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Non Farm Payrolls Come At -226K After Census (411K), Temporary (31K), And Birth-Death Adjustment (215K)

Tyler Durden's picture





 

So much for that 700,000 expectation. At 431k, less 411k census, and 31k from temporary help services, it sure doesn't look good even without the 215k birth-death adjustment which only conspiracy theorists look at according to Mr. Liesman. 431k minus 411k minus 31k minus 215k = -226k. Nuf said. In other news, those unemployed longer than 27 weeks hits a new record at 46%. Nothing conspiratorial about that number.

From the report:

Nonfarm payroll employment increased by 431,000 in May, reflecting  the addition of 411,000 temporary workers for Census 2010. Total private employment showed little change over the month (+41,000), following increases in March and April. In May, manufacturing, temporary help services, and mining added jobs, while employment in con-
struction declined. (See table B-1.)

Manufacturing employment increased by 29,000 over the month. Factory employment has risen by 126,000 over the past 5 months. Within manufacturing, both fabricated metals and machinery added jobs in May.

Temporary help services added 31,000 jobs over the month; employment in the industry has risen by 362,000 since September 2009.

Employment in mining continued to increase in May, with a gain of 10,000. Support activities for mining accounted for 8,000 of the over-the-month increase. Since October 2009, mining employment has expanded by 50,000.

In May, the average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.2 hours. The manufacturing workweek for all employees increased by 0.3 hour to 40.5 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls increased by 0.1 hour to 33.5 hours over the month. (See tables B-2 and B-7.)

 


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Fri, 06/04/2010 - 08:44 | Link to Comment etrader
Fri, 06/04/2010 - 08:43 | Link to Comment Trichy
Trichy's picture

LiesMan just swallowed his false teeth.

Fri, 06/04/2010 - 08:44 | Link to Comment Citizen of an I...
Citizen of an IKEA World's picture

You can't have Liesman without lies.

Fri, 06/04/2010 - 08:43 | Link to Comment MyFriendMises
MyFriendMises's picture

Obama might have made his biggest political blunder by touting the strong job numbers this week.  He is the primary reason if their is a collapse.

Fri, 06/04/2010 - 08:45 | Link to Comment E pluribus unum
E pluribus unum's picture

At least he has a job...but it's looking more and more temporay every day.

Fri, 06/04/2010 - 09:11 | Link to Comment ISEEIT
ISEEIT's picture

My oldest son and his girlfriend have been 'employed' by a temp agency for six weeks. He has actually worked, been paid, for less than forty hours during that time despite having shown up at the agency every weekday during the six week period. I wonder how many such 'jobs' are being counted?

Fri, 06/04/2010 - 08:45 | Link to Comment Duuude
Duuude's picture

 

He's toast, frightening how incompetent this admin. is.

Fri, 06/04/2010 - 11:47 | Link to Comment RockyRacoon
RockyRacoon's picture

Since we are throwing around links and graphs and stuff -- check out the Chart of the Day:

http://www.chartoftheday.com/20100604.htm?T

Fri, 06/04/2010 - 12:07 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Now that's an ugly baby.

Fri, 06/04/2010 - 12:28 | Link to Comment MyFriendMises
MyFriendMises's picture

deleted

Fri, 06/04/2010 - 16:20 | Link to Comment RockyRacoon
Fri, 06/04/2010 - 08:48 | Link to Comment Cursive
Cursive's picture

Overpromise and underdeliver.  FAIL.  He and Biden are just sound bite dummies.  There is no "modesty" switch in their brains.  He was desperate, somebody told him in a hallway the numbers looked "good" and he ran with it.

Fri, 06/04/2010 - 10:04 | Link to Comment Brett in Manhattan
Brett in Manhattan's picture

As someone who was willing to give Obama a chance, I get a vibe from him that he thinks the President's job is to be a motivational speaker. He doesn't seem to care for the managerial part.

Fri, 06/04/2010 - 10:47 | Link to Comment Village Idiot
Village Idiot's picture

+1

Fri, 06/04/2010 - 10:59 | Link to Comment Rich V
Rich V's picture

obama - the community organizer in chief!

Based on his previous resume what did anyone expect?

Fri, 06/04/2010 - 11:36 | Link to Comment ColonelCooper
ColonelCooper's picture

Then the arrogant SOB has the stones to stand up this morning and say that Even if you subtract census hiring, the number is still positive and shows signs of recovery.

The only sad part is that 40% of Americans will believe it.

Fri, 06/04/2010 - 09:36 | Link to Comment knukles
knukles's picture

My thoughts similarly, the Tipping Point.  With the "A Thousand Brilliant Jobs Report" in conjunction with the "I am in Charge." posturing over the GoM leak, credibility is Decimated.  His Own Kind shall Begin Feasting upon the (Not Symbolic) Body of the Messiah.     

