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171,000 Jobs Added In October, Unemployment Rate 7.9%

Tyler Durden's picture





 

As expected, a whopping beat of expectations of 125,000 with 171,000 jobs added In October, and the Unemployment Rate rising modestly to 7.9%, but below the magical 8.0%. And while the U-3 rose, the U-6, or underemployment, declined from 14.7% to 14.6%. Go figure. And finally, the Birth Death adjustment came just 10K off our forecast, printing at 90K.

The Birth Death added +90,000, and has now added 568,000 year to date.

From the report:

Both the unemployment rate (7.9 percent) and the number of unemployed persons (12.3 million) were essentially unchanged in October, following declines in September. (See table A-1.)

 

Among the major worker groups, the unemployment rate for blacks increased to 14.3 percent in October, while the rates for adult men (7.3 percent), adult women (7.2 percent), teenagers (23.7 percent), whites (7.0 percent), and Hispanics (10.0 percent) showed little or no change. The jobless rate for Asians was 4.9 percent in October (not seasonally adjusted), down from 7.3 percent a year earlier. (See tables A-1, A-2, and A-3.)

 

In October, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 5.0 million. These individuals accounted for 40.6 percent of the unemployed. (See table A-12.)

 

The civilian labor force rose by 578,000 to 155.6 million in October, and the labor force participation rate edged up to 63.8 percent. Total employment rose by 410,000 over the month. The employment-population ratio was essentially unchanged at 58.8 percent, following an increase of 0.4 percentage point in September. (See table A-1.)

 

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) fell by 269,000 to 8.3 million in October, partially offsetting an increase of 582,000 in September. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

 

In October, 2.4 million persons were marginally attached to the labor force, little different from a year earlier. (These data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed  because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)

 

Among the marginally attached, there were 813,000 discouraged workers in October, a decline of 154,000 from a year earlier. (These data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.6 million persons marginally attached to the labor force in October had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities. (See table A-16.)

Hurricane Sandy had no impact:

Hurricane Sandy had no discernable effect on the employment and unemployment data for October. Household survey data collection was completed before the storm, and establishment survey data collection rates were within normal range nationally and for the affected areas. For information on how unusually severe weather can affect the employment and hours estimates, see the Frequently Asked Questions section of this release.

 


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Fri, 11/02/2012 - 08:32 | Link to Comment lizzy36
lizzy36's picture

Michelle now looking through decorating mags. Going to hand new curtains in the West Wing for the 2nd term.

Fri, 11/02/2012 - 08:33 | Link to Comment vast-dom
vast-dom's picture

F R A U D

Fri, 11/02/2012 - 08:35 | Link to Comment ihedgemyhedges
ihedgemyhedges's picture

Takes a lot of people to stuff the inventory channel at GM...............

Fri, 11/02/2012 - 08:37 | Link to Comment JPM Hater001
JPM Hater001's picture

Must - finish - Green

Fri, 11/02/2012 - 08:38 | Link to Comment MillionDollarBonus_
MillionDollarBonus_'s picture

The global recovery is accelerating. Jobs are picking up, just as I predicted, and the S&P will soon be soaring above 1400, much to the dismay of doomer shorts on this site. This bodes very well indeed for both the Obama 2012 presidential campaign and the future of America. This a great day for average Americans, but a sad day for masochistic doomer libertarians.

Fri, 11/02/2012 - 08:41 | Link to Comment BeetleBailey
BeetleBailey's picture

How's that Fartbook stock doing, Mr. Predictor?

Fri, 11/02/2012 - 08:42 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

It's been doing fairly well since they banned the Seals.

Fri, 11/02/2012 - 08:47 | Link to Comment MillionDollarBonus_
MillionDollarBonus_'s picture

I've been selling covered calls against half of my core Facebook holdings to ride out this volatility, which has generated some hefty premiums. I also sold my protective puts for a handsome profit, which makes me net short theta, so nerdy ZH day traders can't criticize me for that any more either. I am now positioned for the first significant leg up which will ultimately take FB into the 100s of dollars.

Fri, 11/02/2012 - 08:49 | Link to Comment TeamDepends
TeamDepends's picture

Have fun with all that paper when the hammer drops.

Fri, 11/02/2012 - 08:53 | Link to Comment Gully Foyle
Gully Foyle's picture

TeamDepends

Cocaine, they say it will kill you but they don't say when.

Fri, 11/02/2012 - 09:01 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Such a fine line....kinda hate to see it go - Jackson Brown

 

I heard that - Bronco Bomma

Fri, 11/02/2012 - 09:04 | Link to Comment TeamDepends
TeamDepends's picture

That girl speaks for all of us, doesn't she?

Fri, 11/02/2012 - 09:04 | Link to Comment economics9698
economics9698's picture

"The Birth Death added +90,000, and has now added 568,000 year to date."

Fucking bull shit. 

Fri, 11/02/2012 - 09:09 | Link to Comment Gully Foyle
Gully Foyle's picture

GetZeeGold

I was shooting for Townes Van Zandt.

