Unemployment

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Athenian Democracy vs. Neoliberal Gods





Prime Minister Alexis Tsipras allows the Greek people to decide their own fate via a democratic referendum. That’s enough to send the troika – the European Central Bank (ECB), the European Commission (EC), and the International Monetary Fund (IMF) - into a paroxysm of rage. Here, in a nutshell, is everything one needs to know about the EU “dream”.

 
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Barack Obama Tells Another Whopper - He Did Not Create 12.8 Million Jobs





America is better off when President Obama is out on the stump bloviating and boasting rather than in Washington actively doing harm. But the whoppers he just told the students at the University of Wisconsin are beyond the pale. Said our spinmeister-in-chief: "And the unemployment rate is now down to 5.3 percent. (Applause.) Keep in mind, when I came into office it was hovering around 10 percent. All told, we’ve now seen 64 straight months of private sector job growth, which is a new record — (applause) — new record — 12.8 million new jobs all told." That’s a pack of context-free factoids.

 
Tyler Durden's picture

3 Things: Valuations, Employment, Sectors





...while the media gets overly excited about monthly job growth, the reality is that job growth has been little more than just a function of overall population growth. This isn't something the fosters long-term economic expansions that generate higher levels of prosperity... and if you think low interest rates necessitate high stock prices, that wasn't the case in the 1940s when interest rates were low and stock prices were below their long-term average relative to past earnings.

 
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Good On You, Greece - But Don’t Waver Now (Part 2)





Earlier this week the embattled Greeks delivered still more body blows to the rotten regime of Keynesian central banking and the crony capitalist bailout state to which it is conjoined. By defaulting on its IMF loan, walking away from the troika bailout program and taking control of its insolvent domestic banking system, Alexis Tsipras and his band of political outlaws have shattered a giant illusion.

 
Tyler Durden's picture

Chinese Stocks Plummet Despite Government Threats To Shorts, Europe Lower, US Closed





The Greece impasse set to culminate on Sunday continues to have a massive impact on at least one stock market, unfortunately it is the wrong one, located on a continent which is mostly irrelevant to the future of the Greek people (unless that whole AIIB bailout does take place of course). We are, of course, talking about China which as noted earlier, started off horribly, plunging over 7% with over 1000 stocks hitting 10% limit down, then in the afternoon session mysteriously recovering all losses and even trading slightly higher on the day, before the late selling returned once more, and the Shanghai Composite plunged to close down 5.8%: an unimaginable 20% total roundtrip move!

 
Tyler Durden's picture

How Greece Has Fallen Victim To "Economic Hit Men"





"Greece is being 'hit', there's no doubt about it," exclaims John Perkins, author of Confessions of an Economic Hit Man, noting that "[Indebted countries] become servants to what I call the corporatocracy ... today we have a global empire, and it's not an American empire. It's not a national empire... It's a corporate empire, and the big corporations rule."

 
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June Payrolls Increase By 223K, Less Than Expected; Unemployment Rate Drops To 5.3%





According to the BLS, in June the US added 223K payrolls, less than the expected 233K, even as the the US unemployment rate dropped to 5.3% from 5.4%. Worse, the previous number was revised from 280K to  254K. Worst of all, average hourly earnings were flat despite expectations of a 0.2%, and a big drop from last month's 0.3%.

 
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Your Last Minute Payrolls Preview: What Wall Street Expects





While we showed what the all important Goldman jobs preview looks like, here is a quick snapshot of what consensus expects will be reported in 15 minutes:

  • US Change in Nonfarm Payrolls (Jun) M/M Exp. 233K (Low 160K, High 290K), Prev. 280K, Apr. 221K
  • US Unemployment Rate (Jun) M/M Exp. 5.4% (Low 5.3%, High 5.5%), Prev. 5.5%, Apr. 5.4%
  • US Average Hourly Earnings (Jun) M/M Exp. 0.2% (Low 0.1%, High 0.3%), Prev. 0.3%, Apr. 0.1%
 
Tyler Durden's picture

China Crash Accelerates, Drags Composite Under 4000; US Futures Flat Ahead Of Nonfarm Payrolls





If it was Greece's intention to crush the Chinese stock market instead of Europe's, well - it succeeded.  Because despite the PBOC and politburo throwing everything but QE at the stock market, China stocks closed down sharply on Thursday after another wild trading day as investors shrugged off regulators' intensified efforts to put a floor under the sliding market, by cutting trading fees and easing margin rules, which has now crashed 25% in about two weeks wiping out $2.5 trillion of the peak $10 trillion in Chinese stock market cap as of June 14. This ultimately resulted with the Shanghai Composite closing under 4000 for the first time since April.

 
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Payrolls Preview: Goldman Expects Jobs Data To Disappoint





Despite much hopeful banter among the mainstream media, Goldman forecast nonfarm payroll job growth of 220k in June, notably below consensus expectations of 234k. This is roughly in line with Goldman's expectations for below average job growth over the remainder of 2015. Employment indicators were mixed in June: reported job availability, the employment components of most manufacturing surveys, and ADP employment growth improved, but jobless claims and job cuts both rose slightly and online job ads declined. Overall, the June data point to a gain below the very strong 280k increase in May.

 
Tyler Durden's picture

Desperate Greeks Resort To Scavenging Through Garbage To Find Food





"Sometimes I'll find scrap metal that I can sell, although if I see something that looks reasonably safe to eat, I'll take it"...

 
GoldCore's picture

Global Debt Time Bomb Ticks – Puerto Rico Is Next





With all eyes on Greece it would seem another crisis relating to unpayable debt is brewing in the Caribbean. The governor of Puerto Rico, Alejandro García Padilla, has warned that the island is unable to pay its debts of $72 billion.

 
Tyler Durden's picture

Market Wrap: Greek "Capitulation" Optimism Sends Global Risk Higher After China Re-crashes





So much going on that by the time an article is prepared, everything has changed and it has to be scarpped. But, in any event, here is an attempt to summarize all that has happened in another turbulent overnight session.

 
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"Off The Grid" Indicators Suggest US Economy Not Ready For 'Liftoff'





Every quarter ConvergEx's Nick Colas reviews a raft of unusual and less examined datasets with an eye to refining and adding perspective to the more traditional macroeconomic analyses. This quarter’s assessment of everything from large pickup truck and firearms sales to Google search autofills for “I want to buy/sell” shows a U.S. economy that is reasonably strong but growing only very slowly. The chief areas of concern: Food Stamp participation is still very high at 45.6 million Americans (14% of the total population) and indicators like used car prices and large pickup sales are flat.

 
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