Further, time enough has passed, the Administration, Indeed, All of Washington Now Owns the Game, Lock, Stock and Barrel. 

The Employment Report is Prima Facie Evidence that the Neo-Keynsian, Tax and Spend Model indeed exhibits a Negative Multiplier Effect.  Game Over.  

Forget not, Further Ruminations regarding the merits and demerits attached to the Color of the Jersey Donned by any Kabuki Cheering Section of the Only Party in Power are exactly the Diversion Needed for Further Cover of Additional "Altruistic" Agendas in order to Prolong the Looting.   Never Let a Good Crisis Go To Waste - the Mantra, the Movie.

Narcissists, Community Organizers or Visionaries, it Matters Not, for Effective Release from the Maws of Social, Political and Economic Tyranny are Desperately Necessitated.

Fri, 06/04/2010 - 11:19 | Link to Comment Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Obama: Let Them Eat Hope.

Fri, 06/04/2010 - 08:43 | Link to Comment Handle with care
Handle with care's picture

Holy Crap!

Anyone deny double dip now?

 

Fri, 06/04/2010 - 08:47 | Link to Comment snowball777
snowball777's picture

Leo, the disciple of Ra.

Fri, 06/04/2010 - 09:20 | Link to Comment whatsinaname
whatsinaname's picture

Meanwhile headline on CNN - Jobs in May jump !!

 

Fri, 06/04/2010 - 10:41 | Link to Comment RichardP
RichardP's picture

"Jobs in - may jump!!"

Fri, 06/04/2010 - 12:13 | Link to Comment hound dog vigilante
hound dog vigilante's picture

Seriously... where is Leo K. ?

I was so looking forward to his re-cap of 'improving fundamentals' this morning...

He must be dialed into the CNBC/MSM/White House conference call... subject: revised economic talking points, or how to ignore a depression.

 

Fri, 06/04/2010 - 08:47 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Never underestimate the capacity for humans to deny everything, including our own existence.

Fri, 06/04/2010 - 08:50 | Link to Comment UGrev
UGrev's picture

Does that mean I can deny my existence and stop paying taxes? 

Fri, 06/04/2010 - 08:52 | Link to Comment MyFriendMises
MyFriendMises's picture

you might not have to since the Govt might have a problem when they stop paying the salaries of the people at the IRS.  Or more likely make their salaries worthless through QE.

Fri, 06/04/2010 - 09:10 | Link to Comment SWRichmond
SWRichmond's picture

No, that will just make them mean.

Fri, 06/04/2010 - 10:25 | Link to Comment Crab Cake
Crab Cake's picture

I think you have that backwards CD.  I believe humans are denying their in-existence. Appearance Emptiness.  There is no solid thing to find, just evershifting causality. When one looks for one's self, there is no self to find, if one looks diligently.  The false ego, satan by any other name, is the root of evil, and the need for more and more and more to substantiate the inexistent.

It is not Kant's, "I think therefore I am."

It is Exodus's, "I am that I am."

There is nothing but conciousness, and conciousness is all that passes through it without limitation or impediment; everything and nothing in and of itself.  The paradox of being.

What is this existence you speak of?

Row, row, row your boat, gently down the stream, merrily, merrily,merrily, life is but a dream.

Fri, 06/04/2010 - 11:20 | Link to Comment Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Oh snap. Queensryche was correct all along.

Fri, 06/04/2010 - 11:22 | Link to Comment Bolweevil
Bolweevil's picture

don't forget Popeye, "Iyam what Iyam!" ;)

Fri, 06/04/2010 - 11:25 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

CC

I like the row boat analogy. :>)

In my defense, I was trying to briefly outline the case for extreme denial, not be factually correct about the dream like nature of our reality.

But I appreciate the fact that you quite obviously have given a great deal of thought to this subject and you're hot on the trial of the big picture. You will enjoy the rest of my series as I drive towards this point.

Fri, 06/04/2010 - 12:05 | Link to Comment Crab Cake
Crab Cake's picture

No defense necessary, it's just discourse.

CD

I hope I'm hot on the trail of true evolution, enlightenment, and pulling the plank from my own eye.  Though I stumble on the rocks regularly and routinely, may I be foregiven and have the strength to forgive myself.  Only when this is achieved will I be able to truly help the masses who are suffering in their ignorance, as I have with mine and still do.

May the light fill me.  May I shine like a beacon in the night, that my words might soothe, and that my hands might heal.  May that I find my place in the palace of heaven here on earth within myself, and bear its burden in this world upon my shoulders; a pillar of light to hold up the righteous hall.  May the narrow path be clear.  May the seeker find. May the door be opened.

I always enjoy your posts CD, and I do look forward to them.  Shine the light brother, nothing can stand before it.