Fri, 11/02/2012 - 08:57 | Link to Comment Itch
Itch's picture

All joking aside, when i seen FB employees unloading all their stock the other day it made me wonder if there was anybody snapping it up. Im sure its been done before; hammer the stock before the employees can offload then watch them freak out and sell the lot when they are allowed... only for it to be absorbed by shadowy figures (is halloween over yet?)

Fri, 11/02/2012 - 09:00 | Link to Comment firstdivision
firstdivision's picture

I believe you ment to say "I've been trying to sell covered calls, but no one's buying".

Fri, 11/02/2012 - 09:06 | Link to Comment paddy0761
paddy0761's picture

GOLD MDM, GOLD.

Fri, 11/02/2012 - 09:10 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

If mom doesn't pop just go ask dad.

 

That crap really works.....trust me.....I used to be a kid.

Fri, 11/02/2012 - 09:18 | Link to Comment JonNadler
JonNadler's picture

Me too. I just sold everything that just went up by 150% and generated huge profits. Now I am buying whatever will go up by 150% next time...What did I buy? he he well, that's a secret you know. Ask Warren

Fri, 11/02/2012 - 09:23 | Link to Comment Lampooka
Lampooka's picture

MDB keep on practicing on your demo account till you get it right!

Fri, 11/02/2012 - 09:48 | Link to Comment silvermaister
silvermaister's picture

You poor retard .....lots of paper 

 

 

BUY phyzz !!

Fri, 11/02/2012 - 08:42 | Link to Comment francis_sawyer
francis_sawyer's picture

With regards to the "doomer libertarian" comment you love to [SARC] everybody with... I can't say I wholeheartedly disagree with your assessment... It appears that anyone who cherishes FREEDOM is DOOMED...

Fri, 11/02/2012 - 08:48 | Link to Comment a growing concern
a growing concern's picture

It's sad that MDB is being facetious, because there's a whole lot of Obamaphiles out there who would actually write something very similar to an MDB rant- and mean it.

Fri, 11/02/2012 - 10:10 | Link to Comment Overfed
Overfed's picture

That is the point that so many seem to miss.

Fri, 11/02/2012 - 12:38 | Link to Comment Orly
Orly's picture

So many really smart people, too.  It's weird to me...

Fri, 11/02/2012 - 08:52 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

FREEDOM is DOOMED

 

If you're gonna practice freedom....you're gonna have to purchase our heath care first.

 

Deems the rulz amigo.

 

Make sure you shallow your contraception pills also...even if your a guy. We don't play favorites around here.

 

Fri, 11/02/2012 - 09:11 | Link to Comment Gully Foyle
Gully Foyle's picture

GetZeeGold

Male contraception is a relief for those who consider getting the snip.

You should have skipped that part, had more weight.

Maybe worked in Sandra Fluke too.

Fri, 11/02/2012 - 09:15 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Sandra Fluke flopped in Nevada......and that was on the home field.

Fri, 11/02/2012 - 08:55 | Link to Comment Gully Foyle
Gully Foyle's picture

francis_sawyer

99 Tibetan monks on the wall, 99 Tibetan monks on the wall,

One set fire to himself in protest,

98 Tibetan monks on the wall

Fri, 11/02/2012 - 09:09 | Link to Comment jomama
jomama's picture

who knew the definition of a masochist was someone who could see things for what they were - layers upon layers of outright fraud and manipulation in our face?

simply put, you're wrong, we all know you're full of shit, and desperate for attention.

Fri, 11/02/2012 - 10:21 | Link to Comment Stock Tips Inve...
Stock Tips Investment's picture

In my opinion, do not gain much being so negative. If unemployment is falling, is good news. Surely, if we dig into the numbers, we find negative aspects. But I think it is better to emphasize the increase in employment and the recovery of the economy and the market. There are many (too many) issues to be resolved. Celebrate every little victory. That will make us much good.

Fri, 11/02/2012 - 08:37 | Link to Comment Shocker
Shocker's picture

Pretty much inline what we expected would be reported, below 8.0%
Same old thing every month.

Total Layoff List Below

http://www.dailyjobcuts.com

Fri, 11/02/2012 - 08:43 | Link to Comment Karlus
Karlus's picture

It will be cool to see what the "revision" is post election. Oh wait, why bother?

Fri, 11/02/2012 - 08:38 | Link to Comment Zer0head
Zer0head's picture

Michelle also getting ready to place order for new hand crafted furniture for the Oval Office, which typically has a lead time of 4 years.

 

Fri, 11/02/2012 - 09:07 | Link to Comment vast-dom
vast-dom's picture

GOLD stomped sub $1,700!!!¡!!! BTFD

Fri, 11/02/2012 - 08:37 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

F R A U D

 

It's just a little fraud.

 

Someone please make sure Rick Santelli has taken his blood pressure medicine this morning.

Fri, 11/02/2012 - 08:38 | Link to Comment JPM Hater001
JPM Hater001's picture

A little fraud here and there is good once in a while.

Of course this much will kill ya but screw it.

Bollingers for everyone.  Job well done.

Fri, 11/02/2012 - 08:49 | Link to Comment BLOTTO
BLOTTO's picture

And with that - Obama is a *lock* (wasn't he always a lock for the global elite?)

.

As ZH states - 'as expected.'

