• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Stunner: NFP Up Just 18K, Unemployment Rate 9.2%, Household Survey Down 445,000, Birth Death +131,000

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Fri, 07/08/2011 - 08:31 | 1435592 mayhem_korner
mayhem_korner's picture

This in from CNNMoney...

Mayday, mayday! 

Fri, 07/08/2011 - 08:35 | 1435634 Max Hunter
Max Hunter's picture

So without the birth/death adjustment, we are -75k.

Fri, 07/08/2011 - 08:38 | 1435660 malikai
malikai's picture

QE3->do();

Fri, 07/08/2011 - 08:38 | 1435666 the not so migh...
the not so mighty maximiza's picture

o yeah , you know it!

Fri, 07/08/2011 - 08:50 | 1435749 pesamystik
pesamystik's picture

Hey LaVorgna, go to hell you hack fucking loser.

Fri, 07/08/2011 - 08:55 | 1435772 Gordon Freeman
Gordon Freeman's picture

Hey! Cantstandya!

Fri, 07/08/2011 - 09:04 | 1435853 Pladizow
Pladizow's picture

Someone needs to start a US employment ETF that I can short - maybe triple leveredged!

Fri, 07/08/2011 - 09:16 | 1435936 Cash_is_Trash
Cash_is_Trash's picture

My supple-breated friend, metals are enjoying the Keynesian Failure.

Perhaps the real no. is above 20% unemployment.

Fri, 07/08/2011 - 09:46 | 1436125 espirit
espirit's picture

Probably higher unemployment is the norm.  The numbers given are most likely those still employed with fultime positions.  The number crunchers probably didn't read "Fudging Numbers for Dummies".

Fri, 07/08/2011 - 10:25 | 1436375 4shzl
4shzl's picture

5-yr. down 14 bps; 7-yr. down 13 bps.  Middle of curve = place leveraged carry-traders go to die.

Fri, 07/08/2011 - 10:42 | 1436480 brew
brew's picture

why hire?...gotta keep the earnings report looking good to keep the market cookin

Fri, 07/08/2011 - 11:19 | 1436761 agNau
agNau's picture

We all need not lose sight of the simple facts. Unemployment no longer exists. The Government rolls of employee's grow larger. There is only the illusion of transition. It is my belief this has always been the plan. Knowing the expiration of the current plan was assured and rapidly approaching...the "transition" plan was creating the circumstances in the economy where the majority would fall under the government umbrella of protection. ie If you want your belly full sit down and shut up......and not in that order! Here is all one needs to "visualize" the current situation. Imagine if today we still had soup lines instead of the virtually anonymous/camouflaged food stamp. Unless you are unemployed(and cognizant), you don't perceive the enormity of the problem with today's population.

Fri, 07/08/2011 - 12:23 | 1437082 ElvisDog
ElvisDog's picture

You're nuts if you think that J6P in the U.S., who has become accustomed to a live of 60 inch plasma TV's and Las Vegas vacations, is going to be happy sitting at home getting his food stamps. A lifestyle lost forever into something dark and dingy makes people angry.

Fri, 07/08/2011 - 09:20 | 1435958 doesmybuttlookf...
doesmybuttlookfatinthis's picture

I am now part of a very exclusive club. A June Hire. 1 of 350 (average per state). I am available for autographs and parties. Just contact my publicist.

Fri, 07/08/2011 - 09:37 | 1436078 Oh regional Indian
Oh regional Indian's picture

hah! Congratulations.

ORI

Fri, 07/08/2011 - 09:43 | 1436113 SilverRhino
SilverRhino's picture

Not that exclusive.   I am a June hire as well.   and a +25% raise so life is kicking ass right now.

Fri, 07/08/2011 - 11:10 | 1436698 CH1
CH1's picture

Use the time to create a business. Working for others is best only in the short-term.

Fri, 07/08/2011 - 15:05 | 1437754 Panafrican Funk...
Panafrican Funktron Robot's picture

Disagree.  Much easier to leech off productive business than it is to start your own, with the requisite parasites.

Fri, 07/08/2011 - 10:00 | 1436224 Blotsky
Blotsky's picture

LMAO! 

 

Fri, 07/08/2011 - 14:18 | 1437525 Hook Line and S...
Hook Line and Sphincter's picture

Are you sure you want to be invited to one of my parties?

Fri, 07/08/2011 - 09:26 | 1436008 Hedge Jobs
Hedge Jobs's picture

short obama.

Fri, 07/08/2011 - 09:39 | 1436088 HITMAN56
HITMAN56's picture

Joey L...him just a lil guy....