Fri, 06/04/2010 - 11:41 | Link to Comment old_turk
old_turk's picture

"It is not Kant's, "I think therefore I am."

You are correct it isn't Kant, it's Descartes.

 

Cogito ergo sum.

 

Although 'ergo sum, cogito' does have a certain je ne suis qoui about it.  :-)

Fri, 06/04/2010 - 11:49 | Link to Comment RockyRacoon
RockyRacoon's picture

Descartes is sitting at the bar at closing time.

Bartender asks him if he wants one for the road.

Descartes says, "I think not."

Then he disappeared.

Fri, 06/04/2010 - 12:10 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

LOL Brilliant! :>)

Fri, 06/04/2010 - 12:11 | Link to Comment Crab Cake
Crab Cake's picture

Oops on Descartes - Kant.  What can I say?

Fri, 06/04/2010 - 16:27 | Link to Comment RockyRacoon
RockyRacoon's picture

No biggie.  Here's one from the best of Monty Python:

http://www.youtube.com/watch?v=xQycQ8DABvc&feature=related

Fri, 06/04/2010 - 19:14 | Link to Comment plongka10
plongka10's picture

+2010

I sang that rhyme to all my kids. So true

Fri, 06/04/2010 - 09:35 | Link to Comment Shocker
Shocker's picture

Nah, I think its pretty clear were we are heading. The problem this time is they tried to spin the numbers, and it just looked awful. Normally they can do it, and everyone is amazed. The temporary Census Workers really shouldn't even of been counted, they are fake jobs. And if you read the article from above, by the time you make all the adjustments to Birth-Death, Temp... It works out to be nothing. The lies amaze me, hopefully by now no one believes them.

http://www.dailyjobcuts.com

Fri, 06/04/2010 - 11:00 | Link to Comment Rusty_Shackleford
Rusty_Shackleford's picture

Also keep in mind the "Census Worker" job numbers are being goosed (maybe by a factor of 2-4X).

 

http://www.nypost.com/p/news/business/two_more_census_workers_blow_the_O...

http://biggovernment.com/publius/2010/06/01/census-workers-blow-whistle-...

Fri, 06/04/2010 - 11:46 | Link to Comment Trichy
Trichy's picture

Bob Januah(?) has raised his global QE target to 10-15 TRUSD! Don't give up Benny your doing a great job!

Fri, 06/04/2010 - 08:44 | Link to Comment What_Me_Worry
What_Me_Worry's picture

But the unemployment rate fell.  CNBC can focus on that today.

Fri, 06/04/2010 - 08:48 | Link to Comment SDRII
SDRII's picture

Yes the labor force conveniently down 350K or something with the unemployed falling 250K or so. Nice move. Lol

Fri, 06/04/2010 - 08:51 | Link to Comment E pluribus unum
E pluribus unum's picture

No, they just ran out of UI benefits so they don't count. In an unrelated issue, watch the number of convenience store robberies soar.

Fri, 06/04/2010 - 10:28 | Link to Comment JohnG
JohnG's picture

Strategic Suicide....

Fri, 06/04/2010 - 11:45 | Link to Comment A Nanny Moose
A Nanny Moose's picture

We are due for an SNA/Patty Hearst type event.

I mean, would we really miss Paris Hilton, or her little Taco Bell dog?

Fri, 06/04/2010 - 08:44 | Link to Comment AUD
AUD's picture

Leo Kock Kovaki, is looking the fool anyway.

Fri, 06/04/2010 - 08:48 | Link to Comment snowball777
snowball777's picture

He'll point to manufacturing...and maintain that all the new jobs as undertakers are green shoots.

Fri, 06/04/2010 - 08:44 | Link to Comment jbc77
jbc77's picture

That jobs report straight stunk. Mix in dollar funding crisis in Europe and you've got the recipe for freaky Fridays, gonna be a nervous weekend as well. Why hold equities over the weekend? Dumping will occur promptly, hopefully the market doesn't go no bid on the downside.

Fri, 06/04/2010 - 08:44 | Link to Comment Bruce Krasting
Bruce Krasting's picture

This number is a disaster. Look for a new jobs program and more deficits soon. Don't worry. QE-II will bail us out. Not.

Fri, 06/04/2010 - 09:10 | Link to Comment taraxias
taraxias's picture


You didn't think Summers was touting another $200 billion stimulus for nothing, did you?

More QE from Uncle Sugar coming soon.

And oh yes, interest rates going up soon says Leo, what a fucking joke.

Fri, 06/04/2010 - 11:22 | Link to Comment Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Well the natives will get restless real quick if they don't.

Fri, 06/04/2010 - 08:44 | Link to Comment FranSix
FranSix's picture

You mean, people are rolling up their sleeves and getting their nails dirty IN THE MINES??