I would be worried more if the numbers came in bad.lol Thats how fucked up this rigged perverted game is. We knew that these numbers would come in positive...to get Obama back in. Thier is a reason why 'they' want him in specifically.

You can have only one #44 Commander in Chief.

'They' rely on astrology, numerology and sacred geometry.

Ruler's of time and space - so they think they are.

 

Fri, 11/02/2012 - 08:53 | Link to Comment a growing concern
a growing concern's picture

I'm not so sure Obama's a lock for the global elite.  All the Wall Street campaign donations have shifted to Romney for this election.  Also, Romney has some connections to Diebold, which could be pretty powerful.  And finally, though completely unsubstantiated, Romney has been linked to the Bilderberg 2012 meeting.  If true, then I say Romney is the selection.  We shall see very soon.  

Fri, 11/02/2012 - 08:59 | Link to Comment Gully Foyle
Gully Foyle's picture

a growing concern

You do understand Obama was meant to be a place holder, a bone to the Democrats after Bush.

Romney is chosen to be the face of heavy lifting under the pretense of "turning things around".

Eventually Obama moves to the UN. The job was planned for Clinton but he could not keep his bent dick out of the public eye.

Even if Obama stays the 'Global Elite" still win. There will never be any grate policy changes which divert from NWO.

Only Russia and China throw a Monkey wrench into that scheme.

They figure they have just as much right to control as the other guy does.


Fri, 11/02/2012 - 09:03 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Can you turn up the volume some.....we're having a hard time hearing you.

 

Thanks in advance.

Fri, 11/02/2012 - 09:07 | Link to Comment Gully Foyle
Gully Foyle's picture

GetZeeGold

There is your problem,Synesthesia.

I wrote those words and you hear them.

Get yourself checked immediately, they probably have meds for that now.

Fri, 11/02/2012 - 09:16 | Link to Comment Orly
Orly's picture

You're absolutely right in your assessment of the "political" situation.

It is a little loud, though.  Kinda annoying...but what you say is true.

:D

Fri, 11/02/2012 - 09:27 | Link to Comment Ghordius
Ghordius's picture

Yeah? Than explain to me his "Eventually Obama moves to the UN".

Though careful, GetZeeGold shoots on sight and has already bagged several heavily armed UN StormTroopers helicopters daring to roam in his home state.

He collects their scalps, I understand. After all, he is a barbarian like me... ;-)

Fri, 11/02/2012 - 09:30 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

He collects their scalps

 

You must be mistaking me for Elizabeth Warren

Fri, 11/02/2012 - 09:30 | Link to Comment Orly
Orly's picture

Well, Ghordius, I just don't see how you don't see that this is all a giant circle jerk.  Just look at the people who keep popping up over and over again, travelling in the same circles, regardless of party affiliation.  I can go down the list of names again but you'll just list their nationalities and brush it off as nonsense.

Seriously, if you can't see it by now, then there is nothing I can say that will make you understand.  Do some research, really explore the possibility that some of these kooky "conspiracy theories" may be correct.  That's all I ask.

Fri, 11/02/2012 - 09:17 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Maybe make it bigger? Still can't hear you.

Fri, 11/02/2012 - 09:03 | Link to Comment BLOTTO
BLOTTO's picture

Of course Romney would serve the agenda well...he is a lap dog minion for the puppet master global elite.

.

I'm just trying to follow the signs that 'they' follow... And for whatever reason imo, they would like Obama in over Romney.

I also find it interesting Steve Spielbergs 'Lincoln' comes out this week...about a man who became Prez.

Who was different from previous Presidents, came up during a time of great struggle, who came from Illinois...sounds familiar.

Oh - he also gets snuffed out at the end of the movie.

 

Fri, 11/02/2012 - 09:13 | Link to Comment Gully Foyle
Gully Foyle's picture

BLOTTO

I was impressed Big Love ran for so long.

About a Mormon business man living the principle who eventually gets elected to office.

Sound familiar?

Fri, 11/02/2012 - 09:26 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

They shoot Catholics.......don't they?

Fri, 11/02/2012 - 10:23 | Link to Comment Mr Pink
Mr Pink's picture

Way to ruin it for the rest of us Gazoo!

Fri, 11/02/2012 - 08:56 | Link to Comment BLOTTO
BLOTTO's picture

-We had positive news from GM courtesy ala 'stuffing' the bird.

-We had somewhat positive news about the real estate recovery earlier on in the week...

-We have gas prices coming down a bit...

-We have the Commander in Chief being 'the man' during this Sandy crisis...

.

Now, were we really expecting all of a sudden that the job numbers were going to be negative and bad this morning?

...A few days before the election = no chance.

 

Fri, 11/02/2012 - 11:14 | Link to Comment Rentenmark
Rentenmark's picture

The numbers can be fudged all they want, but an unemployed person knows they are unemployed.  That fact, cannot be fudged!

Fri, 11/02/2012 - 08:45 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

NEED MOAR HURRYKANEZ

Fri, 11/02/2012 - 08:53 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Just one more.....pretty please!

Fri, 11/02/2012 - 08:56 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

I heard a Nor'Easter is on the way ... now would that be gale force damage, rain damage, flood damage, tide damage, river overflow, or ... hold on I have an English interpreter on the line to talk to the insurance company with ... gotdam I have my lawyer on conference too ...

