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NFP Down 125,000, Unemployment Rate 9.5%, +83K Private Payrolls With +147K Birth Death, Workweek Down 0.1 Hours - Another Disappointment
Private payrolls were a disappointment at just +83k, versus consensus of 112k. Birth-death added 147k. Census removed 225k, in line with consensus. Temporary help was another terrific "green shoot" increasing by +21k. And the Unemployment rate dropped to 9.5% because 652k people walked out of the labor force, which dropped from 154.393 million to 153.741 million. Another big miss for the recovery story and another confirmation of the data point. The only improvement was the percentage of those unemployed 26 weeks and longer dropped from 46% to 45.5%, or from 6.763 million to 6.751 million. Yet the most troubling indicator was the downward inflection in the average workweek, which once again dropped by 0.1 hours to 34.1 hours, while in manufacturing the drop was a severe 0.5 hours, following a rise of 0.4 hours in May. The slack in the laborforce is once again building up. Also, average hourly earnings declined by 0.1%, after an increase of 0.2% in May.
From the PR:
Total nonfarm payroll employment declined by 125,000 in June, and the unemployment rate edged down to 9.5 percent, the U.S. Bureau of Labor Statistics reported today. The decline in payroll employment reflected
a decrease (-225,000) in the number of temporary employees working on census 2010. Private-sector payroll employment edged up by 83,000.Total nonfarm payroll employment decreased by 125,000 in June, reflecting the departure of 225,000 temporary Census 2010 workers from federal government payrolls. Total private employment edged up over the month (+83,000) due to modest increases in several industries. So far this year, private-sector employment has increased by 593,000 but in June was 7.9 million below its December 2007 level.
In June, the average workweek for all employees on private nonfarm payrolls decreased by 0.1 hour to 34.1 hours. The manufacturing workweek for all employees decreased by 0.5 hour to 40.0 hours; this followed an increase of 0.4 hour in May. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.4 hours in June.
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It was already priced in. Now we need to wait till next week for more bad news
HEY what'ya know.. DJI futures up. All news is good news.
Geez, I can't wait to tell my friends who have been out of work for months.
Yes, they will be relieved to know that Uncle Sugar has their back. The Great Leader loves them unconditionally and they should know and return his love.
Wow. Look at the length of that 5 min candle.
So, if we keep losing jobs will the unemployment rate eventually go to 0? Is this new math, or as I call it - Obamath?
I believe, in legal lingo, it's referred to as fraud.
Its called BS, and I think everyone is really getting sick of it.
We'll get the revisions on Monday, maybe Tuesday. Ooop's! Forgot to carry the two....
It definately makes for some funny jokes, but if you realyl get down to it, its pretty pathetic. We are all witnessing the complete dismanating of the US. Its just real sad, we even got to this point, and even sadder that the people we elected continue to lie and lie to us. Now isn't the time to lie, now is the time to turn stuff around. Freakin Sad
www.dailyjobcuts.com
652,000 people fell out of labor force - there's your 9.7 down to 9.5%. Hardly a positive. Hours worked 34.2 -> 34.1. Not that good either. They'll put a "buy" spin on the whole thing, of course :)
Yeah, all these 55 year olds that have no industry left to work in (and no retirement savings) is definitely bullish. We've managed to screw an entire generation. Mission Accomplished!
How is the second house market holding up these days?
That's not a nice thing to say!
YOU SIRE ARE NOW ALSO BANNED FROM ANY STATISTIC IN THE U.S. OF A!
Absolutely mind-blowing.. And the worse part is, is they are taking it on the chin like it's just a matter of fact.
Reminds me of watching NatGeo when you see a Zebra or something like that still alive while the Lion is feasting on its meat. It's as if the prey simply hopes the Lion will get its fill and leave before all/life is lost..
Makes me sick to my stomach.
Actually, I'm starting to think people are getting the fate they deserve.. I'm getting to a point where I don't even care.. The conditioning is too strong. We are a lost generation. Probably will end up a lost species..