Fri, 06/04/2010 - 08:44 | Link to Comment jkruffin
jkruffin's picture

Everyone on this site knew the scam jobs number wasn't going to hit.  People need to wake up and realize what the FED is doing, and it isn't any favor to anyone.  They need to wake up and realize there is no recovery, only manipulated data.  They have to inflate or we are doomed.  Either way stocks are not the place to be.  

Like I said, I hope JPM is on the hook for trillions of derivatives losses and they get shut down once and for all,  and GS too.

Fri, 06/04/2010 - 08:53 | Link to Comment Matto
Matto's picture

Lets see one of their counterparties blow out in a rapid liquidation. Bring it, lets see this done once and fall. Where's that reset button?

Fri, 06/04/2010 - 09:12 | Link to Comment SWRichmond
SWRichmond's picture

Like I said, I hope JPM is on the hook for trillions of derivatives losses and they get shut down once and for all,  and GS too.

Me, too, friend.  Me, too.

Fri, 06/04/2010 - 09:28 | Link to Comment Cursive
Cursive's picture

+1  ES down 20+ pts.

Fri, 06/04/2010 - 11:39 | Link to Comment ColonelCooper
ColonelCooper's picture

90% of the people in this country don't even know what the fuck the Fed is.  Or the Treasury. 

Conversely, they could tell you who won American Idol, and who they beat to get there.

Fri, 06/04/2010 - 08:44 | Link to Comment LoneStarHog
LoneStarHog's picture

CNBS -- Would somebody SHUT DOWN this damn station, so that all employees (especially LIESman) will be considered in the DEATH side of the Birth/Death Model !!!!!

Fri, 06/04/2010 - 10:14 | Link to Comment A_MacLaren
A_MacLaren's picture

There will always be a voice for the propagandists.  Whether anyone actually listens, is an entirely seperate matter.

Can you say Pravda and will you observe the official dog walking hour?

CNBS will at some point be looking for another commentator, err, propgandist at some point, possibly when Rick Santelli decides he can't take it any more.

My guess is this replacement will be named SPINaker or SPINacher.

 

Fri, 06/04/2010 - 08:45 | Link to Comment RSDallas
RSDallas's picture

CNBC is trying hard to turn a terd into a baby ruth and you can tell everyone around that table knows deep down we are all in deep doo doo.

Fri, 06/04/2010 - 08:50 | Link to Comment FranSix
FranSix's picture

'The polishing of a turd,' as it's referred to in journalistic circles.

Fri, 06/04/2010 - 10:48 | Link to Comment Rusty_Shackleford
Fri, 06/04/2010 - 12:16 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Rusty, you didn't, did you?

I made the mistake of clicking the link even thought I had a strong suspicion where you were leading me. You sometimes amaze me with your depth of knowledge of popular culture.

And the fact that you're obviously well spoken leads me to believe you're some kind of aberration. No one can have this much popular culture knowledge and not be brain dead. :>)

Fri, 06/04/2010 - 14:43 | Link to Comment Rusty_Shackleford
Rusty_Shackleford's picture

Thanks dude.  Absolutely love your stuff too.

 

I'm like the wind.

I'm everywhere!!!

 

Naaahhh.  I just try to keep a good balance between the Apollo/Dionysus thing.

 

"Every soul a battlefield"

Fri, 06/04/2010 - 08:51 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Don't you dare denigrate my Baby Ruth by connecting it in anyway to that sack of lies called CNBC.

The Baby Ruth is The Real Deal. It says so right on the package. :>)

Fri, 06/04/2010 - 08:52 | Link to Comment UGrev
UGrev's picture

I thought it was a "Big fuckin' deal". 

Fri, 06/04/2010 - 09:15 | Link to Comment LeBalance
LeBalance's picture

Caddy Shack scene.

Fri, 06/04/2010 - 09:16 | Link to Comment bigdumbnugly
bigdumbnugly's picture

is that the theme from Jaws I am hear playing in the background???

Fri, 06/04/2010 - 10:53 | Link to Comment Village Idiot
Village Idiot's picture

"I got it!"

(close examination)

"Mmm, Baby Ruth."

"Hey, it's a a Baby Ruth!"

Fri, 06/04/2010 - 08:45 | Link to Comment AUD
AUD's picture

That didn't come half as funny as I thought it would. What happened to the strikethrough?

Fri, 06/04/2010 - 08:45 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

Good thing those circuit breakers are finally online.

Huh, what?

...oh shit

Fri, 06/04/2010 - 08:46 | Link to Comment doomandbloom
doomandbloom's picture

Leo..u there?

Fri, 06/04/2010 - 08:49 | Link to Comment MyFriendMises
MyFriendMises's picture

Give him some time.  He is very busy watching his net worth go down down down...

Fri, 06/04/2010 - 09:09 | Link to Comment doomandbloom
doomandbloom's picture

heheh...actually i like Leo....i am using him as a barometer for panic......for, the day he turns bearish...it means there is no hope(ium) left..

