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171,000 Jobs Added In October, Unemployment Rate 7.9%
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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I hear you...but it would be nice if the press would at least pretend to like they are doing their jobs, instead of slopping all over this guys schlong,
I think the press gets about 30% or more of their advertising revenue from government adds so the msm is nothing but whores paid to carry the government line of propaganda
Um, I think he deserves at least that much..
Didn't you know that he is FDR, JFK, MLK & Abraham Lincoln -- all rolled into one??
BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!
Oh man, they should take this show on the road!
Go-bama! Go-bama! Go-bama!
WOOT WOOT!!
Give everyone in the stadium a sign......so he knows when to stop.
4 more beers, 4 more beers...
Average wages down 1 cent ..
incomes will go negative in nominal terms in America.
If you live in CA and believe that the bankster's debt cannot or should not be paid back ever then help speed up the collapse that will lead to the necessary revolution that will ultimately overthrow the banksters and land them in prison by voting:
No on 32
Yes on 30
Yes on 38
If you believe that austerity to pay the banksters is the answer then reverse the above choices.
I'm excited about new, future, taxpayers added 568,000 year to date.
I have 20 more, agonizing, years before I can go on the dole. I want to make sure their are enough punks born today to pay my benefits in 20 years.
Well, it is pretty clear the Obama Administration has done a rather remarkably good job here in using what they had to craft the overall appearance of recovery. Note that phrasing. I did not say fact of recovery, I said appearance.
In contrast, however note the 8 years of haplessness, embarrassment and failure of Bush 2. When the appearance of stability was needed to help McCain get elected, the opposite happened. Namely, the appearance that everything had fallen apart took place during the 08 campaign season. Of course, the corporatist/ banksta powers used that occassion to raid the treasury for unlimited bailout dough, based on the appearance the earth would blow up if the banks didn't instantly receive unlimited cash on demand. .
Bottom line:
In response to the standard political reality show question, hear this:
We are better off now than we were in the autumn 4 years ago and that by a very wide margin of appearance.
Deal with it posters, and stop the silly carping.
Peace :-)
This is good analysis.
There ARE jobs. There IS business. There IS an increase in economic activity.
It's just not enough.
And it never will be. Because the financial entities are the parasite of the working public, and completely own our government (including the military).
Thing is, this shit is so fragile. People have no fucking idea how fragile it is. Look at NYC right now. People are losing patience, and it only took 48 hours for the sheen of New Yorker toughness to wane off. You wanna know why?
People the majority of people's lives, are shitty. The pay is shitty. The management and CEOs, act shitty. The savings rate is shitty. The ability for social and economic mobility is damn near dead. People are in debt (which is much worse than the government in debt) and really, all it take is one snap of the rubber band to make this thing turn on a dime QUICK.
It doesn't really matter who is in office, either.....maybe the timing........but either way, we are NOT making headway the way America is capable. Something is holding us back, and its the fraudsters who run our system.
Hedge accordingly, slaves.
This seems pretty pollyannaish and at least rooted a bit in american exceptionalism. One of the things about the fraudsters is that, sure, by hook or by crook, they'll get their "due". However, one of the necessary elements of fraud is reasonable reliance.
Can metrics presented by the government be reasonably relied upon at this juncture? Can financial institutions be trusted to accurately report their financial conditions and status? In the end, the fraudsters merely play on and manipulate the generic human condition... they offer loans at interest, which people cannot refuse (must.have.ipad)... they whisper sweet nothings in the taxpayers' ear, attempting to plant the seed that the present outlays and deficit spending is necessary to create future job growth... they control all material aspects of the mainstream media, including ensuring rosy "facts" and "figures". But, in the end, all of this is merely telling people what they WANT to hear... providing to people what they WANT to have...
You might argue that it is the manipulators' ability to dictate what people want... I'll posit that this not only has cause and effect backwards, but also pleads desperately to a higher power... granted, the fraudsters may amplify existing emotions and thoughts, but I believe insofar as "creation" or "genesis" of thoughts are concerned, this would be the exception and not the rule.
In short, the frausters are not holding us back... how many debt boom and bust cycles do we need before we're willing to accept that the problem is actually more fundamental? That the specific people involved in our present predicament are actually more of a symptom than a cause? This is why we keep repeating the past.
Pretty easy to spin a convincing myth of improving conditions when you have virtually the entire left-media complex (CBS, NBC, ABC, NPR, CNN, MSDNC, NYT, Boston Gob, WaPo, GE, Disney, etc.) providing air cover for you. No?
Who is frankly suprised that after manipulating everything into the election, that Obama would stop 2 days before the key election. Banks love free money. Any thret to that will be put to rest. Hence, the economist endorsement for Obama yesterday.
why are you guys pretending that Romney would be any better?
I don't think there are too many people here that believe there is a difference. Please feel free to yay or nay that.
true, but ZH has been inundated with a not-so-discreet romney supporters for months now.
The only thing the average Merican will see is that UE went back up, this does not help BamBam at all.