And that's why, as a savior of human kind, I try to sleep with as many woman and spread my load as I possibly can.
You can call me Adam.
"I try to sleep with as many woman and spread my load as I possibly can.
You can call me Adam."
How about "Johny AppleSEED" or "Load Warrior"
I hate to pull in politics, but these are the same types of people that often lecture me about "throwing away your vote". Well, you got what you asked for everybody.
Until there is a 'mass awakening' and the strangle hold on consensus is broken, our (2) party system will only serve to funnel the fast majority of people into bucket of tightly controlled and accepted perception of our country.
It's all a big fat lie..
Anytime I hear people talking Dem or Rep, my stomach hurts with dispair..
What do you mean by "we?" I'm pretty sure that generation needed no help screwing itself!
I wonder how many Americans have "disappeared" from the labour force since Obama took over. I also wonder if anyone has "entered" the labour force upon graduation these past 2 years. If it gets bad enough, Team Obama might "suicide" Americans to fit the birth-death model.
Unemployment rate 9.5%
.....Things are getting better rapidly.......
Creative accounting as usual, nothing to see here.
LMAO
Yup. And the logical follow-thru is that when there are NO jobs and everyone is not even looking for a job the unemployment rate will be ZERO. Ain't economics fun? When the trajectory logically leads to an absurd conclusion then some adjustments need to be made to the model.
I just blew coffee out of my nose...
So, let me understand this new math. UE actually climbs but the overall rate goes down.
Jesus, have we really reached this point? Really? No shit, Really?
2 + 2 = 3
Don't you get it?
= -3, you mean
Congrats, you just aced it!
Do you want me to e-mail you that PHD you just won of would you like to receive it by courier?
Sorry, but it is 2 + 2 = 5.....
In terms of jobs created or saved, yes.
All really good guesses, but I will wait until The Gov. releases the real number . heheheeh
looks more like 9.7 + 0.4 = 9.5
Horray... Buy, Buy, Buy..
How convenient, economists are still confused about the direction of the economy.. You know, the ones with the Phd's anyway.
China’s Food Price Inflation Is Starting To Affect the Rest Of the World
China is been suffering from surging wage and food prices for the last few months. However, since there were a lot of restrictions on imports prices in China were much higher than in the rest of the world, especially the United States and Europe. But recent developments signal that the arbitrage is starting to close. The direct implication of this development is that the Federal Reserve’s hands are tied even more, it simply can’t resume Q.E until the demand from China cools down, and that is happening during a classic deflationary spiral in the Western Economies.
Look for it here too. Washington state governor just declared WA crop failures a disaster, they are now eligible for disaster relief funds. It has been a cool and rainy summer. I live in PNW and my garden is suffering. My berries, fruit trees are doing great, but any hot weather stuff is sickly. Green beans, tomatoes,peppers, cukes are pathetic.
I haven't heard about the wheat farmers yet, if the wheat does not do well, it would be a bigger disaster. The rainy, cooler weather has helped keep down an expected locust invasion so far.
The canneries are gonna be hard hit by this too. Many of them have closed the last few years, this might finish off the rest of them.
Get ready for food shortages in the fall/winter.
I'm sorry to hear that.
For what it's worth, corn (and soy beans) are growing like mad here in the Midwest. Many of the fields around here were starting to tassel by the end of June.
U-6, U-6, U-6 the only metric that matters. 18%
It's also the metric never mentioned by MSM, ironically...errr...coincidently...errr...
Incorrect. U6 holding @ 16.5%
U-6 seasonally adjusted is 16.5%
U-6 non-seasonally adjusted is 16.7%
U-3 seasonally adjusted is 9.5%
U-3 non-seasonally adjusted is 9.6%
U-Lose
16.5 = depression
18.0 = shittier depression
@Sean7k
Correction. John Williams' ShadowStats are the only metric that matters.