Fri, 06/04/2010 - 11:07 | Link to Comment Busy-Body
Busy-Body's picture

Agreed.  If 'Harry Wanker' can become "somewhat enlightened", there is also a glimmer of hope for Leo......

Fri, 06/04/2010 - 08:46 | Link to Comment BlackBeard
BlackBeard's picture

Wow.....even magic isn't working anymore...what are our pigfarm masters going to do NOW?!?!

Fri, 06/04/2010 - 08:46 | Link to Comment lizzy36
lizzy36's picture

ahhh obama and biden doing the walk of shame.

waiting for christine romer to tell us how many jobs this administration has created or saved.

Fri, 06/04/2010 - 09:32 | Link to Comment Miles Kendig
Miles Kendig's picture

The chatter is that without gov't "assistance" US unemployment would be 11%..  Look at Gross's chats this am.

Fri, 06/04/2010 - 09:39 | Link to Comment Brett in Manhattan
Brett in Manhattan's picture

Of course, they don't posit, that without all the propping up of markets, at this point, we might be recovering for real.

Fri, 06/04/2010 - 08:47 | Link to Comment assumptionblindness
assumptionblindness's picture

So, we added workers in the manufacturing, census and birth/death fantasy sectors?  The strong dollar is gonna be great for manufacturing.  The census won't last too long.  Even among American Idol viewers, the birth/death model is now officially a JOKE. 

Can U smell the panic?

Fri, 06/04/2010 - 08:47 | Link to Comment trillion_dollar...
trillion_dollar_deficit's picture

What a disastrous report.

Fri, 06/04/2010 - 08:52 | Link to Comment Cursive
Cursive's picture

+1

The ONLY good news I can see is the increased work week.  This has to pick up before new hires.  Of course, still at depressed levels.

Fri, 06/04/2010 - 08:48 | Link to Comment billwilson
billwilson's picture

Starting to see drops in local and state government. This sector has held up over the last 2 years, but now looks to have faced relaity.

Fri, 06/04/2010 - 08:50 | Link to Comment GS is short Gold
GS is short Gold's picture

Leo K. nails another one!!!!!!!

Fri, 06/04/2010 - 08:50 | Link to Comment Cursive
Cursive's picture

Temporary help services added 31,000 jobs over the month; employment in the industry has risen by 362,000 since September 2009.

Me thinks temporary help is going to be permanently high.

Fri, 06/04/2010 - 11:01 | Link to Comment Village Idiot
Village Idiot's picture

I happened to have the pleasure of hittinga few balls with two retired gentlemen yesterday.  One came out of college and went to work for ML.  42 year career.  The other went to work at JC Penny's as a stock boy, and stayed on for 30 years.  Consensus - by and large, those days are gone in this country. 

Fri, 06/04/2010 - 08:51 | Link to Comment east paris trader
east paris trader's picture

Did you catch Becky's face after NFP came out this morning... she looks like she needs to take the red-eye to Omaha to "pay-off" Uncle Warren on their side bet.

Fri, 06/04/2010 - 08:52 | Link to Comment chindit13
chindit13's picture

Robert Barbera, an email addressed to you was mistakenly sent to my box.  I tried to call CNBC to pass it through to you privately, but all the lines were busy, apparently due to lots of calls from outraged sheeple.  Anyway, I apologize for the public nature of this, but here's your mail:

"Dear Bob,

You're lucky you are not still with Nomura Securities, as the Japanese would hand you a short sword and a white towel.  In any event, two weeks with pay.  I hear Census is looking for folks.  All the best."

Fri, 06/04/2010 - 10:03 | Link to Comment snowball777
snowball777's picture

Hatoyama got off too easily.

Fri, 06/04/2010 - 08:52 | Link to Comment Waterfallsparkles
Waterfallsparkles's picture

Time for Bernankie to gun the Futures and leave all of the shorts befudled like they did when the Jobless rate dipped to 10%.  Market rallyed 300 points.

What about Joe Biden commenting on Wenesday that the Jobs Numbers would be a fablous number.  Did he intentionally Manipulate the Market?

Fri, 06/04/2010 - 10:21 | Link to Comment TooBearish
TooBearish's picture

Smilin' Joe - "....this is a big fukking deal...."

Fri, 06/04/2010 - 08:52 | Link to Comment sumo
sumo's picture

Eurozone looks a runaway train this morning. Index futures are glowing radioactive red.

It's gonna be wild today.

Fri, 06/04/2010 - 08:52 | Link to Comment jkruffin
jkruffin's picture

Art Cashin looks like someone pissed hot sauce on his face he is losing so much money this morning.

