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Where The Job Gains Were: 319,000 "Part-Time Jobs For Economic Reasons" Added





The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) increased by 319,000 to 6.1 million in November, following declines in September and October.

 
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ADP Employment Rises, Beats By Most In 2015, Fed Confirms Job Mandate Has Been Met





From "pumping out lots of jobs" in September to "not slowing meaningfully" in October, and despite consistent job losses in manufacturing (which is odd because auto sales are so awesome, right?), ADP reports November a jump to 217k (against expectations of 190k and October's 182k). ADP has missed expectations 8 months so far in 2015, but November's beat is the biggest since 2014 which one could argue was just catch up from ADP's big miss relative to BLS data (182 ADP with an upward revision to 196K now, vs 271k BLS). Of course, none of this "data" matters apparently as Fed's Lockhart said just this morning that the Fed's "criterion of job market improvement has been met."

 
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Why Even A Modest Disruption Will Shatter The Status Quo





Any modest reduction in debt, tax revenues, consumption or new borrowing will bring the entire Status Quo crashing down. This is the bitter fruit of rampant financialization and the ascendancy of maximizing private gain by whatever means are available.

 
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It Might Be A "Services Economy" But Manufacturing Drives Recessions





While it is hoped that the economy can continue to expand on the back of the "service" sector alone, history suggests that "manufacturing" continues to play a much more important dynamic that it is given credit for.

 
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Permabulls Whistling Past The Grave





The Fed was out in force yesterday peddling some pretty heavy-duty malarkey about the up-coming rate liftoff at the December meeting..."If we begin to raise interest rates, that’s a good thing." That’s not a bad thing." Goldman is putting out the final mullet call for this Bubble Cycle because it knows that this bull is dying; that insiders still have massive amounts of stock winnings to unload; and that the clock is fast running out. The expiring clock is evident in the S&P 500’s one-year round trip to nowhere. Despite the fact that the Fed has ponied-up a stick save at every single meeting this year, the market’s 27 separate efforts to rally have all failed for the simple reason that the jig is up.

 
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Swap Spreads Just Hit A New Record Negative Low: Goldman's Explanation Why





Having detailed the "perverted nonsense" that is the collapsing and negative US swap spreads (here, here, here, and here) and noted money manager's concerns that the big question remains whether there is "something bigger brewing under the surface that so far hasn’t been pinpointed yet," it appears Goldman Sachs feels the need to 'explain' the anomaly in what appears an effort to calm fears about the broken money markets. Of course, we don’t have to figure out what the “market” is saying about a negative spread because it isn’t saying anything other than “something” is wrong and even Goldman admits this signals funding and balance sheet strains are worsening since August.

 
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How Many More Recession Confirmations Do You Need?





If it looks like a recession, walks like a recession and quacks like a recession, it’s a recession.

 
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What Rate Hike: Annual PPI Drops Most On Record Even As Gas Prices Rise In October





And now, the Fed is confused.

 
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US Government Shocked To Find Job Openings Continue To Surge Above Actual Hires





Something odd is happening in the US labor market.

 
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Social Security: The Long Slow Default





Social Security has long been sold to the public on the notion that what a worker will receive back is what he or she pays into the system. For decades, however, the government has been changing the terms of this "agreement" as part of an effort to avoid outright default, hiding it, instead, with a long, slow method of piecemeal default.

 
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"It's A Bloodbath" - Here Is The Biggest Casualty Of Canada's Recession





"It is a bloodbath. We’re at the highest point of fear and uncertainty now.... God only knows what’ll happen if oil doesn’t rebound. I try not to let that penetrate my mind."

 
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The End Of The Fed's Self-Deluding Feedback Loop Of False Information





The world is bankrupt after thirty years of borrowing from the future to throw a party in the present, and the authorities can’t acknowledge that. But they can provide the conditions for disguising it, especially in the statistical hall of mirrors that once-upon-a-time produced meaningful signals for the movement of capital. The Dow, the S&P, and the NASDAQ are the only signaling mechanisms that the legacy media pays attention to, and the politicos take their cues from them, in a feedback loop of false information that begets more delusional positive psychology in those same markets.

 
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What Rising Wages: Fed Itself Just Admitted "Household Income Expectations Are Falling Sharply"





Having noted the plunge in consumer spending expectations to record lows last month, The Fed faces an even bigger problem this month. Despite the apparent wage growth in Friday's magical BLS data, The New York Fed admits "public expectations of future income took a big hit," as the index suffered its biggest one-month decline on record. But the news gets even worse, as 3-year-ahead inflation expectations plunged to record lows (confirming the record low inflation expectations from UMich's) and entirely discounting Stan Fischer's inflation excuses last week. Fianlly, as stocks have stagnated this year as wealth creator for The Fed, consumer expectations of housing price gains have tumbled to series lows. It appears a desperate-to-hike-rates fed is cornered by, as UMIch previously noted, "a disinflationary mindset is taking hold."

 
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Paul Craig Roberts Rages At "Another Phony Jobs Number"





If the US economy were actually in economic recovery, would half of the 25-year-old population be living with parents? The real job situation is so poor that young people are unable to form households.

 
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