Just under 22%. Indeed, that is the number that matters. My father, a high-level, experienced chemical engineer, has been out of work for almost a year.
You said money was so plentiful that it was coming out of your trailer toilet. Why don't you give yoru father some and he can retire?
Maybe he should rent "Breaking Bad" and use it as a career guide?
That's what I was thinking as well. When you can't even make a living blowing people at the bus depot, meth is the way to go.
You know things are bad when you have to jack off the dog to feed the cat.
delete: a repeat
productivity goes up when you work less in Bizarro world
Looks like when the unemployment rate (9.500 or thereabouts) going up meets the S&P (1,000 and change) going down, that'll be the cross to watch.
Close!
ORI
http://aadivaahan.wordpress.com
B/D adds 147K jobs. Another negative jobs print
Birth/Death adjustment added 147,000, keeping the negative number from being worse. They continue to play games with the numbers.
CNBC is already talking about how important next month's numbers will be.
The birth/death ratio is symbolic; it allows them to play god.
There is yet another cloud on the statistical horizon. Expect some shenanigans with GDP measurements coming to a chart near you. It'll be the hedonic equivalent of inflation measurements:
Read more: GDP 2.7% Higher If R&D Treated As InvestmentRR
I wouldn't mind the number playing if they just went back and "adjusted" all the numbers in the past to reflect the changes. Of course they don't because they want the "better" changed numbers.
I try to explain the official magic to my clients using simple illustrations. Suppose you measured your weight using pounds only today a pound is equal to 17 ounces. So yesterday you weighted 150 lbs at 16 ounces per pound. Today you weight 141 pounds using 17 ounce pounds.
Wow, you lost 9 pounds in one day. You could make a millions dollars selling that weight loss plan on TV.
People instantly understand what's going on when I explain it this way.
Good point.
I was over at Google yesterday taking care of a little business. Even there the vibe has become much more subdued over the past few months... mostly they're just glad to have a job.
But it is interesting when you ask someone, "do you believe the unemplyment numbers?" they all say "No".
And then they don't want to talk about it anymore.
That's what John Williams over at ShadowStats says. Folks in the real world of business who were using the "official" numbers just couldn't get their models to work out right. When Williams supplied the real numbers things came out a lot better. That is the problem with current Fed modeling apparently. GIGO.
Students graduating now must feel so much hope of finding a job within the next 5 year right now!
Exactly. Labour numbers are ignoring the class of 2010 that graduated Apr/May and should be showing up in the NFP numbers. Same as they did last summer. Why anyone pays attention to this is beyond me, they have no credibility.
Charles Barkley's reaction:
"That's terrrabbeelll"
Futures holding up well. Anyone expect a late day dump going into the long weekend?
..Or an all day creeper meltup that you dont notice until you realize 'hey those 1min green candles are so small it doesnt matter...oh wait theres 50 of them'
The market is primed to creep up today on low volume. Many people will leave for the long weekend around noon, leaving the bots to play with each other in the sand box.
I think you're spot on with that call.
Ugh.. I have to *unfortunately* agree, too. Damn SKYNET.
whatever, if we don't get a descent QE2 in the comming weeks, the DOW will be at 8000 in 4 weeks.
(Raises hand sheepishly)
"Within leisure and hospitality, employment rose over the month by 28,000 in amusements, gambling, and recreation."
The leisure and hospitality sector added 37,000 jobs. The birth/death model added 80,000 leisure and hospitality jobs. Apparently the oil spill has had no effect on the sector...
Nice catch. The best quasi-reliable estimates have 1 million jobs at risk from oil saturation, from TX to FL. With the majority being in the step n' fetch industries.
Why is the fucking rate even measured? It's utter nonsense, today it just showed that more people stopped caring about finding a job? Can someone justify that indicator PLEASE!?
Well:
The orange square is larger then the blue circle but the birds will only fly south when their booths are strapped with a navy noose.
