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Payrolls Huge Miss: +39K Compared To Consensus Of 150K, 9.8% Unemployment Rate
Private payrolls +50K on expectations of +160K! Retail Manufacturing payrolls plunge 13K on expectations of +5K. Previous revised down to -7K. As Zero Hedge expected the ADP was totally and completely off. And so the myth of the recovery can suck it.
From the report:
The unemployment rate edged up to 9.8 percent in November, and nonfarm payroll employment was little changed (+39,000), the U.S. Bureau of Labor Statistics reported today. Temporary help services and health care continued to add jobs over the month, while employment fell in retail trade. Employment in most major industries changed little in November.
And the bad news continues: Average Hourly Earnings M/M at 0.0% on expectations of 0.2%. But please keep buying those iPads with Fed money.
And more bad news: Labor Force Participation does not move up one bit, remaining flat at 64.5% contrary to expectations that people would start coming back to the work force.
And some other observations:
- 15.1 million Americans unemployed
- 6.3 million unemployed for 6 months or longer, the highest since July
- The labor force grew by 103K, but the number of unemployed grew more than twice at -276k
Also, contrary to the theme that people are reentering the labor force, the number of people who want a job now, actually declined by 37K!
Knight Capital's take:
With unemployment rising to 9.8% as job seekers re-enter the market (the pool of available labor rose 239K during the month and the civilian labor force rose 103K) we could have been okay with this report as it is normal for job recoveries to begin with encouraged workers. However when combined with NFP of 39K and Private Payrolls of 50K, it is hard to be encouraged. Discouraged workers rose and the "underemployment" level remains at 17%.
Where are the positives? The prior month was upgraded from 151K to 172K for NFP and up 1K to 160K for private payrolls. There was also not a distortion from the oft criticized birth/death ratio as new businesses were assumed to have resulted in a loss of 8K jobs. Thus, the number is "cleaner" than usual. Also temporary help rose for the fourth consecutive month, usually a positive sign of future permanent hiring, but we have seen it give a false positive before in this market.
But that is basically it. 39K is pretty far from 150K and 50K is a far cry from 160K. What is close? Well, 9.8% is pretty close to 10%. Unemployment cycles are longer at the zero bound and the retooling of workers and demand from an economy geared toward housing production is a lengthy process.
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what a great opportunity. just buy the fucking dip.
101 YEARS....i love it! thank you for the laugh...needed it.
speaking of buying the dip....check out this gem...classic!!!!
http://www.youtube.com/watch?v=jllJ-HeErjU
Gold went up 1% in about 5 minutes on that.
But "they" stopped it at $1,399.95
Too funny. Too obvious.
edit: Slightly over $1,400 now at 9:45AM
Oh really CD, it is manifestly Obvious that these commodities are in a mania and as your regulatory body it is just my job to keep you all from getting overheated and suffering from financial issues after this blows up. /sarc/
Ummm...gee self hypocrital aren't I? Where the F was I on the Housing, Treasury, Dollar, Tech, Stock, etc bubbles? Golly does that mean that some drugs (that I can make money from) are legal and some drugs (that I have a hard time controlling) are illegal. And in the case of those later drugs that's where I make the most money for my self, besides financials, war, and arms, of course.
I am your basic social director!
Ohhhhh...how can I ever reconcile my CD with my self. I guess I'll have to find a likely Jack Ruby for Julian Assange.
Flash Inverse Crash! Flash Pump Biatches! Gold Price sites seem to be having problems. Is this China? Now that they are allowed to invest in international Gold ETFs?
Hmm... funny how the unemployment rate went up right after the republicans started saying the Fed should focus only on price stability. Can these reports really be trusted?
101 - LOL- Thanks. I was thinking the same thing
i'm willing to bet it is NOT a coincidence this number missed so horribly the day after the 10yr went over 3%.
bonds are now surging. i hope everyone bought that fucking dip the last few days.
Add the O Team wants to extend unemployment benefits again. There are no coincidences here.