Fri, 06/04/2010 - 09:02 | Link to Comment centerline
centerline's picture

This is going to leave a mark.  I wish I could watch CNBC right now.  The pump monkeys must be pulling hair out.  Wasn't just 20 minutes ago on talk radio that the "fantastic" jobs number pump job was full on.  LOL.  Somebody in the Bureau of Statistical Manipulation is going to get fired for this one.

Fri, 06/04/2010 - 08:53 | Link to Comment viator
viator's picture

Did the Swiss just pull the Eur/CHF 1.40 peg?

Fri, 06/04/2010 - 08:53 | Link to Comment johngaltfla
johngaltfla's picture

S&P 1044 here we come.

Two words, no matter the spin, describe this report:

Unmitigated Disaster.

And look at the revisions boys and girls.....

Fri, 06/04/2010 - 08:53 | Link to Comment Sisyphus
Sisyphus's picture

This is what AP had to say about today's payroll number. Man, how many contradictory statements do they have in that brief paragraph.

<AP>

The nation's employers likely unleashed a wave of hiring last month, but it probably won't be repeated.

Most of the jobs expected to have been generated in May were for census workers hired on a temporary basis by the federal government. Such hiring is expected to have peaked in May and then begin tailing off in June.

By contrast, hiring by private employers -- the backbone of the economy -- may have slowed down a bit in May.

All told, the Labor Department's new employment snapshot released Friday morning is likely to be seen as further evidence that the job market is healing. Yet it's still years away from normal health and from recouping the millions of jobs wiped out by the recent recession.

</AP>

 

Fri, 06/04/2010 - 09:01 | Link to Comment Brett in Manhattan
Brett in Manhattan's picture

If you can remember way back to 2008, increasingly bad jobs reports, more often than not, caused the market to rise. Of course these rises were rationalized by the media with absurdities like, "Investors were hoping that the worse than expected jobs report might spur Congress to act on a new stimulus bill."

So, the contrarian in me thinks this drop on a bad report is a way to shake out some stock for an upcoming rally.

Just sayin'

Fri, 06/04/2010 - 09:03 | Link to Comment Tic tock
Tic tock's picture

Well if unemployment is rising and interest are low, then something must be broken with the transmission mechanism. Shame the banks are going to the wall, no, it is. Someone unfortunate is going to have to decree the writing-off the underwater mortgages, the selling of the performing onesm- and then, in the interests of national security, parcel off govt. land to the remaining non-landowning under a special program where they can mortgage it back to State banks at 1.5% / 25yr ...and if that wasn't difficult enough, somehow, raise the fed rate to around 6% and hope it works. Bless.  

Fri, 06/04/2010 - 09:03 | Link to Comment jory
jory's picture

Long Bond up 1.5% and Gold Down.  LMFAO!!!  But I thought bad news is good for gold?  Idiots.

 

 

Fri, 06/04/2010 - 09:17 | Link to Comment Turd Ferguson
Turd Ferguson's picture

Douchebag

Fri, 06/04/2010 - 09:22 | Link to Comment MyFriendMises
MyFriendMises's picture

+100.  I was was going to post same thing but I figured I would give you the honor.

Fri, 06/04/2010 - 09:54 | Link to Comment homersimpson
homersimpson's picture

I guess we all should feel bad for the Jory since his parents kept spanking him with gold brick as a child..

Fri, 06/04/2010 - 10:08 | Link to Comment JohnG
JohnG's picture

Too many whacks in the head?

Fri, 06/04/2010 - 11:47 | Link to Comment ColonelCooper
ColonelCooper's picture

Bide your time boy.  Someday, when your age comes to parity with your IQ you'll have it figured out.  (I'm thinking like 25?) 

It'll be the day when you stand in line all day to buy a pound of flour, and they laugh at you staring mesmerized by your Trillion Dollar Bill, and tell you to move along.

Douche.

Fri, 06/04/2010 - 13:58 | Link to Comment faustian bargain
faustian bargain's picture

Yeah, gold is down to $1218. Take that, gold idiots!

Hang on...1218 is up, not down. I'm confused. Please help me out here jory.

Fri, 06/04/2010 - 09:05 | Link to Comment jkruffin
jkruffin's picture

What they don't tell you is that out of all the Census jobs so called created, it is almost all teenagers and not anyone holding a mortgage or credit.  One came to my door, and I saw a bunch downtown, and it was all kids.  I saw maybe 5 adults tops.

Fri, 06/04/2010 - 09:13 | Link to Comment Brett in Manhattan
Brett in Manhattan's picture

My experience has been different. Most Census workers I've seen were older types (50+) who had most likely been out of the work force and will most likely go back to that status once the project is over.

Fri, 06/04/2010 - 11:13 | Link to Comment Conrad Murray
Conrad Murray's picture

I'll throw my experience in the mix.  Seen three Census people, all early 20s.