You understand now?
Now that you are focused on bad data, reflect upon the use of GDP in the latest CBO report. The real harm in misrepresentation in data is that it is used to make policy decisions. To be effective the approach to statistics must reflect reality, or it can do more harm than good.
Mark Beck
It's not measured. The BLS UE rate is a survey of 60k households. Among the many questions are "do you have a job?" and "why did you stop looking?".
What should be measured and announced is the Capital Utilisation rate which is in direct correlation to productivity and hence employment. Currently, factories are running 50-60% CU. At this rate, companies must lay off as they cut production due to declining demands. No borrowing due to contraction and therefore no inflation.
PS Good times are in the 80%'s and contraction starts below 70%.
...the five-minute candles are all like..."What do we do here? Just go...up? Down? No? To the left? Macarena?"
Thanks a lot. Now I have to get one of the all time most annoying songs out of my head. Certain songs should never be mentioned.
That was instant wasn't it? I saw the word and the music started in my head.....dammit.
F8ck I thought the market had had it
I went massively shoryt yesterday
how the hell can they keep this thing up?
Lies are like viagra?
IT GET'S THE JOB DONE!
EXTEND AND PRETEND
If you can, be patient. This is the opening gambit, Fed furioulsy buying futures to hold up the mess and slow the rate of descent as it attempts to confuse the surging but directionless herds - it cannot hold with these kinds of numbers. while I will be proven wrong by this insane market, this is set up for a further selloff today - then again, everyone has already left for the beach/mountains, and the youngsters left behind may be under instructions to do nothing.
Be very careful. They will use our last tax dollar to prop this up.
So, your own money will be used to screw you if you buck the herd.
You could cover or you could assume, like me, that there's no way in hell this bitch gets back above 1080 much less 1050 before the Big Fall. DYODD/YMMV/GLTA.
You only need to remember that the volume this afternoon will be tiny, and the price will be irrelevant. We could melt up to 1040 as traders close short positions for the weekend. Personally I think the melt up yesterday was when most shorts covered, so my guess is for not much of a bounce today.
IMO it doesn't matter, we go much lower soon. Welcome to the party.
Phew...they said the report was inconclusive. What a relief!
It's video game versus realism.
We all know each has its preference for market direction.
Is today to be a realist day or a video game day?
Well a bit short of Bidens estimate of between 250,000 to 500,000 jobs a month.
Already nauseated in anticipation of Christine Romers cheerleading on unemployment rate.
Days like today tend to whipsaw over and over before settling up or down, as stops are everywhere with traders trying to nick the 20 pt whopper.
I'll go with the ADP +13,000 as the more accurate indicator of employment activity.
+83,000? What about the bullshit BLS birth-death model contribution to this phony number? Also, the drop in the rate of unemployment is attributable to the vast drop-out rate in the employment pool.
Insufficient growith = inability to service debt. Deflation is here. Look out below.
Yes, not good but not horrific. I think SPX closes at 1040 today.
Did you place a wager on that thought?
No - just a thought, not willing to "bet" on it.
No, Harry, a "thought" implies THINKING and your statement negates this.
Ladies and Gents: Harry's back!
PELOSI: "Unemployment Checks Fastest Way To Create Jobs"
Anyone else remember the mantra of the BRAIN-DEAD FEMINISTS (pleonasm) that if women were only in charge things would be so wonderful and perfect...
Arnie has announced CA state workers will receive minimum wage (7.25$/hr) until legislature comes up with a budget. Obama should do same with Fed employees. : )
Death by euro appreciation. Coffin corner for the fed.
Start tighening, [Brian] Sack!
In what exactly lies the disapointment? Some of the data were worse, some better. On average close to expectations.
Unrealted but what an "edgy" press release from the bls. Did someone get a thesarus for christmas?