It is the NOISE everyone STILL listens to. Challenger and Christmas are always right and ADP is always wrong...go look at the payroll numbers from two day ago.
A for GOLD at 1400, a well know GOLD bull warned 1400 would be a trap for those not holding real metal....the funds can't cover the investors.
bye bye bye
So now the BLS has credibility here at ZH?? Every month the BLS is ridiculed as a propaganda machine but now that the news is bad, ZH treats the information as if it has been vetted by TD himself?
You guys have to see the inssanity of your approach here; you can't be this damn blind.
If this information is valid then the next BLS or other agency report that is produced which invalidates your thesis, then you should proclaim it to be accurate and telling as well.
So which is it TD? Is the BLS to be believed or not? Man up and take a position.
Personally? I don't believe this. I think it is far worse than what the government is stating.
+1
The BLS has constant positive bias, and today's "catch-up" is merely what they could not hide this time.
However, it *is* far worse than is currently reported.
Seriously. I'm talking doubly-bad.
Stop this, guys.
The people working at BLS get up in the morning and spend some time in the bathroom and commute to work. They put in their day of work and go home at night to play with their kids.
They are normal people just like anyone else. They don't go in to work to spend every day of their lives lying to you. Would you work at a job like that? Of course not. Neither do they.
They make every effort to be accurate. They fail now and then just like everyone else, but there is no agenda there. People have challenged their methodology for decades on all sorts of parameters and they take every challenge seriously and revisit those methods.
They make every effort to be accurate. So would you. They are no different than you.
We're not questioning their work ethic or effort. We are questioning their models and methods.
How hard is to simply count heads of employed vs. unemployed? Can't they just give us an honest count and leave the modeling and adjustments to others? No wonder the ADP report is gaining favor. We simply want clean data. If I wanted a biased story along with it I would be watching CNBS.
+1
Further, the positive BLS bias is very demonstrably documented -- corrections are entirely to one direction. This demonstrates the fundamental flaw to their methods.
Specifically, practices like "same-store-survey" methods are ridiculous on their face, as they do not account for bias from closed businesses. Normalization of new methods/metrics to past reporting is not performed. This is laughable, and unprofessional.
Thus, the BLS is unreliable.
Of course, I understand the workers themselves are doing "what they are told" by the political administration. However, that is not a defense to the quality of their work product.
I also vote for release of "raw" (non-seasonally adjusted, non-model-corrected) numbers.
Unfortunately, I also suspect that their reporting is further influenced through political manipulation and time-shifting of corrections. I would be surprised if reports are not delayed, or "modified", after review by a politically sensitive official before public release.
The BLS should be embarrassed that people would have such suspicions -- it undermines their mission.
As a government statistics agency, their accuracy and transparency is insufficient.
Neither may be right No Mas and neither may be wrong. I like to look at www.dailyjobcuts.com to see the trends in the job markets. Actual job gains/losses as reported mean nada !!
And yes, the trend as seen on dailyjobcuts is anything short of a tsunami in the labor market - see for yourself. Not surprised at all about BB's concerns about deflation but he has no REAL tools left to fight the blight.
The BLS is to full of shit. The number increased to 9.8%, when actually it is much worse. The point is, the numbers are sliding so badly not even the BLS can get them to hold at 9.6%, something they have engaged in a heavy amount of doctoring to do.
I almost am surprised when a non-Politburo approved stat comes out. That happens sometimes.
Yeah. They suck at cooking the numbers.
...and central planning
Welcome to the recovery!
Again this should be no Shocker to people. The numbers are always in the complete direction from what is actually. The writing is on the wall, not really a big deal.
http://www.dailyjobcuts.com The recovery is really gaining steam.
9.8 is still a fake number, U6 is still at 17%
Yup but they can't ignore the 9.8, which is creeping up.
I wonder if the rate would be published at 9.99% before they round up to 10.00... Actually, I wonder if it already is 10%.. Of course, including ALL under employed some estimates are at 22%..