Fri, 06/04/2010 - 09:04 | Link to Comment demsco
demsco's picture

LEO, IT IS NOT AS BAD AS IT LOOKS!!!! I told you so, I was 30K off, sorry, but I nailed every other part of the report. Good luck with your solar stocks, try some MO so you have something to do after you get screwed. I got no problem with anyone being bullish, but just don't be stupid about things.

Fri, 06/04/2010 - 09:17 | Link to Comment Brett in Manhattan
Brett in Manhattan's picture

I wanna send this one out to my boy, Leo:

http://www.youtube.com/watch?v=tIdIqbv7SPo

Fri, 06/04/2010 - 09:04 | Link to Comment MyFriendMises
MyFriendMises's picture

No point running so I am going to just climb to the top of the highest hill and watch the tidal wave come in.

P.S. the site is going to be down all day.

Fri, 06/04/2010 - 09:04 | Link to Comment carlo
carlo's picture

I - must - buy - dip

I - must - buy- dip

 

lol ..... let's see if we get another huge bounce off the opening bell. I've been playing a few of them, but I'm not gonna play this one. But I just can't see the PPT letting this market below 10,000 after all the money they've spent so far. Hmmmm .... maybe play small ?

Fri, 06/04/2010 - 09:10 | Link to Comment Brett in Manhattan
Brett in Manhattan's picture

Speaking as a guy with a few open long positions, the wait for the opening bell on days like this is the financial equivalent of the Bataan Death March.

Fri, 06/04/2010 - 09:14 | Link to Comment cognitis
cognitis's picture

Daytraders shorted ES down about 13 handles on about 50k contracts right at 8:30, so expect a great short-covering rally by 4PM.

Fri, 06/04/2010 - 09:06 | Link to Comment TomB
TomB's picture

"temporary help services"

Is that an euphemism for BP oil spill cleanup workers?

Fri, 06/04/2010 - 09:11 | Link to Comment idea_hamster
idea_hamster's picture

...or hookers.

Fri, 06/04/2010 - 09:35 | Link to Comment cowdiddly
cowdiddly's picture

quit picking on our service sector economy

Fri, 06/04/2010 - 09:20 | Link to Comment johngaltfla
johngaltfla's picture

Community organizers

Fri, 06/04/2010 - 09:06 | Link to Comment sumo
sumo's picture

Obama and Biden look like dopes, talking up jobs, jobs, jobs.

Oh, did they mean Steve?

Fri, 06/04/2010 - 09:08 | Link to Comment jesusonline
jesusonline's picture

Another point to this pretty bleak jobs report. Contrary to the way CNBC, Yahoo and most of the MSM tried to spin it, unemployment came down from 9.9% to 9.7% because 322,000 people dropped out of the labor force.

Fri, 06/04/2010 - 09:10 | Link to Comment cognitis
cognitis's picture

U-6 decreased to 16.6%, so bears wanting a "double dip" received today a detriment.

Fri, 06/04/2010 - 09:12 | Link to Comment LoneStarHog
LoneStarHog's picture

CNBS: Touting that this is the largest INCREASE since March 2000 !!!

DUH!  When was the LAST U.S. Census ?????

Fri, 06/04/2010 - 09:13 | Link to Comment TraderMark
TraderMark's picture

The U-6 dropped in part due to labor force participation imploding 0.2%.  Same with unemployment rate.  Both helped by countless Americans giving up.  err I mean retiring, going on welfare or disability.

This was a horror show report.  Other than wages going up 0.3% there was nothing here that was good.  Labor forece participation down to 65.0%!

http://www.fundmymutualfund.com/2010/06/430000-jobs-of-which-411000-were...

Fri, 06/04/2010 - 09:15 | Link to Comment cognitis
cognitis's picture

I used U-6 not the popular U-3, because it includes desperate workers who have "dropped out".

Fri, 06/04/2010 - 09:14 | Link to Comment M4570D0N
M4570D0N's picture

This report is weak sauce, for sure. But you cant take NSA birth/death figures and subtract them directly from SA Nonfarm payroll figures like that.

Fri, 06/04/2010 - 09:16 | Link to Comment docj
docj's picture

Cue QE-v2.0 (or whatever number we're up to now)

Fri, 06/04/2010 - 09:17 | Link to Comment east paris trader
east paris trader's picture

We'll see how this turns out, but when NFP gets pumped its because TBTF sent out the "pump memo".   Looks to me like they are now short and positioned for the take down.   If the report had been solid, it would have been talked down.... 

Fri, 06/04/2010 - 09:24 | Link to Comment anony
anony's picture

Precisement!

Fri, 06/04/2010 - 09:18 | Link to Comment taraxias
taraxias's picture

Enough of all this negative talk. Apple is about to announce a new and improved iphone. It buys the dips automatically even while you sleep.

Leo has the prototype.