BULLSHIT
Panasonic is in the tank on rev/earn.
http://www.bloomberg.com/news/2012-11-02/panasonic-downgraded-by-s-p-aft...
Sharp may go bankrupt.
http://www.bloomberg.com/news/2012-11-01/sharp-widens-full-year-loss-for...
Two massive global companies of which one is ready to go.
Dow's bounce yesterday won't be lasting for long.
http://bullandbearmash.com/chart/dow-hourly-today-200-point-swing/
Nice jobs report - another production of a government with ZERO ACCOUNTABILITY.
I used to work for Sharp Electronics Corp. (Wholly-owned subsidiary of Sharp Corp of Japan which handed import/sales for Sharp Corp products.)
Given how poorly that company was run, I'm amazed that Sharp's still limping along AT ALL.
In a country that is spending $195 billion more per month than it is taking in, all talk of unemployment rates is irrelevant. It is no different than considering credit card debt increases as income.
You can hire 145.6 million workers at minimum wage of $7.5 per hour for 40 hours per week with $195 billion a month.
That is more than the entire workforce in the US.
Bloomberg
Obama Bounce Jobs Report
Better than Good
Futures Surge
I guess they can all come out of the closet now with Mikeys ndorsment
Let Bllomberg Obama Ny'ers eat the Marathon; 4th qtr gdp -Negative Recession.
And if a Republican was the incumbant..... the jobs #s, 5 days before the election, would reflect reality percisely. Uh-huh. Wake up people. Remember....Saddam Hussien had WMDs.
Probably not - there'd just be a whole crapload more media calling bullshit on it.
1992: 2.7% growth in the quarter before the election: NYT headline along the lines of "a major disappointment, US deserves better, vote Bubba"
2012: <2% growth in the quarter before the election: NYT headline along the lines of "steady recovery progress, FORWARD with Choomy"
The only upside to all of this - is I only have to endure 4-more days of Granny Lieawatha Warren's (she might be only 1% Indian, but she's 100% leftist, fascist hack) web ads on ZH.
Sheesh, I can't wait to once again be represented in The World's Most Deliberately Arrogant Body by a pair of left-fascist windbags who think "jobs" are created by government stimulus programs.
Sickening and completely fraudulent. That is the Obama motto,"fuck the American people with a big smile on your face". They are too stupid to see who this man really is.
ah, what a great country we live in where we can get all these great numbers on jobs and the economy! the problem is that if americans stick to their fantasy world of facebook and I crack they will be in a world shit when reality his them in the ass! kind of like the people in parts of the country that are digging through garbage for food http://www.shtfplan.com/headline-news/shock-72-hours-after-grid-down-starvation-supply-shortages-food-lines-no-clean-water-no-gas-transportation-standstill-independent-reports-pics-and-video_11012012 the almighty leaders cant take care of their own much less run a government! wake up ! I think that was mdb standing on top of that dumpster!
I'm in total amusement that these numbers aren't for political purposes, but for traders who want to end their weeks on a good "up" note before they head to the Hamptons for the weekend.
Everyone wants to leave "up" at the cashiers' cage.
I'm not a Romney supporter. I'm not an Obama supporter.
Romney has the dual law / MBA from Harvard and he KNOWS full well he won't do shit next year as President with the fiscal budget in freefall, but he won't say so, and that's enraging.
Obama backstabbed Hillary Clinton to take the nomination from her when she had more votes in that nomination battle, sending out his staff to contact black supporters of Hillary and tell them "bros before hos". And now he presents himself as the champion of women.
Disgusting.
Obama backstabbed Hillary Clinton to take the nomination from her when she had more votes in that nomination battle, sending out his staff to contact black supporters of Hillary and tell them "bros before hos". And now he presents himself as the champion of women.
Dude, Hillary would never have won the election. I don't blame you for hating Obama, but this seems like a pretty strange reason for it.
You think he owed her the nomination or something?
Lies, adjustments, propaganda and the like can only hide the truth for so long. GAAP allows for quite some room to adjust numbers to wherever they need to be, even if the actual numbers are terrible. Seasonal adjustments allow numbers to essentially be wherever they need to be as well. All to hide the truth.
The truth is, there were jobs added in October because seasonal hires are always added in October. The truth is there are a lot less seasonal hires than last year and come January 99% of these jobs will be gone.
The truth is seasonal buys for holiday 2012 were cut by at least 40% at most of the major retailers. How do I know this? I sell to them and the buyers told me so. They can't actually sell more than last year, because there is far less product available to sell. That won't stop the EPS adjustments and comparables adjustments from making it look like they did though.
The entire reported economy is based on bullshit. They could report unadjusted numbers. Corproations could report earnings without loan loss reserves, one time charges, and the rest of the bullshit that covers up the state of true operation. But then the picture of the economy might be different and it would clash with the propaganda machien in Washington and threaten the livelihood of the complex.
We can't have that happen now can we.
Here is employment indexed to the beginning of 2010 in the CES and CPS for the US. Interesting.
http://twitpic.com/b9mzx1
Wonder if it is an election year? When I got hired back in 2010...that was also a big election year (for MA).
