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Stunner: NFP Up Just 18K, Unemployment Rate 9.2%, Household Survey Down 445,000, Birth Death +131,000
Absolute disaster. Total jobs per the establishment survey: +18K on expectations of 105K, Private Jobs + 57K on expectations of 132K. Last month total was revised from 54K to 25K. Combined April and May revision down 44K. The household survey was down by 445K from 139,779 to 139,334. Birth death adjustment + 131K. Complete humiliation for Wall Street's economists, the lowest prediction of whom came Bob Brusca at +60K. From the NFP: "Nonfarm payroll employment was essentially unchanged in June (+18,000), and the unemployment rate was little changed at 9.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment in most major private-sector industries changed little over the month. Government employment continued to trend down." It is time for Joe LaVorgna to retire, with his 175K forecast, or off by a factor of 972%.
Birth Death:
Some key jobs categories:
Employment in government continued to trend down over the month (-39,000). Federal employment declined by 14,000 in June. Employment in both state government and local government continued to trend down over the month and has been falling since the second half of 2008.
Manufacturing employment changed little in June. Following gains totaling 164,000 between November 2010 and April 2011, employment in this industry has been flat for the past 2 months. In June, job gains in fabricated metal products (+8,000) were partially offset by a loss in wood products (-5,000).
Construction employment was essentially unchanged in June. After having fallen sharply during the 2007-09 period, employment in construction has shown little movement on net since early 2010.
There is no sugarcoating this report. Absolutely abysmal.
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you do mean 'spun'? apparently you majored in business.
But wait, didn't David Plouffe say that people aren't going to make their vote for President in 2012 based on the unemployment numbers?
Didn't he?
Kool aid for everyone!
BTW, I wonder what Obama 2012 Merchandise is going for on E-Bay? Anyone care to guess?
Safe haven bid in the AUD and NZD.
Lol.
Silly season is here.
2007/8
If Argentina circa 2000 is a guide of an economic collapse, the poverty level went from 26% to approx 56%, I recall reading. So, figure current cyclical poverty at approx 10-33% in any given decade(Gov numbers), avg 21.5%+120% fluctuation...drum roll.... you could see a 47%+ poverty level w/in the next decade. Print 'em up, Benny!
"Nothing For People" number up only 18k...keep telling us how good things are Uncle Sam.
SHOCKED I TELL YOU, I'M FLABBERGASTED!
Good thing more and more peoples 99 weeks are ending , otherwise these numbers would be awful (/sarc)
Welcome to a political economy. It only gets worse as the government geniuses begin flipping various economic levers with no idea what they will do. Politically favored industries will get bailouts, subsidies and advantage while others will go under or move overseas. All the while you will be sold on the idea that more government will be the answer. Any many of you lefty morons will go for it. Who is John Galt? He went to Asia?
Thank goodness HFTs are not allowed to operate on down days.
Who is Joe Lavorgna? Oh wait, it no longer matters.
On the topic of massive revisions:
http://madscienceunlimited.com/fiction/uncomfortableWithTheTruth.html
When the truth -- hurts.
ONE DOWN ONE TO GO !
Now we only have to wait for signs of deflation which under the circumstances is not really difficult and we will definitely be deserving a QE 3.
P.S. We can add some conspiracy theory spin and assume that the economists' huge miss would only make everyone notice with awe and make the minuscule NFP look even smaller and scarier.(like we have to do something about it)
No Glass-Steagall, no recovery. (it doesn't matter what the idiots from the left, right, center, or tea say...they're all wrong)
It's not about cutting, it's not about printing, it's all about FRAUD choking us.
Glass-Steagall
The truth is there is massive waste in all sectors. Add to that the massive illegal number performing work and we have a huge problem.
Cut back, cut down and also send illegals back home. This would solve half the unemployment problem.
How the hell could Obummer spend 18 mos "fixing" hellth kare, and now 2.5 years into his kingship the unemployment number goes nowhere but up?
Quick Scotty! Maximum Birth/Death ratio!
And cut that labor force participation rate full bore! That's an order, Spock!