Remember back in the summer of 09? The premise for the melt-up and the stimulus was, according to the phd econoclowns, was a general consenus that the losses would stabilize by the end of the year, and by the first quarter the healing would begin and be self sustaining.
Well here we are 2 qtrs into 2010. The meltup since march 09 priced in Keynesian meddlings and the govt and phd econoclowns actually telling the truth, Yet jobs have turned negative. With 70 percent of the gdp based on employed people buying crap, the recovery thesis just dosent hold without job growth.
only technicalities are hiding the truth (and its future implications) behind this employment report
Perhaps some good and come of it all:
harry
even with these "lies" its hardly a recovery though is it as the maret was pricing in
Can they shake the head and shoulders off?
seems like techicals have actually been ruling the market for once lately
and that HS says we go sub 900
death cross is also close
Look at last July's H&S. Everyone fell into that trap on the short side to spark a rally. Here we are same time of year, another H&S and it could very well be a trap. For a least a bit of an upside run.
A realist would say the status is now recession, depression. The onus is on those with rosy glasses to disprove this accepted state.
Scientifically, the burden of proof is now squarely on the upside surprise. In line or anything below expectations must be greeted with continued downtrend if market is populated with skeptics (and millionaires tend to be skeptical with their millions).
Rosie coming up on Bloomberg radio between 9am and 10am EDT
http://noir.bloomberg.com/audioplayers/playr_owm.html?clipName=Bloomberg...
*edit* - dang ^
Rosenberg about to go on Bloomberg radio...
SPX will close above 1040 today, on this bullish jobs news.
Wanna bet?
I have no time to watch this circus today. Have to watch Brazil make orange juice from Holland.
I'd take that bet. I think we'll close below 1020.
Damn close...good call.
Oh what complete bullshit saying the unemployment rate DROPPED due to 650,000 leaving the work force!!?? The U.S. Ministry of Truth is doing a great job cause they know the unemp rate is about the only thing Joe Sixpack might ever hear about from this report. What a crock!
Besides writing IPAD apps, cleaning up oil and banking, there really is not much out there.
This is no accident. It is a consequence of tweny years of idiocy at the top.
If you are over 50 and under financed, your only choice is to go clean up the oil or shoot yourself.
When Central Europe turned, there was a whole generation of unemployed state owned factory workers who had to die off to make room for the next generation.
This is what America now offers it's aging population.
Here is the problem. The U.S. Goobermint is making the Marie Antoinette blunder by basically saying, "Let Them Eat Cake" - which is a myth, as she never uttered these words. But by the goobermint telling more and more destitute people that THEY are the problem for NOT HAVING EMPLOYMENT because LOOK HOW GOOD THINGS ARE, will only anger the people to action; actions that the goobermint will severely regret, as violence is the response of a totally desperate and disenfranchised person.
If arrogance was truly intelligence...
Oh, you noticed that? What are the chances of squeezing that into the "Unemployment drops to 9.5%" headline?
Juwes
yes but the market has gone up for over a year all on "NOT AS BAD AS EXPECTED NEWS"
seems the rose coloured spectacles have on with everyone
the onus seems to be if its a depression "prove it"
common sense and a reasonable ability to do maths its not to difficult to see
that the system has reached its end game
People are right its not a depression its a complete collapse
people just do not realize it yet
The psychology will change though I am sure
I know well the nonsense of trading. Buying has become a statement of oscillation rather than economy. When the market thinks about reality, it crashes. When it gets technical, it rallies. The market is a game like TD says. It is my job to find and exploit the flaws in the game and its players.
Unfortunately, this report reeks of buy all dips and rallies for a massive upswing in stocks. Why buy? Because prices will rise, not because of some belief in the strength of the domestic or world economy.
Edit: I'm short from higher levels, so I'm being defeatist when I say the rally is coming. I would hope realism sets in today, along with that fancy 12 month moving average that was violated below 1085 the other day.
