146,000 Jobs Added In November, Beat Expectation Of 85,000, Unemployment Rate Lower At 7.7%

Tyler Durden's picture

Looks like Sandy was not an issue at all in the November jobs report which beat in both the number of jobs added, at 146,000 on expectations of 85,000, while the unemployment rate declined to 7.7% from 7.9%, where it was expected to post as well. Watch this space next month for prio revisions: September and October saw 49K downward revisions combined. November will suffer the same fate.



and manufacturing jobs dropped more than expected...


Confused why the unemployment rate dropped? The same, favorite BLS adjustment - a drop in the labor force participation rate which declined by 0.2% to 63.6% once again, as the number of people out of the labor increased by over 540K to 88,883,000.

In terms of quality of jobs, the biggest gain was in retail jobs as expected in part of the Thanksgiving rush, which added +53K jobs, Professional and Business services rose by 43K, of which Administrative and Waste Services was +23K, and Hospitality and Leisure +23K: all los paying jobs. Construction jobs lost: 20K.

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scatterbrains's picture

apparently gold loves the smell of bullshit in the morning too.. I sense a SPY close below 141.5ish today.  Can we get back to what the damage of rising taxes and spending cuts will bring to this full on economic contraction ?  

Quintus's picture

Yeah.  Fancy that!  Gold gets raided on NFP day.  It's an American tradition!

scatterbrains's picture

I wonder what the Bernank is using as a gauge to determine that his threat of unlimited printing is not enough and that he must actuaully get in there and start pumping again? Is it a certain level on SPX ?  If so does he wait for 1250 or 1150 or 1000 maybe ? Could he just be waiting  until we go over the cliff to start the pumpage ? What's he waiting for ?

GetZeeGold's picture



Gold gets raided on NFP day


Burp.....got anymore?

mayhem_korner's picture



Apparently the BLieS need to continue the campaign until the false flag of the Fiscal Cliff is properly coerced.

ejmoosa's picture

I am thinking they are saving the losses for nearer the fiscal cliff, so that they can blame the Repulbicans for those losses.

George Orwell, man, you nailed the future years ago!


sbenard's picture

Call me a skeptic, even a cynic, but 146,000 jobs created hardly sounds like something to be exuberant about!

mayhem_korner's picture



Clearly, you are not an algo...

Confundido's picture

So then consumer prices will rise because we are reaching "potential output"? What to do about gold??? Will Bernanke stop QE? Didn't he say QE is to address unemployment and not to finance fiscal deficits or the p&l of banks? I am confundido...

goldfish1's picture

Regular 830 ish PM smackdown.

Stonedog's picture

The change in total nonfarm payroll employment for September was revised from +148,000 to +132,000, and the change for October was revised from +171,000 to +138,000. 

Squid Vicious's picture

they have been pulling this off with the claims number for years... worked so well now they are doing it with the payrolls number i guess...

The Master's picture

LIESman just acted shocked that govt workers was revised downward by 38K....Bernankz just checked to Congress.

SheepDog-One's picture

AH yes....people are re-learning that the 'Chosen Ones' are indeed a slippery bunch!

fonzannoon's picture


7.7% unemployment.

Bernak going to have to stop that QE and start talking about raising rates. I hope he can act quick enough to keep growth in check.


MittRomney2012's picture

FFS. You conspiracy theorists have been saying the numbers are lies from 9%+ unemployment.



Quintus's picture

540k people left the labour force in this report.  Really?  Al those wealthy folks just retired to sit on the beach?


Dr. Engali's picture

540,000 people getting the fuck out of the country.

jerry_theking_lawler's picture

nope. 540k people wising up and going out on disability, signing the family up for chips & medicare/caid, getting SNAP, and then going for work on a cash basis......this way they will wind up 'wealthier' than before.

Everybodys All American's picture

as the number of people out of the labor increased by over 540K to 88,883,000.

at this rate...unemploment will be < 4.0% and no one will be working.

GetZeeGold's picture



Dude....I'm sure everything is fine.....relax amigo.

fonzannoon's picture

This was Brilliance by O. Nice number is the set up to going off the cliff and saying "Look we had everything clicking and then...."


mayhem_korner's picture



While I agree with the motivation, I threw up in my mouth a bit when you ascribed brilliance to Barry.  Sorta like referring to Michelle as "sweet."

goldfish1's picture

Brilliance by O.