Fri, 07/08/2011 - 08:51 | 1435753 snowball777
snowball777's picture

ASSERT(QE3 != NULL);

Fri, 07/08/2011 - 09:10 | 1435902 max2205
max2205's picture

I really have to ask how bad the REAL number is...we all know the Govt wouldn't issue the REAL number. Adjustments in the next few months will show downward revisions.....Bye Bye Obamarama!

Fri, 07/08/2011 - 09:26 | 1436005 Bartanist
Bartanist's picture

It's an Obama-nation!

Fri, 07/08/2011 - 13:59 | 1437458 Problem Is
Problem Is's picture

Obama Bin Lyin' about something...

Fri, 07/08/2011 - 09:27 | 1436011 HowardBeale
HowardBeale's picture

"...how bad the real number is..."

 

Fucking bad. I'm a union rep. (15 years) and I can tell you that between 1 and 2 million educators/other-staff were permanently (not just for the summer) laid off as of July 1--give or take a month due to the 57,000 different districts across the country. Those are real people that no longer--many never will--have real jobs. That just can't fucking hide something like that; I've mentioned this a couple of times here at ZH.

Fri, 07/08/2011 - 10:27 | 1436393 Anaxagoras
Anaxagoras's picture

Obama=One-Termer, just like Jimmy "Peanuts" Carter and George H.W. "Pappy" Bush, all three of whom failed to recognize, and act, on the fundamental problem facing their respective terms.

Carter - energy prices; Bush I - taxes, and now Obama - JOBS.

What I would like to know is...to whom will corporate USA sell its products, including cheap plastic crap from China, once the middle class is destroyed. Krugman is wrong: the wealthy will not consume enough to make up for an impoverished 90% lower class (including the former middle class).

How's all that "hope and change" working out for everyone.

Fri, 07/08/2011 - 10:41 | 1436470 mtomato2
mtomato2's picture

It's dripping off their chins.

Fri, 07/08/2011 - 19:06 | 1438621 doesmybuttlookf...
doesmybuttlookfatinthis's picture

Can you elaborate or right an article on this?  It is exactly what I have been trying to tell people. You can't pull 485 billion of state and union support (obama's pay off for getting elected) and it not roll down hill. I try to explain this to people and I get this glazed stare. I don't know anyone who (except those who are effected) understands what this is going to mean.  Welcome back Carter (Obama).

Fri, 07/08/2011 - 11:12 | 1436713 CH1
CH1's picture

Bye Bye Obamarama!

I dunno, he's pretty good at promising free lunches.

Fri, 07/08/2011 - 14:01 | 1437463 Problem Is
Problem Is's picture

But after 3 years of eating shit sandwiches... is the ignorant Amerikan public still buying it? As seen on TeeVee...

Fri, 07/08/2011 - 09:07 | 1435874 Sudden Debt
Sudden Debt's picture

YES, OBAMA NEEDS TO INTRODUCE A "FREE CONDOM FOR ALL" PROJECT TO GET THE BIRTH NUMBER DOWN!!!

 

 

Fri, 07/08/2011 - 09:21 | 1435972 The Axe
The Axe's picture

I know its hard to understand Belgium irony..BUT it the amount of NEW small business created each month--goofy...not new welfare babies..

Fri, 07/08/2011 - 09:14 | 1435928 i_fly_me
i_fly_me's picture

+ .5

itym:

while true;do QE$((X++))->do();done

Fri, 07/08/2011 - 09:18 | 1435946 pan-the-ist
pan-the-ist's picture

for(;;) {QE()}

Fri, 07/08/2011 - 09:41 | 1436101 Urban Roman
Urban Roman's picture

#DEFINE EVER ;;

Fri, 07/08/2011 - 10:09 | 1436283 pan-the-ist
pan-the-ist's picture

for(;;) compiles, try it.

Fri, 07/08/2011 - 11:00 | 1436621 goldenrod
goldenrod's picture

It should be:

int x=1

for (;;) { QE(x++); }

 

Fri, 07/08/2011 - 11:02 | 1436645 FreedomGuy
FreedomGuy's picture

No, no, no. Remember, we are officially out of the recession. It ended about two years ago. We are just too stoopid to know it. These numbers are part of a vast right wing conspiracy to undermine the genius of Obama and the central planners.

Fri, 07/08/2011 - 11:06 | 1436674 johngaltier
johngaltier's picture

Yes, it's in their conspiracy guide book right next to tax cuts for corporate jet owners and slashing entitlements. What monsters!

Fri, 07/08/2011 - 11:33 | 1436833 6_7_42
6_7_42's picture

/* reminder to self: inflation is transitory  */

function qe~($debt){

     debt++;

     return debt;

}

if($debt){

    qe~($debt);

}

 

Fri, 07/08/2011 - 08:55 | 1435778 D.O.D.
D.O.D.'s picture

6a6yl0n iz burn bitxez...