Meh... I assume every number is false. When the number is bad, I assume it must be really bad. We were all kids... we understand how the lie begins to creep the longer it has to be maintained.
Jaws dropping at CNBC ! Dumb asses.
Zandi "escape velocity"
Bob P +250K
Time to roll out rick mishkin
clowns.
Who was the idiot dumb enough to plan an event at the B(L)S today for CNBC.
This will provide the Brenank another excuse to issue QE III and QE IV simultaneously!!! GOT GOLD AND SILVER?!?!?!
This continues to prove that QE1, QE lite and QE2 are all a failure. Ben will be stoped now by the repubs. This is it. He played his cards and lost BIG.
Hahahaha, yeah sure, as if the Republicans will change a god damn thing.
Mandatory spending + Medicare/aid + defence = total tax intake. As if they'll touch any of those (without a revolution).
@escape
Whaddaya mean negative Nelly? The Deficit Commission blueprint is crystal clear. We cut $200B in spending -- and then A MIRACLE HAPPENS!
What's not to like in that kind of plan?
Aren't you in Britain or Europe? Please don't comment on US politics if you are. I never understood how our internal politics are the business of the world.
Ben apparently doesn't answer to anybody, Congress, Prez, Dems, Repubs..
Didn't you read Bloomberg? These job stats vindicate the fed's QE 2 program.
Did you hear the stupid spin? One guy said "This is so disappointing and obviously does not refledt how good the economy really is. the ISM number coming ot later is more important than this number." What a DUMB ASS! I don't know his name but I've seen him on there a lot and he always makes stupid comments.
You are being redundant.
Oh, g'wan, let him redund. It's fun to read.
Yes, Maria is a little wet and I don't mean behind the ears.
There should be a lot of new jobs available in the Economists area..what a miss....
Harry will be along presently to tell us all how this isn't really much of a miss at all, huge or otherwise, because "retail" numbers are "good". Or something.
Should be entertaining, at least.
hahahaha.. you made my morning!
That means QE3 right?
It means, "the shit just got real"
I think some rebranding is in order. Something to suggest that we can have just about as much QE as we want without any effect, positive or negative...
Diet QE does not really have the 'zip' I'm looking for but it sounds better than Sugar Free QE or just QE Free.
I don't think TAB is quite right either. ;)
Well, we already tried QE Lite. How about QE zero! or New QE! or Diet QE!
QE Clear
Ouch!
Yep, QE3. Time to ramp futures. Let's break this resistance, baby!
Robots cannot control Gold over 1.400¡¡¡¡¡¡
Lets go and crack the system...
JPM wont sell today 1 bn notional in gold....
Gold stopped dead at $1,399.95
Too funny. The manipulators are pouring burning oil over the castle walls to keep the price below $1,400.
YUP YUP YUP! They can't keep gold down forever! .... errr ok maybe they can those fraudulent muthaeffers!
Pretty sure it popped over 1400 for a few seconds.
Could have been since my chart updates every 5 seconds. Either way, we know where the battle is.
And bang, over $1,400.
Yep - I'm showing 1402 (and 29.01 for Sliver) right now.
But I think CD is right, "they" are going to pull-out all stops to try to keep them below their approved ceilings.
Yep.. they are just pushing down on a spring..
Looks like the Ministry-Approved ceiling for Silver is $29. Beyond that, there be monsters!
Silver is doing great though. I guess they can't kill two birds with one stone.
The propagandists on CNBC, where the "recovery" never ended, say a rising unemployment rate is due to people returning to the work force.
I've heard this comment before. I do not understand it. Someone please explain to me. Weren't these same unemployed people already counted as unemployed? HOw does anyone know if someone unemployed is now looking for work ir that you weren't looking for work before? If I suddenly decided to look for work tomorrow - how does anyone know this?
LMAO! THAT'S why I no longer watch any lamestream TV!
BLS chief to be hanged for this partial leak of the state's health - Sarah Palin
NO - no more QE3...pls...
Somebody print some more money - quick.