““We have seen some very positive trends in a number of sectors,” Obama said at the White House after meeting with his economic advisers.”
http://noir.bloomberg.com/apps/news?pid=20601087&sid=alF0L5xtqgYk
“I am convinced that through these measures we have reestablished confidence.” – Herbert Hoover, December 1929
OMG
the headline in my local paper says "Jobless Rate Hits Lowest Level in a Year"
wow
And people wonder why newspapers are going broke?
America wakes up to the headline: "Unemployment Rate Falls to 9.5%"
They won't bother to read the story.
That's true. Unfortunately, they've all left the market. So, the people that do trade actually did read the article.
I was hoping for this to happen
from evil speculator
http://evilspeculator.com/wp-content/uploads/2010/07/2010-07-01_TRAN_fractal.png
I have had enough .....now collapse man..........
"Summer of Recovery" off to a bang...
San Fran Nan says that extending UE benefits helps the economy.
http://www.youtube.com/watch?v=WUAG3Fqz56s&feature=player_embedded#!
She's so smart. - Ned
[EDIT:] Tyler, got caught in the 3 character Capcha field mask thingie as well, with the correct answer requiring four chars. Then, after complaint, it lets me in. While I'm at it, I and others would request an "Unjunk" feature to pour gasoline on flame events. Thanks.
yabs that graphic is spanktacular.
Death cross is fucking irrelevant. Everyone is watching it, and it isn't even a good predictor of near or medium term price action.
Peter Boockvar's take, and he's usually pretty bearish on economic news:
"June payrolls grew by 83k in the private sector, below expectations of 110k but the market was set up for more of a disappointment with a 5% decline in the S&P’s and the 13k print out of ADP."
Like I said, I think we test 1040 today.
Juws but right now the technicals stink as well
we have just confirmed a big head and shoulders and we are heading for the death cross but up the market goes
It makes zero sense
Has anyone seen this little tibit making the rounds?
SACRAMENTO, Calif. – Gov. Arnold Schwarzenegger on Thursday ordered about 200,000 state workers to be paid the federal minimum wage this month because the state Legislature has not passed a budget, but the state controller is refusing to comply.
Department of Personnel Administration Director Debbie Endsley sent the order in a letter to the state controller, who refused a similar order two years ago. The matter is tied up in the appellate courts, leading the controller to say he will abide by whatever final ruling emerges, which could be years down the road. He said he can't follow the order now due to technical and legal issues.
Most state employees will be paid the federal minimum of $7.25 per hour for the July pay period.
Unemployment Rate drops when workers leave labor force. Either from discouragement or because they're dead.
mega toxic
thje death cross is about the most reliable indicator there is
name one market crash where there hasn't been a death cross?
caviar if they are not dead though surely whether they are still unemployed?
how can they spin this?
When I say technical, I mean technically the market will go up as well as down.
As for making sense of it all, I recommend having the beatles on while you watch the action, it helps a lot.
Edit: I've got Magical Mystery Tour on right now.
we are f*cked ... this administration doesn't even have the decency to face the reality
Being realistic does not work. Jimmy Carter can attest to that. How would it be received should the Prez come on the tube with this:
http://www.pbs.org/wgbh/amex/carter/filmmore/ps_crisis.html
...aaaand what was the headline on MarketWatch?
"Payrolls data points to no double dip recession."
Uhhhhh...rrrrrright
Obama: 'Country is heading in the right direction'
WASHINGTON (MarketWatch) - "The country is heading in the right direction," President Barack Obama said Friday. "The recession dug us a hole," Obama said. "We still have a great deal of work to do to repair the economy." On Friday the Labor Department reported that total nonfarm payroll employment fell by 125,000 in June as the number of temporary Census workers dropped by 225,000. Private hiring rose a disappointing 83,000 in June. On Friday Obama announced 66 new Recovery Act broadband projects that are expected to initially create about 5,000 jobs.
Check out BIIB today, bios could go sky high during a recession, as they are insulated with science.