Cmon, the guy can barely remain cognizant of the topic without cue cards.

However, the man behind the curtain certainly knows the agenda.

mayhem_korner's picture



In terms of reality, the US hasn't gotten back down to 9% unemployment yet.  You may not be familiar with this nouveau discipline called "math," but reducing the numerator of a ratio (via "dropped out of workforce" in this case) always reduces it.  Really.

Dr. Engali's picture

First of all 146,000 barely even covers new entries into the workforce let alone bring down unemployment. If you look at U-6 it tells a different story.



mayhem_korner's picture



It's also barely enough mall cops to tend the masses that stormed the gates of WalMart on black Friday.  Come to think of it, I bet these were all mall cop jobs...

Coldsun's picture

Obama's economic savior is Paul Blart? Seems about right...

Shizzmoney's picture

No wonder incomes fell: Retail employment has grown 140,000 over the last three months

pods's picture

Doc, have you not realized that nobody is interested in reality anymore?

Fantasy is so much more fun.  Kind of like the books I read as a kid, those choose your own adventure books.  Now we have choose your own reality.

Now, if you will excuse me, I have to go clean out my unicorn's stall.  


fonzannoon's picture

My unicorn shits gold coins. Sorry about your unicorn stall situation.

squib's picture

*hands clapping

Bravo noonzie, well played!

mayhem_korner's picture



+1 Does that mean you need to occasionally clean out your unicorn's colon?

fonzannoon's picture

I keep a little seat in my stall and I just stare at it while I sit here and comment until the next one pops out. Quite the life I live.

mayhem_korner's picture



The Vegas line on the January reconciliation is -490,000 vaporized jobs.

Oh, I forgot, the world will be ended before then.  Time to unwind...

pods's picture

You have to admit, it is a good scam.  Bullshit for 11 months, then slip in the truth when nobody is looking.


The Gooch's picture

Damn, I was hoping for the deer today...

Mark Wilson's picture

"More shortly."

Translation: Need a few minutes to put negative spin on the numbers. :D

Cursive's picture

@Mark Wilson

Let's hear your positive spin on record SNAP participation, falling participation rates, rising student loan delinquecies, and unprecedented monetization by the Fed and global central banks.  Let's hear it, Mark.

Cursive's picture

...and no reponse from Mark Wilson.  It's hard to believe in a "recovery" when all of the sunshine pumpers don't want to take the easy money punchbowl away and won't talk about the generational theft of higher debt today to be paid by our grandchildren's grandchildren's grandchildren's....

Mark Wilson's picture

My BAC LEAPS are up nicely! Will that do?

mayhem_korner's picture



Markie...if you had some awareness, you'd know that every time the UE numbers come out, Tyler posts the headline and then re-posts with some analytics.  ZH is among the very fastest to decompose the numbers. 

I will urge my ZH compatriots to reserve the top comment slot for Mr. Mark to rebut the post that follows.  I'm sure he'll do just fine...

DavidC's picture

have to say, I didn't think they would let the last figure before Christmas be a bad one, got to get everyone feeling good and spending. I had a short position (the princely gain of 10 points on the Dow) that I closed out before the figures were released, just in case.


lizzy36's picture

The revisions are interesting. Odd that the government can't count their own jobs and government employment revised down last month to -51k for -22k.

Those Chicago guys are tricky.

azengrcat's picture

Obamacare burger flipper reshuffle.

Jumbotron's picture

I'm sorry.  But is it just me...or do I see a peak and a bit of a roll off in the line chart from the Crash until today?


That is to say...if going by the trend...that things are actually beginning to look weaker?

Cursive's picture


I see that as well, but don't expect anyone in the MSM or financial press to talk about it.  Please ignore the 800 pound gorilla staring at you.

Serfs Up's picture

MMMMmmmmmm....another magically delicious number!


It drives stocks up and gold down....what could be tastier to the Financial Industrial Complex than that?

docj's picture

Looks like the corn-holing of shiny stuff didn't last too long. Perhaps someone, like a human, actually, you know, read the report and sniffed-out that the only reason for the positive headline number is that we "disappeared" over half-a-million fellow-humans?

Given the tendencies of this particular bunch of Chicago thugs I can only wonder when this statistical "disappearing" will become actual disappearing.