Harry "I'll selling my wares in Chicago this week" got his hand caught in the printing press and gummed the whole thing up.
Epic fail.
hahahaha.. I guess everyone misses Harry!
Maybe I should wander over to the Merchandise Mart and see what kind of "must-have" items Harry is peddling to the masses...
http://www.biztradeshows.com/trade-events/oneof-a-kindshow-chicago.html
It's goddamn cold in Chi-town this week. Stay away from here.
FOOLS CLOWNS IMBECILES
Do you not know that shoppers have no time to work!
If you look at the figures ex-shoppers all is well.
The retails nbrs are UP comrades.
I am not at all sure why folk are surprised? It is one thing to observe the SPY rising...and do a calc on the "wealth effect" and convince yourself things are improving. It is entirely another thing to think that guys operating businesses in the US would hire based on the movement of the SPY.
There is NO RECOVERY in the US. This is obvious to anyone that lives here [outside of NY, NY]
Shit, there are cavemen in Oldupai Gorge who knows the recovery is non-existant.
Hey Kuntlow!
What bullshit are you gonna spew today?
CNBC is a criminal enterprise and more of a threat than Wiki-leaks could ever be.
If the market is up today it PROVES that WE are the NEW Soviet State. DUH.
Check out DRUDGE!!!
The pic he has chosen is CLASSIC!!!
Short JPM till ur hand hurts...lol
Attack¡¡¡
gooooold
BLS can print any number they want. These numbers are meaningless. Not in the sense of "doom and gloom, unemployment is much higher!" (although it is higher;), but it feels like they just want to control the way things are going. If the market runs too hot - cool it down. If it's freezing over - throw over some wonderful "recovery" numbers . And yes, don't forget - everything is "unexpected".
zackleee!
controlled demolition
did it before , doing it now, will do it again.
on their terms will the markets and economy collapse.
till then, tis the season for the bull$hite
My guess, they were worried to see crude going past $90, so time to take a bit of heat out of it. The problem is, as can be seen with crude, and the PMG, the market assumes weak data means more money printing, hence correlation between "risk assets" and real assets is breaking down....
That's my man! Indeed i believe they want to keep the lid on crude. If it goes too high too fast - it will more than undermine Fed's message "we're printing money to boost economy". It's flawed anyway, but higher energy costs will sap the whatever ghost of a 'recovery' there is.
I believe we're seeing a double edged sword here. More QE inevitably means higher oil - which they have to supress - and higher gold - which they would like to supress, but they can't! Or we're having the plan according to Rickards - higher gold is intentional as they want (and they really do) to devalue the buck.
Well, that explains the unexplainable and massive RAMPING JACK-JOB the last 48 hours.
As usual, put the crash pad in place for a dump.
What a joke.
This report should be good for at the very most a 30 point drop on DJIA; look out of a massive ramp job towards the end of the trading day, as "traders swoop in to buy bargains".
Lies, more lies, and CNBC.
Same clowns on CNBC, all look like they just saw a ghost:
Diane "Lip Gloss" Swonk
"Dismal" Mark Zandi
Steve "Yeastman"
And the obligatory commentary from Rick Santelli, whose forehead veins once again are about to explode.
Oh wait, here they come.....
"Buy the fucking dip!!"
Hey, Swank has got religion lately. That ugly fuck with the beard was today's half-wit.
Oil brutally bought, smashed higher, upcrashing through 88, hammered higher. You must be puking up blood...on the city bus. lulz.
Infinite fiat colludes with finite real assets - this should worry the Fed more than anything...
http://www.youtube.com/watch?v=jllJ-HeErjU
CNBC quotes...
"the USD seems to be going lower, I say oil prices go up"
"I don't agree the jobs number was so bad... I'm buying"
It's tough getting any work done with this kind of quality comedy available all day!
61.8% Fib holds again for now. Still have ISM Services and factory orders at 10AM EST.
ISM Services has so far underperformed even 2002-2003 economic slowdown range, and massively underperformed 2004-2007. We get so caught up in ISM, which represents less than 20% of the economy, whereas ISM Services is ~70%.