Wow, VIX down over 2 pts today. Loading up for another huge crash. yabs, I wouldn't count out that cool graphic you posted.
juwes
technically this market is rigged
but soon I think maths will win
Benefits expiry: I did some cocktail napkining on the non-extension of benefits, since I've seen it nowhere else. Each week benefits are not extended, approximately 300,000 no longer get a check as in NO MONEY, not even to buy bread, unless they can sell some plasma at $25 a plasma pop. The average monthly is 1200, so about 300 a week. That's a 90 million dollar a week loss out of the economy, an annualized run rate of 46 billion per 'weekly cohort'. The now 6 week old cohort of those not extended is 1.3 million, so far 1.75 billion has not got into the economy. Next week, no benefits, and you subtract another 540 million, approximately, from the economy. Now think about that kind of spending and the kind where you print money and give it to banksters. What is the velocity of money given to the unemployed mother of two versus the money given to a broke ass bankster to repair his balance sheet? I propose this is MASSIVE and completely overlooked. Without wading into the 'Should we/Shouldn't we' give long term aid to the unemployed, I will argue the knock on effects are, again, MASSIVE. There are 6.8 million long term unemployed. If their benefits were succesfully blocked by the Republicans, you take out 400 billion dollars of the highest velocity money on the planet.
And it is about time there is reduced spending, lets hope this is just the start of Massive Cuts!
Totally agree. Besides, we're gonna need to hoard what cash we can to fund the next round of bankster bailouts. Poor widdle banksters.
Stimulus money does tend to work a lot better when it's directly given to the citizenry. I often wonder how much better we'd be doing if the government had taken that 850 billion dollars and just distributed checks so people could buy stuff and pay down debt. That was really the two sources of the economic problem, people not buying stuff, and private debt not being sustainable.
Well if you want to see people rise up that's one sure fire way to do it. Take away the lifeline and you have a huge mass of pissed off people.
Aye. And these can be a very interesting pissed off 'cohort', since these broke ass motherfuckers are not the people who've collected welfare checks for generations. Many of these are middle class folks who are not mentally equipped to be utterly destitute. Nothing's more desperate than a mama (or daddy) trying to feed, clothe and house the babies. 6.8 million long term unemployed are probably supporting average 1 to 2 more mouths with now no money to do any supporting. That's a recipe for real rage.
Personally, I think the Republicans are playing with fire, but it all remains to be seen what happens.
Forgive me if I am duplicating someone else's post as I do not have time to read all the comments but David Rosenberg has one of his very best daily letters on this very subject today. I hope this link works.
https://ems.gluskinsheff.net/Articles/Lunch_with_Dave_070210.pdf
It is a user login/password protected link.
Sorry. And I deleted the original. I will try to retrive it and post the words later.
208k govt job losses + 63k permanent private sector jobs + 21k temporary private sector jobs - 147 birth/death model plug = Timberrrrrrrrrr.
More details and analysis (plus some dick jokes) if you're interested:
http://whengeniusprevailed.blogspot.com/2010/07/7210-midafternoon-report...
Yep,
I've been unemployed for the last 16 months and the government just told me and a million other people to get bent.
Then the talking heads spout on about green shoots because the unemployment dropped in June !!!....really????
Me and my million buddies all found jobs at the exact same time !!!!...REALLY........sure, just ask Larry Kudlow and his Keynes buddies.
Get your guns ready peeps. The revolt is coming to a theather near you.
Yep,
I've been unemployed for the last 16 months and the government just told me and a million other people to get bent.
Then the talking heads spout on about green shoots because the unemployment dropped in June !!!....really????
Me and my million buddies all found jobs at the exact same time !!!!...REALLY........sure, just ask Larry Kudlow and his Keynes buddies.
Get your guns ready peeps. The revolt is coming to a theather near you.
Certainly a lot of details like that to take into consideration. Thanks windows vps | cheap vps | cheap hosting | forex vps