Fri, 11/02/2012 - 08:58 | Link to Comment Ness.
Ness.'s picture

Moar Hooray-Keynes pleeze!!

 

#winning

Fri, 11/02/2012 - 12:39 | Link to Comment Orly
Orly's picture

Quite clever!

Fri, 11/02/2012 - 09:25 | Link to Comment Sven Sikztu
Sven Sikztu's picture

Need more "Hurrykeynesians"

 

fixed it for you

Fri, 11/02/2012 - 08:37 | Link to Comment bigdumbnugly
bigdumbnugly's picture

it da troof.

duh gubment dunt lie.

Fri, 11/02/2012 - 08:38 | Link to Comment HD
HD's picture

Poor Rick. Gonna give himself a heart attack trying to refute LIESman's BS...

Fri, 11/02/2012 - 08:39 | Link to Comment JPM Hater001
JPM Hater001's picture

I laughed when Rick pulled up the board "-61000 since Feb 09 through last month."

 

 

Fri, 11/02/2012 - 08:48 | Link to Comment Cursive
Cursive's picture

@JPM Hater001

According to Jim Pethokoukis, unemployment would be 10.6% if the particpation rate were the same as when Obama took office.

Fri, 11/02/2012 - 08:51 | Link to Comment youngman
youngman's picture

You could hear the Libs groaning when he did that....they do not like the facts to come out...only the massaged numbers for them....for them you start with the number you want...then work backwards.......yesterday we had a stat that we have the lowest birth rate for a long time....so the birth death rate is suspect...and then there is still the food stamp and disability numbers..always up up and up

Fri, 11/02/2012 - 08:41 | Link to Comment disabledvet
disabledvet's picture

Meets PUBLIC POLICY FAILURE. "Bug in search of a windshield." And...he found it!

Fri, 11/02/2012 - 09:02 | Link to Comment jomama
jomama's picture

it's the new american way.

Fri, 11/02/2012 - 08:37 | Link to Comment Shocker
Shocker's picture

Amazing

Fri, 11/02/2012 - 09:05 | Link to Comment max2205
max2205's picture

More phones 4 4 moar years

Fri, 11/02/2012 - 08:35 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

No doubt bright purple, and made of denim.

Fri, 11/02/2012 - 08:38 | Link to Comment Ruffcut
Ruffcut's picture

It is the temp jobs added so asshole bloomberg can continue the marathon while people are cold, hungry and getting pissed.

Fri, 11/02/2012 - 08:52 | Link to Comment Gully Foyle
Gully Foyle's picture

I have noticed a new brightness in the eyes of Americans. A new bounce to the step and lightness of walk. A new straightness of back and the ability to look someone in the eye when speaking to them.

These are the attributes of the newly employed. The people who evince pride in their labor and happiness in their income.


 

Fri, 11/02/2012 - 08:55 | Link to Comment Shizzmoney
Shizzmoney's picture

The people who evince pride in their labor and happiness in their income.

70% of us hate our jobs according to surveys, 2/3rds of us live paycheck-to-paycheck, and the majority of us make less than 35K with declining benefits and retirement savings.

If this is a "recovery".....I mean, then America is really setting the bar low. 


Fri, 11/02/2012 - 09:02 | Link to Comment Gully Foyle
Gully Foyle's picture

Shizzmoney

That is the old way to think.

Young people are just happy to say " Let me buy this round" or "Allow me to buy you dinner Dear".

They been down so goddamned long it looks like up to them.


Fri, 11/02/2012 - 08:32 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Buh bye 8%....boom WINNING!!!!

Fri, 11/02/2012 - 08:34 | Link to Comment TeamDepends
TeamDepends's picture

The Fed needs to issue more stimulants.....

Fri, 11/02/2012 - 08:33 | Link to Comment LawsofPhysics
LawsofPhysics's picture

All according to the script.

Fri, 11/02/2012 - 08:44 | Link to Comment pods
pods's picture

To believe the validity of these numbers I am going to require a script.

Of hopium.

pods

Fri, 11/02/2012 - 08:33 | Link to Comment Frastric
Frastric's picture

More jobs were added this month than last month yet the unemployment rate ROSE???

Fri, 11/02/2012 - 08:39 | Link to Comment AlphaHunter001
AlphaHunter001's picture

 

Actually that's exactly what happens in a recovery - as more jobs are being created, those who left the labor pool come back, so more people are now technically 'looking' for work as well as more people are being hired... historically this is exactly what happens in a typical economic recover and a very positive thing... from the BLS - labor force participation rate increased to 63.8%

Fri, 11/02/2012 - 08:41 | Link to Comment yrbmegr
yrbmegr's picture

Discouraged workers down 153,000 from a year ago.  Labor force up 578,000 in October.

Fri, 11/02/2012 - 08:51 | Link to Comment hapless
hapless's picture

Actually, we don't know if the unemployment rate actually rose, because the BLS revises its seasonal adjustment factors each month but never makes public the revised U3 for the previous month.  So the revised U3 for September may or may not be lower than the U3 for October released today.