I don't know why I am still surprised when a stat like this emerges and then futures rise. As far as I can tell, the "recovery" went into a full stall in October. These numbers seem to confirm.
This number / jobs= tax cuts / unemployment benefits extended. QE 3.
1.402 gold
au revoir JPM:)
Gold launch 1399.80
Double Dip back on the agenda.
Germany wont allow US another Q-
So lets Real Estate Prices and Toxic Assets crash mark to market...
Of course it missed. The President needed bad numbers this month to justify unemployment benefit extensions.
Not happenin!
so to keep consistent, these numbers will be revised downward by the BLS - which means it was a whole lot worse than headlined. The fed knew this which is why they pumped the market up these last 2 days in a short squeeze...................... someone please pass me my crazy pills!!!!
This will provide more ammunition to reinstitute the tax cuts across the board. We'll see how well BO's negotiating position is to try and squeeze out more unemployment benefits as a condition.
I find it pathetic that the Republicans cannot even accomodate a tax hike on $1MM plus. Meahwhile, I still don't hear any resolution about carried interest and 15% tax for the wealthiest of the wealthy private equity and hedge fund guys ...
With the healthcare bill and huge tax uncertainty, you will never see small business expand until there is some clarity. Large corporations on the other hand are awash in cash and waiting to offshore even more jobs ...
don't want to hear about "more revenue" while we are appropriating money in Fraud-Dank for SEC to have a "women and minorities" office of some kind. This silly obsession with "diversity" has to stop; it's suicidal.
If the old saying that "time is money" is correct, I think it is clear that layers of American government have definitely had too much time on their hands ... (would make a good hip hop tune, "It's Ponzi time ...").
As an aside, good interview with Stiglitz by the Economist, "Banks are ... undermining the rule of law in this country ..."
http://www.investmentpostcards.com/2010/12/03/joseph-stiglitz-on-american-banks/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wordpress%2FVYxj+%28Investment+Postcards+from+Cape+Town%29
I made a similar analysis elsewhere.
The House Republicans are holding 98% of Americans hostage as they make demands for the top 2%. This is really a boon for the Democrats, for two reasons. It shows the Republicans are willing to sacrifice 98% of us so the top 2%, that isn't struggling at all, doesn't get a slight increase on its income above $250K/$1M (they would still get the tax cut on everything under). If the Democrats call this bluff, they get to raise taxes on 100% of Americans and blame it on the Republicans!
Meanwhile, the Senate has a bill to extend the tax cuts for everybody on the condition that unemployment is also extended and that's where the Senate Republicans are throwing a hissy fit. The Democrats win again, because it shows the Republicans care more about the top 2% getting a tax cut than the unemployed getting a lifeline. If the Democrats don't budge, they get a tax hike on 100%, but if they do, unemployment figures look lower as people drop off the list and Obama can take credit for the economy recovering (even though it isn't). But here's the best part, the unemployed become more dependent on government and more willing to vote for whoever will help them, which at this point seems to be the Democrats (even if it is false help).
It's funny how all the caterwauling about the deficit ("we can't afford UE because the deficit, we can't afford SS because the deficit") suddenly goes off the radar when it's proposed that the top 2% sacrifice just a little bit. What they should do, really, is extend the cuts for 98% and use what would've gone for the remainder of the cuts to finance the 99 week extension for everyone, and not just those "lucky" enough to have been laid off in 2008. And the mega rich need to figure out that domestic job creation is the only way that America can be saved and regular people will stop treating them like insatiable predators/parasites.
What I can't figure is why working people back the Republicans, when it's so very clear what's going on. This is two sides of the same monster "fighting" to enslave us to poverty and debt.
It is clear that you are ok with taking other folk's property. You can justify your thinking by saying "they have more than I do" and therefore it means that you must deserve something from them. Pitiful.
Pitiful and disgusting.
Greenhead: how the fuck do you leap to "taking other peoples' property?