Fri, 06/04/2010 - 10:49 | Link to Comment viahj
viahj's picture

"It buys the dips or else it gets the QE hose again"

Fri, 06/04/2010 - 15:23 | Link to Comment doggings
doggings's picture

"It buys the dips or else it gets the QE hose again"

bwahahahahahahaha - laugh of the day  +100k

Silence of the Lambs, lmao thx for that ;)

Fri, 06/04/2010 - 09:18 | Link to Comment LeBalance
LeBalance's picture

Let us not loose our focus. AHEM!!! Tap. Tap. Tap.

Alright then, if this is the report Published, what is the reality?

/reality OFF/

Fri, 06/04/2010 - 09:19 | Link to Comment Pladizow
Pladizow's picture

You guys just dont get it.

The #'s were low because of the Memorial Day Holiday!

You're all so stipid.

Just buy equities.

Fri, 06/04/2010 - 09:20 | Link to Comment Gunny
Gunny's picture

This is a controlled demolition. The FEDs are simply setting us up for QE 2. Just waits for the cues and then pile into the S&P for more Ponzi units as we sprint to global fiat currency debasement.

Fri, 06/04/2010 - 09:20 | Link to Comment Miles Kendig
Miles Kendig's picture

Art Cashin - Get those DOW 10K HELMETS ready  ROFLMAO

Fri, 06/04/2010 - 12:33 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

I heard that comment live and I busted out laughing.

I think old Art is beginning to recognize that the insanity is about to exponentially increase and retirement is beginning to look mighty good.

Fri, 06/04/2010 - 09:20 | Link to Comment Der_Smelt
Der_Smelt's picture

I'm not even a conspiracy theorist, but this seems to play right into the QE II plan.  Home buying subsidy runs out, jobs 'creation' slows and as things turn sours, the admin can then sell the people on using some more of their own money, or some newly printed stuff for QE II, nuclear option $1T minimum?  Hard assets continue to be the goal....accumulate stuff.  Paper, well it's good to use for kindling.

Fri, 06/04/2010 - 09:21 | Link to Comment Justin Credible
Justin Credible's picture

No worries on the employment front.....QE2 = S&P 1500.

Fri, 06/04/2010 - 09:22 | Link to Comment cognitis
cognitis's picture

I usually don't trade ES, but so many here are clearly hyping an atbest marginally bearish report that I should probably perceive a place to buy ES today.

Fri, 06/04/2010 - 09:25 | Link to Comment three chord sloth
three chord sloth's picture

So, can we re-examine our trade policies yet?

We get these theories from academia, then our politicians enact policy based on those theories, but we never sit down and analyse if they work or not.

"Free trade benefits all" has been US policy only a few decades; it's not like it has a long history of success around the world to fall back on... in short, it's a theory. Can we soberly analyse it's effects yet? Without ideological blinders and political posturing?

Y'know... reality judges the truth of the theory, not the other way around. Just sayin'.

Fri, 06/04/2010 - 09:57 | Link to Comment Brett in Manhattan
Brett in Manhattan's picture

Not to mention that these same academics have created a system, tenure, that prevents them from getting canned because someone will do the job for less.

Fri, 06/04/2010 - 10:15 | Link to Comment three chord sloth
three chord sloth's picture

Race-to-the-bottom for thee, but not for me!

Fri, 06/04/2010 - 09:26 | Link to Comment jory
jory's picture

Dollar strong as a bull elk.  But I thought bad news is bad for the dollar?  LMFAO!!  Idiot Goldbugs are always on the wrong side of the trade.

 

 

Fri, 06/04/2010 - 09:27 | Link to Comment Don Mattingly
Don Mattingly's picture

I love ZH, but why do you insist on subrtacting the Birth Death number from the top line number? You can not do that. That is not how the numbers work. Please check out this link: http://www.bls.gov/web/empsit/cesbd.htm 

 

Not trying to be critical, just want to make sure everyone has their facts straight

Fri, 06/04/2010 - 10:48 | Link to Comment jesusonline
jesusonline's picture

You can not do that. That is not how the numbers work.

Let me junk you first. And second, there has been a number of articles related to birth-death model. In a nutshell - it's just another convenient way to manipulate the numbers.

Here's an article from October, 2009

U.S. Job Losses May Be Even Larger, Model Breaks Down

About 824,000 more jobs may be subtracted from the payroll count for the 12 months through last March when the figures are officially revised early next year, a Labor Department report showed today. The revision would be the biggest since at least 1991.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aGBkhROUjNds

Keep adding up jobs on the back of birth-death, then revise them - but oh it's already old news so doesn't matter.

Hope it helps to "get your facts straight".

 

Fri, 06/04/2010 - 10:48 | Link to Comment Pladizow
Pladizow's picture

Wanna make sure I understand.

Listen to the BLS about a # they make up?

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