Fri, 11/02/2012 - 08:33 | Link to Comment jaap
jaap's picture

the broken windows is already working!!

Fri, 11/02/2012 - 08:36 | Link to Comment machineh
machineh's picture

I hear the jingle of Krugmanrands tumbling into the slot machine jackpot.

With all the hurricane clean-up workers being hired, it's a Workers Paradise!

Fri, 11/02/2012 - 08:53 | Link to Comment youngman
youngman's picture

They are not done looting yet

Fri, 11/02/2012 - 08:33 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

This porridge is just right!

Fri, 11/02/2012 - 08:34 | Link to Comment Schmuck Raker
Schmuck Raker's picture

Au dropping.

"Come to me my Precious."

Fri, 11/02/2012 - 08:35 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

All cartels on high alert this week.

Fri, 11/02/2012 - 08:35 | Link to Comment death_to_fed_tyranny
death_to_fed_tyranny's picture

LIES! ALL FUCKING LIES!

Fri, 11/02/2012 - 08:35 | Link to Comment swissaustrian
swissaustrian's picture

4 more years, 4 more years!

FORWARD, comrades.

Fri, 11/02/2012 - 08:37 | Link to Comment sharky2003
sharky2003's picture

FYI, it's been changed to FORWARD!

Fri, 11/02/2012 - 08:35 | Link to Comment SokPOTUS
SokPOTUS's picture

Pfft.  That's what Post-Election revisions are for...

Fri, 11/02/2012 - 08:36 | Link to Comment Bastiat009
Bastiat009's picture

Why didn't they tell Obama that 3% was the magic number. The unemployment issue would be over today if they had.

Fri, 11/02/2012 - 08:36 | Link to Comment docj
docj's picture

I suppose we're supposed to be impressed that, 3+ years into a "Recovery" we still have (a totally bullshit, unbelievable) FUNemployment rate of just south of 8%, under 200K jobs "created" (and most of those are probably statistical adjustments), and 4.5M people still out of work from the previous employment peak.

The New Normal, I suppose.

Fri, 11/02/2012 - 08:43 | Link to Comment Shizzmoney
Shizzmoney's picture

Remember, we actually need around 225K jobs to keep up with the labor force (which in turn, will also bump up the useless GDP number).

Also, I anticipate the jobs report to beat for the next 3 months due to the rise in temp hiring for the holidays, Sandy cleanup, as well as the back-to-school industry.

After Obama gets elected, corporate (white) America will eventually extract it's revenge and start the massive layoff process, maybe as early as 02/2013. 

The fascists will make Working America pay for voting in black Democratic president.

Fri, 11/02/2012 - 08:49 | Link to Comment docj
docj's picture

1Q/2Q 2013 is going to be FUGLY regardless of the outcome of the election. But yeah, probably a little worse if Choomy is in the driver's seat.

Ironic though that "Working (for the time being) America" will pay for the election of the candidate of the Free Shit Army and wealthy, white, liberal, urban elites, isn't it?

Fri, 11/02/2012 - 08:59 | Link to Comment Shizzmoney
Shizzmoney's picture

It's payback for Obamacare (aka HertiageCare). 

The government enforced subsidy for the health insurance agencies have really ticked off Corporate America.  In a sense, it has pitted corporations against corporations now as they fawn and fight over every last single penny for their shareholders.

And of course, its the little guy...especially those without access to union lawyers.....who will pay.

Fri, 11/02/2012 - 08:36 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

and again one wonders: how many jobs did it take 5 yrs ago to match or beat the new workers entering the workforce seems 250,000+ was the majic number back then , but I guess we have lower population d/t mass immigration out of the country or something. one wonders..

Fri, 11/02/2012 - 08:39 | Link to Comment SokPOTUS
SokPOTUS's picture

Silly person...that's when Bush was in office.  Of course worse jobs numbers are 'better' now that Obama is in office. 

Now if he could just get on with the lowering of the oceans thing.  He sorta F'd up on that this week...

 

Fri, 11/02/2012 - 08:36 | Link to Comment Boilermaker
Boilermaker's picture

Other than a justified and plausible reason for the FED to ramp the shit out of the equities markets....

Does anyone even actually believe this shit anymore?  Or care?

Fri, 11/02/2012 - 08:44 | Link to Comment a growing concern
a growing concern's picture

Nope.

Fri, 11/02/2012 - 08:48 | Link to Comment Boilermaker
Boilermaker's picture

Well, there will be the magic "hundo" on the DOW for the headlines.

Rest assured, the moment for Goerbels level propoganda won't be wasted. 

Fri, 11/02/2012 - 08:36 | Link to Comment Dr. Engali
Dr. Engali's picture

All hail the mighty Obama..our liar and chief for the next four years....and who knows maybe longer....long live El presidente

Fri, 11/02/2012 - 08:43 | Link to Comment yrbmegr
yrbmegr's picture

Not if they have the voting machines programmed correctly.

Fri, 11/02/2012 - 08:37 | Link to Comment FLUSA.com
FLUSA.com's picture

I hope to get the toilet paper contract for when all this shit has to get cleaned up....

Fri, 11/02/2012 - 08:37 | Link to Comment FubarNation
FubarNation's picture

Thank you Barack Hussien Obama Benghazi.  You are the chosen one.  Our savior.  Allah be praised!!!