I am so sick of this shit. "Lets raise taxes on anyone that makes more money than I do because is not fair that they make more than I do!!" Bwaaaa. Meanwhile, in the bernanks bat cave, they give away $3.3T to anyone that matters to them and extend $8T credit line to the ECB. We dont have any more money, lets tax the rich!!!!, no more bailouts for bankers!!! but, lets extend stay a t home and play with your PS3 checks past 99 weeks. The repugnicants are evil bastards because they dont want to raise taxes on the few people that are actually making money and hiring idiots without getting bailed out by the bernank. Kill the evil repugnicants!!! The gave the bankers bailouts!!! when the bernank answers to no one but his bosses in BoE.
Shut the fuck up bitch please!!!
It doesnt matter if they raise taxes on doctors and small business as long as the bernanl can give away an $8T credit line to his buddies. Who do you think is going to hire the 99er's? The fucking Bank of Bavaria? or the corner grocery store owner? Bwahh... but is unfair that he has more money than I do!!! raise his taxes!!!!
One huge problem is, you and just about everyone adopt the same silly over-generalization. Let me reformulate the gripe and see if you agree with this.
The following rich people should be taxed at a rate of 5000%, then locked in leg irons and sold into slavery:
Executives who produce nothing, and spend most of their tenures scamming the corporation they run, rigging the exectuve salary committee, setting up goals and bonus plans that misdirect millions into their pockets.
Everyone who benefits because they hire lobbyists to buy favors from congress or regulators or anyone else in government... to get artificial advantages over other individuals or corporations.
Everyone in government who then took a lucrative job in industry.
Everyone in industry who then goes into government to rig the game in favor of their industry.
Everyone in government.
Everyone who benefits because their union bribed the government to set up rules that enrich them. This includes doctors for example, who got rules in place to force people to make endless useless visits to them in order to be able to get the medications they need (prescriptions).
All other variations of the previous one.
-----
In contrast, everyone who got filthy rich because they were so astronomically productive that they actually earned (as in "directly inventing, designing, prototyping, debugging, developing and producing")... should be taxed at 0%, and have a statue built in DC to acknowledge their contribution to mankind.
-----
Is that what you really mean? If so, say it that way.
Sadly, the later category of rich folks is the vast, vast, vast, vast, vast, vast minority today.
How do you reconcile LLC's? Income flows through to individual returns. Small businesses are a big employer.
The short answer:
It depends.
The long answer:
As I get ready to start working for myself (I'm building real products, not reselling on eBay or consulting), people insist that I register an LLC to protect myself. My reaction, as a free American entrepenuer, is "why bother?" I will create a product and I will sell it to other people.
It really is that simple to me. I won't outsource to the Chinese, so I don't have to worry about toxic chemicals or slipshod construction. I won't write some convoluted license, so a sale begins and ends with the transaction. I won't borrow more than I can realistically repay at a day job or with savings, so I don't have to get worked up about bankruptcy proceedings.
But, everyone insists I will be sued by evil customers trying to steal my house, so I will probably register an LLC just to shut them up. In this case, I don't see the difference between myself and another guy working for a wage somewhere.
On the other hand, some damned big operations hide behind LLCs. And I believe they're out scaring the small business people into astroturfing for them. The end of this tax cut won't kill anybody above right around the bottom of the top bracket and they know it.
It's not an endorsement of the state confiscating more earnings (a loosely applied term sometimes). Even though the scale is small, I spend money in the US, but I understand that many are not willing to do so. My point is that people who reap the benefits of America should willingly invest in America. The consequences of not doing so have been, and will continue, turning us into a 3rd world country where nobody is safe and nobody can improve anything.
So called "america" does not exist. Drop all your silly categories and learn that your friends and colleagues in this world are every human who is honest, ethical and productive... no matter where they are, or what they do.
Also, I think your original idea is better... operate as a real, physical, living, breathing human being. If you think you need to protect your wealth, put that into a trust or other vehicle so it cannot be taken from you. Better yet, don't own much of anything expensive and identifiable (rent, and keep your gold and silver in a safe in a Panama or Singapore bank).
