to spin this to the upside.

Fri, 02/04/2011 - 10:39 | 934597 Sathington Willougby

Here's an idea that just might work!

http://www.nccs.net/articles/ril71.html

Really though, if you want to use old philosophical technology that's fine, but you should consider switching to 'Constitutional Republic'. CR once worked for me and I'm pretty sure you'll love it. I hope to use it again one day. Until the day arrives I'll be stocking up on CR!

By the way if you like CR then try "Rule'o Law" ! It's great on those tough societal stains like corruption, organized crime and alias presidents! I tried it on my bananna republic and the interest rates almost immediately stabilized and I could even see the monetary system working again!

And for those pesky lawbankers, Fed B Gone did the trick!

Fri, 02/04/2011 - 11:10 | 934709 Turd Ferguson

Disinformation is false or inaccurate information that is spread deliberately with intentions of turning genuine information useless. For this reason, it is synonymous with and sometimes called black propaganda. It is an act of deception and false statements to convince someone of untruth. Disinformation should not be confused with misinformation, information that is unintentionally false.

Unlike traditional propaganda techniques designed to engage emotional support, disinformation is designed to manipulate the audience at the rational level by either discrediting conflicting information or supporting false conclusions. A common disinformation tactic is to mix some truth and observation with false conclusions and lies, or to reveal part of the truth while presenting it as the whole (a limited hangout).

Fri, 02/04/2011 - 13:03 | 935155 Problem Is

Turd is reading from the B(L)S "New Employee Orientation Manual"...

Fri, 02/04/2011 - 11:42 | 934832 Grand Supercycle

As mentioned numerous times, EURO downside and USD upside will keep recurring.

Bring on the overdue US Dollar rally: i'm
getting tired of talking about it.

http://stockmarket618.wordpress.com

Fri, 02/04/2011 - 12:18 | 934964 tellsometruth

Tyler,

Thank you for your reporting!

Fri, 02/04/2011 - 13:01 | 935149 Problem Is

Downward Revision NFP Total Employment For 2010
Did you catch that one? B(L)S: If we admit we overstated employment in March & December 2010 and revise those 2 month's total NFP employment downward 1 and 10 months after the fact...

January 2011 NFP employment goes upward... lower participation rate and the B(L)S headline unemployment number sinks to 9.0%.

Bill the Brain at Calculated Risk:

"The total nonfarm employment level for March 2010 was revised downward by 378,000 ... The previously published level for December 2010 was revised downward by 452,000."

I am waiting for John Williams to weigh in...

In No Time: Obummer Will Congratulate HIMSELF on the Employment "Progress"
As always Bullshitter Barry will mount the teleprompter to read off his latest (lack of) accomplishments on (no) employment... Shrub Bush Jr., give the new guy your dunce cap...

Fri, 02/04/2011 - 13:43 | 935340 10kby2k

What GALL to post a huge DROP in unemployment rate two months running, when it takes 200K+ jobs to keep it steady and keep up w/population growth. WHY DON'T THEY JUST LIE AND REPORT 700,000 JOBS CREATED. The JOBS NUMBER SUCKED AND THE HEADLINE IS UMEMPLOYMENT RATE DROPPED TO 9.0%.