 

I'm making a call here today.

 

Obama for another 4 years.  I have a feeling in my gut. 

 

Prepare for another 4 my friends.

Fri, 11/02/2012 - 08:38 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Our glorious leader is.......well.....glorious I guess.

Fri, 11/02/2012 - 08:43 | Link to Comment Winston Churchill
Winston Churchill's picture

Not me,be gone by inaugeration.Lock, stock ,and barrel if its Obummer.

Fri, 11/02/2012 - 08:37 | Link to Comment scatterbrains
scatterbrains's picture

Does this mean the season of economic revisions is now over for at least 3 more years ?  Btw gold is telling you the move in equities will not break out of it's previous highs.

Fri, 11/02/2012 - 08:44 | Link to Comment AlphaHunter001
AlphaHunter001's picture

 

gold was up on economic weakness and the expectation of more monetary printing, if the economy recovers more quickly, that is extremely bearish for gold as this means less monetary stimilus and in fact a reduction of the loose policies - equities remain a buy until the Fed starts to raise rates in another year, which I think will be sooner than 2015

Fri, 11/02/2012 - 09:09 | Link to Comment scatterbrains
scatterbrains's picture

I hear what your saying but I'm going to roll with the idea that gold is being dumped because we can now face the reality of the situation now that the election is out of the way. (doesn't matter who wins) so at least at first  we'll see a re-set in asset pricing... unless you believe the fed is about to announce a new and improved printing scheme.

Fri, 11/02/2012 - 08:38 | Link to Comment Trimmed Hedge
Trimmed Hedge's picture

Great news!

I'm definitely voting for Obama now...

Fri, 11/02/2012 - 08:39 | Link to Comment yrbmegr
yrbmegr's picture

Payroll reports for August and September were revised upward, for a change.  Seems like forever they had always been revised downward.

Fri, 11/02/2012 - 08:43 | Link to Comment Cursive
Cursive's picture

@yrbmegr

In October, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 5.0 million. These individuals accounted for 40.6 percent of the unemployed. (See table A-12.)

 

The civilian labor force rose by 578,000 to 155.6 million in October, and the labor force participation rate edged up to 63.8 percent. Total employment rose by 410,000 over the month. The employment-population ratio was essentially unchanged at 58.8 percent, following an increase of 0.4 percentage point in September. (See table A-1.)

 

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) fell by 269,000 to 8.3 million in October, partially offsetting an increase of 582,000 in September. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

 

In October, 2.4 million persons were marginally attached to the labor force, little different from a year earlier. (These data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed  because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)

 

Among the marginally attached, there were 813,000 discouraged workers in October, a decline of 154,000 from a year earlier. (These data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.6 million persons marginally attached to the labor force in October had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities. (See table A-16.)

Fri, 11/02/2012 - 08:45 | Link to Comment yrbmegr
yrbmegr's picture

Yeah, I read all that, apparently before you did.  What's your point?

Fri, 11/02/2012 - 09:20 | Link to Comment Cursive
Cursive's picture

@yrbmegr

Regardless of laughable revisions to prior months, so-called "job-creation" is barely keeping pace with population growth and the ranks of the long-term unemployed are not materially shrinking.  With the housing ATM window closed, the fiscal cliff looming and QE played out, what factors do you think will propel employment going forward?

Fri, 11/02/2012 - 08:39 | Link to Comment azzhatter
azzhatter's picture

Magical

Fri, 11/02/2012 - 08:39 | Link to Comment Shizzmoney
Shizzmoney's picture

the unemployment rate for blacks increased to 14.3 percent in October

Disgrace. 

The jobless rate for Asians was 4.9 percent in October

Naturally in a financialized economy, those who know math, reap the spoils.

Fri, 11/02/2012 - 08:40 | Link to Comment q99x2
q99x2's picture

This is great. Another 4 years and the unemployment rate will be zero and nobody will be working. Sounds good to me. I hate work.

Fri, 11/02/2012 - 08:40 | Link to Comment Cursive
Cursive's picture

Wow.  The BLS still says, "blacks".  Where's Al Sharpton or Jesse Jackson when you need them.

Fri, 11/02/2012 - 08:52 | Link to Comment Itch
Itch's picture

It saves ink...

Fri, 11/02/2012 - 08:40 | Link to Comment Cosimo de Medici
Cosimo de Medici's picture

The fine print:  163,000 of those jobs were added in China.  Apparently since China now owns some 30% of USG debt, FASB rules dictate a consolidated balance sheet.

Fri, 11/02/2012 - 08:41 | Link to Comment AlphaHunter001
AlphaHunter001's picture
The real bullish news was that revisions now are being made to the positive side - clearly we've seen the bottom of the economy

"The change in total nonfarm payroll employment for August was revised from +142,000 to +192,000, and the change for September was revised from +114,000 to +148,000"
Fri, 11/02/2012 - 08:45 | Link to Comment Cursive
Cursive's picture

@AlphaHunter001

In October, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 5.0 million. These individuals accounted for 40.6 percent of the unemployed. (See table A-12.)