Here's what will happen as a result of the 9.8% unemployment rate: tax cuts will be extended, unemployment benefits will be extended, two federal workers will be laid off (austerity), one state worker per state will be laid off (major austerity!).
Sorry, I think enough heels are dug in that none of the tax cuts will be extended and neither will unemployment.
The higher taxes collected still won't be enough due to rampant waste and increasing unemployment. More (yes, I said more, since so many know-nothings think government never does layoffs) state, not federal, employees will be furloughed. In a completely unexpected and unrelated occurrence, complaints about public services ("wah, there's a line at the DMV, wah!") will escalate and, having removed state employee spending from the economy, the failure of small businesses will accelerate.
Official unemployment, of course, will go down, since the states don't employ anywhere near enough people to cover for those falling off the UE charts and the small businesses that go under don't count at all. The banks will make a killing, though, repossessing everyone's homes, liquidating business assets, and jacking up interest rates on revolving debt.
The cure to this is really simple, but it requires the wealthy to act in the country's interests. We used to have people like that in this country, where are they now? Most people working 8-5, and maybe even a 2nd or 3rd job, just don't have the funds, and can't get access to funding, to restart domestic manufacturing. Put bluntly, I think the wealthy are squeezing a shrinking pie, and one day there will be nothing left to squeeze.
I wouldn't want to live in that world even I was the king.
How brave of you all to attack the messenger when you don't like the message. Perhaps we can try even more of what hasn't been working since 1994 too?
Yeah, yeah, yeah. All true... except Obama and the democrats just gave several trillion dollars to the hyper-rich owners and executives of monster banks and financial institutions, and told his justice department to prosecute NOBODY for any financial issues over the past few years. Oh, and he's getting ready to let all the mortgage scams perpetrated by the mega-companies by signing a new version of that bill that he let expire (pocket veto) before the elections.
They are ALL liars, cheaters, fraudsters and predators, and all of them should be hung for endless instances of fraud, treason, violation of their oaths, and crimes against humanity.
The federal reserve and the entire federal government of the USSA must be shut down completely.
Looking deeper the rise from 9.6% to 9.8% even more scary considering workforce participation did not rise!
http://www.fundmymutualfund.com/2010/12/wow-quite-disappointment-39k-job...
I thought at first glance the unemployment rate rose because more people came looking for a job as their 99 weeks expired but participation rate flat at 64.5%
Oh well buy stocks, the Asians have jobs and more employment for americans only is a weight on profits.
Hey TraderMark, good to see another SA author I used to read here. Tyler should have you post that "corporations as balance sheets in cyberspace" comic here too.
PPT:
GET TO WORK, MACH SCHNELL!!!!!!
STARK UND SOFORT!!!
ARBEIT MACHT FREI!!!
The manipulation of the gold number down just before and the beat down yesterday, wow. Someone reposted the Kingworld news interview with McGuire the Silver whistle blower yesterday. They followed the play book. All there for anyone to see. Just before a bad number like this comes out, they beat PMs down because they know a rocket launch is coming.
Good call MC... now we know why we needed the S&P rally this week... a soft landing for the hit it takes today.
Maybe we add "short the spikes" to the game plan!
JPM 148.000 Mn total losses in just Silver & Gold exposure.Come on Raise capital baby¡¡¡¡ So dillutive effect coming
SKF day
NILF +80,000....no longer counted. Probably the reason the U-6 number didn't budge...just too many falling completely off the count. Actual UE approaching 25%?
OK, in an effort to help stupid economists for future monthly employment reports, I give you this headline:
http://philadelphia.cbslocal.com/2010/12/02/camden-city-council-approves-massive-police-and-fire-layoffs/
Now, multiply this by about 100 for each employment report for the next six months, at least. That way, you will not be surprised by things obvious.
Now...oil sure is priced for stupid...and maybe naked short selling the VIX into oblivion doesn't seem so smart. It has to be the fluoride in the water...