Fri, 07/08/2011 - 09:01 | 1435830 Max Hunter
Max Hunter's picture

So without the birth/death adjustment, we are -75k.

Birth death adjustment + 131K

Silly me.. What was I thinking....

Fri, 07/08/2011 - 09:08 | 1435890 johngaltfla
johngaltfla's picture

LOL, so there was no Earthquake in Japan in June.

There were no Tornadoes on Wall Street in June.

No Blizzards in Des Moines in June.

No Hurricanes in June.

No comets hitting the earth in June.

So WTF is the excuse this time?

Fri, 07/08/2011 - 09:10 | 1435903 malikai
malikai's picture

It's just transient. We'll be back to green shoots on Monday.

Fri, 07/08/2011 - 09:19 | 1435949 Cash_is_Trash
Cash_is_Trash's picture

Monday's hopium junkie day. And Tuesday too. Make that Wednesday as well. Shit, might as well make it all week.

Twist II bitchezz

Fri, 07/08/2011 - 09:25 | 1436000 Thomas
Thomas's picture

The technical term is "dip". 

Fri, 07/08/2011 - 10:45 | 1436499 mtomato2
mtomato2's picture

See my comment from "It's transitory," 6/3/11

 

"There is not a railroad in the country, it seems to me, that doesn't have a few branches running at a deficit. We're not the only ones. It's a national condition—a temporary national condition."

The Texas-Western Railroad went bankrupt last month. They closed the Queensborough Bridge yesterday for temporary repairs. Oh well, what's the use? Who is John Galt?"

You just happened to choose the one week when we had a little trouble with our motive power—our new engines are on order, but there's been a slight delay—you know what a problem we're having with the manufacturers of locomotives—but it's only temporary."

He smiled sadly, shaking his head. "No, Miss Taggart. There aren't any new brands made anywhere in the world. Even the old ones are going, one after another. There's only five or six kinds left selling now.
There used to be dozens. People aren't making anything new any more."
"They will. That's only temporary."

"You and I will always be there to save the country from the consequences of their actions." He got up; he said, pacing the office, "Colorado isn't going to be stopped. You'll pull it through. Then Dan Conway will be back, and others. All that lunacy is temporary.

"It's only a question of time, Mr. Rearden," the man said placatingly. "Just a temporary delay. Just to give our economy a chance to get stabilized. If you'd only wait for a couple of years—"

I feel abjectly guilty if this proved insufficient. Rest assured that it will not happen again. It is only a temporary emergency. By next winter, we shall have the Wyatt fields back in production, and conditions will return to normal.

She had spent months fighting the men of Jim's Board of Directors, who said that the national emergency was only temporary and a track that had lasted for ten years could well last for another winter, until spring, when conditions would improve, as Mr. Wesley Mouch had promised.

While we all realize, of course, that this is only temporary, still, for the moment, it has made the railroad situation approach a stage that may well be described as desperate.

Trial-and-error is the only pragmatic rule of action. We'll just keep on trying. If any hardships come up, remember that it's only temporary.
Only for the duration of the national emergency."

He spoke about social planning and the necessity of unanimous rallying in support of the planners. He spoke about discipline, unity, austerity and the patriotic duty of bearing temporary hardships.

"In a precarious period of emergency, like the present," James Taggart was saying, while she looked at the map, "it is dangerous to find ourselves forced to miss pay days and accumulate wage arrears on some of our divisions, a temporary condition, of course, but—"

They keep telling us it's only temporary, the cars are coming and we'll catch up. We won't. There aren't any cars coming.

"I will not assume debts I have no way of repaying."
"What do you mean, no way? That attachment is only some sort of technicality, it's only temporary, everybody knows that!"

"All you want is production without men who're able to produce, isn't it?"
"That . . . that's theory. That's just a theoretical extreme. All we want is a temporary adjustment."
"You've been making those temporary adjustments for years. Don't you see that you've run out of time?"

So it's only a matter of giving him a chance to recover, a helping hand to bridge the gap, a bit of temporary assistance, nothing more.

"I don't see why you should choose to take such a defeatist view of the situation," said Mouch sullenly.
"Defeatist? Do you really expect me to be able to remain in business under your Plan?"
"But it's only temporary!"
"There's no such thing as a temporary suicide."

 

Fri, 07/08/2011 - 11:00 | 1436623 johngaltier
johngaltier's picture

Great book, prescient message. It's becoming scary how much real life is starting to mirror Miss Rand's dalliance.

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