 

The civilian labor force rose by 578,000 to 155.6 million in October, and the labor force participation rate edged up to 63.8 percent. Total employment rose by 410,000 over the month. The employment-population ratio was essentially unchanged at 58.8 percent, following an increase of 0.4 percentage point in September. (See table A-1.)

 

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) fell by 269,000 to 8.3 million in October, partially offsetting an increase of 582,000 in September. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

 

In October, 2.4 million persons were marginally attached to the labor force, little different from a year earlier. (These data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed  because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)

 

Among the marginally attached, there were 813,000 discouraged workers in October, a decline of 154,000 from a year earlier. (These data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.6 million persons marginally attached to the labor force in October had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities. (See table A-16.)

Fri, 11/02/2012 - 08:51 | Link to Comment AlphaHunter001
AlphaHunter001's picture

 

 

@Cursive I completely agree that there are massive issues, my point is that if you look at any data set, or even corporate earnings, once they start revising or 'missing' to being more positive, that's a bullish sign

 

The number of long-term unemployed will remain to be a problem as these are structural issues. These people are essentially mis-matched for the new economy. If you look at the unemployment rate of people with advanced degrees, it's almost nothing (engineers, computer sciences, maths etc..) but middle-aged factory workers with no skills will have trouble finding work in this technological age.

 

It's sad and unfortunate, but with the advent of computers and technology, this has had a massive shift in needed skills that hasn't occured since the industrial revolution.

Fri, 11/02/2012 - 09:25 | Link to Comment Cursive
Cursive's picture

@AlphaHunter001

If you accept that "the number of long-term unemployed will remain to be a problem," then you may as well accept that there has been and will not be any economic recovery.  The best you could hope for is the "New Normal" and a John Mauldin-like muddle through.

Fri, 11/02/2012 - 08:52 | Link to Comment yrbmegr
yrbmegr's picture

Are you a computer program?

Fri, 11/02/2012 - 08:57 | Link to Comment AlphaHunter001
AlphaHunter001's picture

 

 

LOL no I wish! My buddy is and when he went looking for a new job he had over 20 offers! It's crazy how many jobs there are... I'm not really cut out for that line of work though, but it's the truth nontheless

 

 

Fri, 11/02/2012 - 09:07 | Link to Comment adr
adr's picture

so we'll all just program apps for phones and the economy will soar. Or we can all learn how to program advertising scripts for Facebook to up thier EPS and make the shareholders happy.

The majority of the CS hires aren't even needed. New job categories like UX design were created even though the job is complete bullshit. But every company has to hire a UX designer, even if the CEO doesn't even know what they do.

I have a friend that is a senior UX designer at a web outfit. I've asked him what he actually does. He told me point blank, "Absolutely nothing, and they pay me $100k for it."

Production of tangible goods is the only path to a healthy economy. Which is why the US economy has declined for the last 50 years as our productive engine was exported overseas.

Fri, 11/02/2012 - 14:07 | Link to Comment blunderdog
blunderdog's picture

UX design is actually a pretty important component of software design, but just like QA, they don't really let anyone do that job--it's too expensive (in terms of time) to design good stuff, so they just pay the salary and ignore the concept.

UX Designers are almost universally yes-men who don't mind signing their name to shoddy work.

Fri, 11/02/2012 - 08:52 | Link to Comment pods
pods's picture

When numbers are revised (multiple times) in the range of 30-50% you cannot really report a number.

Add in the "adjustments" that range from 50-400% of the reported number and it really is meaningless.

Just another political tool.  Important one too. Since our eCONomy is based on people getting paid for work that we dont need to buy shit they dont need CONfidence is the greatest asset.

Just the end game of an empire.

Hail Caesar!

pods

Fri, 11/02/2012 - 08:58 | Link to Comment adr
adr's picture

If you actually believe those numbers, you probably believe everything in a quarterly report.

Why would a CFO lie?

Why would the BLS lie?

The numbers were revised up in the last report before the election and you believe it?

The economy has not turned the corner or bottomed. If you actually walk among the middle class, you'll find things have never been worse. 175 jobs in the month of October is pitiful. That is why the seasonal adjustment usually removes a few million jobs. October is when millions of seasonal hires are added for Christmas. They will all appear as jobs added. I can tell you that far less seasonal hires were made this year. There is also the fact that holiday buys at major retail are down 40% from last year. Those are facts that prove the economy is not getting better.

But you're an alpha seeker, a proponent of wealth without work. The truth getting out would cause the stock market to fall and those seeking alpha would have to watch their fortunes shrink. We have reached the point that nobody actually needs to work. The farce of the stock market has become self sustaining, burning the fuel of its own bullshit.

Fri, 11/02/2012 - 09:05 | Link to Comment AlphaHunter001
AlphaHunter001's picture

 

 

you're right, part-time employment is down... which is a good thing last time i checked LOL

 

wealth without work? no such thing, there is no easy money in this world for average people like you or me... easy money is playing pro sports or movies for $30 mil a year, this is a grind my friend

 

don't forget, owning a stock is owning a piece of a company. when people say stocks will go to zero, that means that there will be no corner store, no food, no cars etc... if the local coffee shop were for sale, would it be worth zero? of course not, while some might disagree with the price, everything is worth something, even a 10 year old car is worth 'something' the discussion then is what is appropriate etc... no black and white but just grey

Fri, 11/02/2012 - 09:16 | Link to Comment adr
adr's picture

Every stock going to zero would be a major plus for the economy.