2013 is not an election year. Therefore, I expect reality (and pain) to return to normal.
I see the world is still insane this mornig.
Gonna be a looooooooooonnnnnnnnnnnggggggggggg winter.
I'm betting on all hell breaking loose. Starting next week.
Tom Waits - Hell Broke Luce http://www.youtube.com/watch?v=0Fju9o8BVJ8
I had expected something much more grandiose with this print, maybe 300k + and at least a 1 point drop in the unemployment rate. the dow would soar to 14 or 15k and the MSM would bring forth choirs of angles singing about the glories of QE.
now that would have been a show...but instead we get this noncommittal print that really doesn't show anything above stall speed and the MSM has to work a bit harder to spin this into a real, genuine, honest to Bernanke sing of recovery.
it's become obvious that these reports are meant solely for propaganda and entrainment purposes only, but the PTB's dropped the ball on this one and missed an opportunity to get the sheeple fired up to burn those credit cards this xmass...
and the rest of us a good laugh.
Separate and apart from manipulated statistics, the existence of which I do not challenge, we are still better off economically now than we were 4 years ago.
I mean, after all, 4 years ago, in the autumn of '08, the financial crisis was unfolding and going from bad to worse on a daily basis until it became a tsunami of economic collapse.
That is a reality based statement, posters.
I apologize in advance to those who do not want to consider that political perspective and who, instead, prefer to keep on carping.
Blessings
Feel free to sell that "reality-based statement" to the roughly 5M people who were employed in SEP 2008 who are still out of work today.
"Feel free to sell that "reality-based statement" to the roughly 5M people who were employed in SEP 2008 who are still out of work today."
The quoted statement is confusing in content and awkward if it seeks to claim the present economic situation is worse than 4 years ago. In fact, the post is pretty much a demonstration that people can convince themselves of whatever their political persuasion is in the first place.
The quoted post uses a 5 million figure, derived from who knows where as its point of comparison.
I did not reference a particular statistic or data point in referring back to 08 and the economic situation of that time. It shouldn't be too controversial to say there was widespread panic at that time and nearly unprecedented econic collapse and a narrowly averted freeze- up of the entire system of baking, credit and finance.
If posters remember the autumn of 08 differently and have a sense we were better off then than now, I would have to ask:
R e a l l y ?
Nope, Obama has managed the economy passably well when the starting point of the mess he inherited is taken into account. Autumn 2012 is better than autumn 2008.
The quoted statement is confusing in content...
Yes, I know basic American English is difficult for some to master.
In fact, the post is pretty much a demonstration that people can convince themselves of whatever their political persuasion is in the first place.
Right back at you, bucko.
The quoted post uses a 5 million figure, derived from who knows where as its point of comparison.
You've allegedly been on this site for almost 3-years but you're evidently ignorant of entities such as the BLS and DOL. Yet you have the stones to come here and lecture the rest of us about "bias". Nice.
OK, all that aside - can you honestly tell me that if all else were equal at this point you'd be voting on Tuesday to give President McCain a second term? Seriously?
I realize you didn't ask me, but if it were McCain running against Romney and I were going to vote, I'd totally vote for Romney.
At least he's not STUPID, unlike both members of the McCain/Palin ticket.
jplotinus said: "...we are still better off economically now than we were 4 years ago."
The banks and the cotton candy markets (which are in reality the ANTI-economy) are better off.
You would have to ignore the bailouts, the +$1 Trillion of student loan debt, the +$16 Trillion of national debt, the +$65 Trillion of unfunded liabilities, the lowest labor participation rate in over two generations, the highest food stamp participation ever, ZIRP, NIRP, and sundry other horrid realities to believe what you say.
However, fantasies are more appealing than reality; so say hello to the Sprites and Fairies for me.
MARKET FORECAST.
As mentioned - SPX / CL / HG / GC / EURUSD daily charts continue to break down.
http://trader618.com
http://www.zerohedge.com/news/2012-12-24/market-analysis
How many times can the numbers be rigged before even the sheep start to bleat? And the changes in FASB allowing outright FRAUD require several people to be beaten, buggered and well hung from a lamp post. Welcome to Obongoland... white Christians are NOT welcome.
Ebworthen does nothing more than cite a litany of numbers that serve no purpose. At best the diatribe is incomplete because it doesn't anchor the current numbers to what they were 4 years ago, let alone how they got to the point they are now from where they were then.
No, the plain as day fact is that the autumn of 08 so the emerge of real and palpable fear of complete and utter economic collapse. We were on the verge of a financial shutdown. That is the scenario Obama inherited.
The inability to acknowledge and deal with that truth is simply a measure of how political partisanship works. I don't care if you're for Romney or if you're still pining for ron Paul. I don't care.
But, if the way you get there requires carping about Obama, then I suggest you make a new plan, Stan.
;-0
As I recall, there was a substantial contingent of folks who blamed Clinton for the 9/11 attacks.
I suspect if Romney takes office in January, we'll hear about everything being "all Obama's fault" for most of his first term.
At least there's one thing we can count on, no matter who wins this election: Congress will still completely suck.