Gold H&S looks violated...long at will
Close Trav, close. But not yet.
CNN Front page story literally just changed from "Jobs coming back? Signs point to YES" to "Big disappointment on job market." LOL!
"Unexpected" Big disappointment on job market'
Futures down 30 on the DOW...
LMFAO...unbelievable...seriously and truly unreal.
"LMFAO...unbelievable...seriously and truly unreal."
I have been saying these words for more than over two years now.
In my native language, that says: "Incroyable, surréaliste, dramatique, ridicule, hallucinant, théâtre de l'absurde, putain de merde"...
U-6 to 17%
Retail lost jobs in front of the Holidays?
Household survey also rose to 9.8%
Previous 2 months revised higher. Gee, what a surprise! (tongue-in-cheek)
Hard to find anything to rejoice about in this.
Ironic that the ADP caused a two-day, 350-point Dow rally, only to get this disappointment!
It's time for CNBC staff to fly to China again with Buffet to upbeat his latest factory there. Why are any of them surprised?
Stiglitz and Summers have been quietly saying for the last 2 years US unemployment is going to be 10% for years to come.
mmmmm....China Buffet.
Houston... we have liftoff. Please consult Turd Ferguson's blog for further instructions...
http://tfmetalsreport.blogspot.com/
everyone Long Lexmark now¡¡¡¡
1. Corporations cutting costs - firing people
2. therefore, unemployment goes up
3. now then, Fed has to stay ultra-loose because they are supposed to act concerned about unemployment for political reasons
4. Therefore - corporate profits strong ( cost cutting), monetary policy at "emergency levels"(high unemplyment) = strong stocks. Now thats not so hard is it?
no problem...EPS will beat estimates:)
THe farce and scam will end next 7th december...Bankrunner¡
THe great downsizing of America continues. As I keep sayin', this isn't a cyclical downturn. This isn't just furloughs and cuts in hours. This is a giant step down in the CAPACITY of the economy to employ. Keep in mind that when you downsize, productivity and profitability rise for those that survive. But for the country it's a shrinkage and output will soon follow.
Correct. Unfortunately, we will probably not get confirmation of your theory on the big downsize move until ALL retail sales number for the season are booked so that we can get a proper year over year look, once "Black Friday Mania Press Outlets" are hushed.
It will reveal what you are saying, which is what so many of us are feeling. You literally can feel it on the highways in the form of reduced traffic.
Again, none of this is a surprise IF YOU LIVE OUT HERE.
Bottled water....avoid flouride...
This is obviously one guy's anecdotal but retail seems very weak to me just being out at the malls a couple times during prime time. Traffic has to be down. Even at the mall of america.
perfect post caviar. This is a structural change. No one here is surprised by this report.
Yes. Structural. The strategy of exporting jobs in order to control inflation is coming back to haunt. Keep in mind that the original downsizing began way back. But each recovery has been shallower and shallower, culminating in the 2002-07 recovery which never replaced jobs lost for the very first time. We've crossed a threshold
We rally 250 on an adp report but this? Probably rally on a dollar drop?
Just buy the fucking dip.
buy the deep¡¡¡¡¡¡:)
Sell off prelude
This is just a trick: they finally cottoned on that the last years BLS numbers are all skewed the wrong way, so they are reforming the bell curve with this one report. We really created 5,000,000 jobs in November. Next weeks revision to BLS will show you the truth. You can download your free BLS correction report to your new iPAD today at www.justbuytheeffingdip.com. Oh yeah, Merry Christmas all.
Look for a little profit taking on Gold and silver to convert to paper for holiday present purchases.
Wrong. the only gifts I'm giving this year are American Eagles.
Me too. And fractional gold.
I didn't mean us real gold bugs...just the heavy traders. I'm giving out Stagecoach Silver....great stocking stuffer....not sure I can part with my gold...I wuv it too much.
http://bullion.nwtmint.com/silver_stagecoach.php