There would be no grocery stores, coffee shops, stores etc?

Maybe not publicly traded ones, but I assure you there would be even more commerce than there is now. I can choose to go to Dunkin Donuts, or I can go to Jubilee Donuts which is a local store.

Not every company is publicly traded and it is not neccessary to be listed on a stock exhange to have a successful business. Chick Fil-A isn't public and exists in the same space as McDonalds. Judging by the lines outside, Chick Fil-A is doing jsut fine and the prices are better than the publicly traded fast food joints.

And yes somethign can be worth zero. If nobody is willing to buy a product, it is worth zero. In fact it even can have negative worth if it was bought with credit. Much of the publicly traded inventory actually has negative worth.

Fri, 11/02/2012 - 14:08 | Link to Comment blunderdog
blunderdog's picture

"Price" doesn't equal "value."

Values are subjective.

Fri, 11/02/2012 - 08:43 | Link to Comment Racer
Racer's picture

Fake, fake and fake

Fri, 11/02/2012 - 08:44 | Link to Comment fonzannoon
fonzannoon's picture

sell that paper gold!!! Rejoice and celebrate the booming recovery!!!!!                                                                                                                          Okay....now lets start raising those interest rates!

Fri, 11/02/2012 - 08:44 | Link to Comment Awakened Sheeple
Awakened Sheeple's picture

You guys didn't get the memo? Kevin Henry is working part time for the BLS.

Fri, 11/02/2012 - 08:56 | Link to Comment Howdan
Howdan's picture

+100 Hehehehe oh maaaaan that is one of the funniest comments I've ever read!

Love it. He sure does get around old Kevi...

Fri, 11/02/2012 - 08:44 | Link to Comment BeetleBailey
BeetleBailey's picture

Total Horseshit

Fri, 11/02/2012 - 08:47 | Link to Comment obelisks
obelisks's picture

I'm not American but just I can't believe people would fall for this crap?! He's been in office for four years and he makes it look as if the miraculous turnaround is starting to take hold five days before the election? It is pathetic!

 

Fri, 11/02/2012 - 09:44 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Stop by any 711 in hometown America....and you'll soon understand.

 

Mitt says it's 47%.....but I think that's being optimistic.

Fri, 11/02/2012 - 09:59 | Link to Comment docj
docj's picture

Stop by any 711 in hometown America....and you'll soon understand.

Especially if you go on the first morning of the month. I made that mistake one day - every single person in a dozen-long line, except me, had the same "Gold Card" with "State of Rhode Island" printed across the top.

It made me feel good to know I was paying not only my $1.25 for my can of Diet Iced Tea, but partially subsidizing every single purchase of the seemingly able-bodied people in that line with me. And by "good" I of course mean "fire spitting mad".

To top it all off, right across the street? An ObamaPhone stand. Complete with Obama/Biden 2012 signs and everything.

Fri, 11/02/2012 - 08:47 | Link to Comment Bastiat009
Bastiat009's picture

In a world where the Greek market overperforms, everything is possible. You should always invest in bankrupt, fraudulent economies. Best yet, invest in a company that doesn't even exist. Madoff did it for years and enjoyed a very good lifestyle.

Fri, 11/02/2012 - 08:48 | Link to Comment yrbmegr
yrbmegr's picture

It's time for the fed to get serious about shoring up the dollar.

Fri, 11/02/2012 - 08:48 | Link to Comment mogul rider
mogul rider's picture

I feel so good I'm gonna go to looooeeasyanna and start a shimp'n bidness

Fri, 11/02/2012 - 08:54 | Link to Comment pods
pods's picture

I've eaten shimp in hundreds of ways. Shrimp gumbo, shrimp salad, shrimp with biscuits, shrimp.................

pods

Fri, 11/02/2012 - 08:49 | Link to Comment williambanzai7
williambanzai7's picture

Hay everyone, they're handing out free jobs and iBerries at the Post Office!

Fri, 11/02/2012 - 08:49 | Link to Comment Dr. Engali
Dr. Engali's picture

Fucking Yahoo makes me sick..here is their headline..:

Payrolls Rise Sharply, Jobless Rate Ticks Higher to 7.9%

 

beside it they have a picture of obummer holding a mag titled..A Plan For Jobs.....I don't know how I am going to take another 4 years of this propoganda.

Fri, 11/02/2012 - 08:53 | Link to Comment Zgangsta
Zgangsta's picture

Why would it have to be another four years of propaganda?  It would be his last term;  he'd be free to say whatever the hell he wants.

Fri, 11/02/2012 - 08:55 | Link to Comment fonzannoon
fonzannoon's picture

Doc I think it's time we all mentally move on. To pay attention to this decays the brain. It's clear at this point when everyone is on the bread lines and piss broke the same 4 assholes (for anyone with a TV) will be high fiving over the "much better than expected" reports. If they fudged the numbers they are not going to get religious at some point and come clean. If they are ramping the markets they will just continue to do so.

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