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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Fri, 12/07/2012 - 09:41 | 3042195 scatterbrains
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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 ?  

Fri, 12/07/2012 - 09:49 | 3042246 Quintus
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Yeah.  Fancy that!  Gold gets raided on NFP day.  It's an American tradition!

Fri, 12/07/2012 - 09:55 | 3042276 scatterbrains
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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 ?

Fri, 12/07/2012 - 10:12 | 3042338 GetZeeGold
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Gold gets raided on NFP day


Burp.....got anymore?

Fri, 12/07/2012 - 09:35 | 3042161 mayhem_korner
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Apparently the BLieS need to continue the campaign until the false flag of the Fiscal Cliff is properly coerced.

Fri, 12/07/2012 - 09:40 | 3042186 ejmoosa
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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!


Fri, 12/07/2012 - 09:36 | 3042164 sbenard
sbenard's picture

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

Fri, 12/07/2012 - 09:50 | 3042251 mayhem_korner
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Clearly, you are not an algo...

Fri, 12/07/2012 - 09:36 | 3042167 Confundido
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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...

Fri, 12/07/2012 - 10:04 | 3042302 goldfish1
goldfish1's picture

Regular 830 ish PM smackdown.

Fri, 12/07/2012 - 09:37 | 3042169 Stonedog
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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. 

Fri, 12/07/2012 - 09:47 | 3042231 Squid Vicious
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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...

Fri, 12/07/2012 - 09:37 | 3042171 The Master
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LIESman just acted shocked that govt workers was revised downward by 38K....Bernankz just checked to Congress.

Fri, 12/07/2012 - 10:07 | 3042321 SheepDog-One
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AH yes....people are re-learning that the 'Chosen Ones' are indeed a slippery bunch!

Fri, 12/07/2012 - 09:37 | 3042173 fonzannoon
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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.


Fri, 12/07/2012 - 09:46 | 3042227 Wynn
Wynn's picture

15 minutes

Fri, 12/07/2012 - 09:39 | 3042178 MittRomney2012
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FFS. You conspiracy theorists have been saying the numbers are lies from 9%+ unemployment.



Fri, 12/07/2012 - 09:40 | 3042191 Quintus
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540k people left the labour force in this report.  Really?  Al those wealthy folks just retired to sit on the beach?


Fri, 12/07/2012 - 09:49 | 3042244 Dr. Engali
Dr. Engali's picture

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

Fri, 12/07/2012 - 10:18 | 3042380 jerry_theking_lawler
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.

Fri, 12/07/2012 - 10:30 | 3042443 Everybodys All ...
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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.

Fri, 12/07/2012 - 09:41 | 3042194 GetZeeGold
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Dude....I'm sure everything is fine.....relax amigo.

Fri, 12/07/2012 - 09:42 | 3042200 fonzannoon
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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...."


Fri, 12/07/2012 - 09:44 | 3042215 mayhem_korner
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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."

Fri, 12/07/2012 - 10:16 | 3042372 goldfish1
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.

Fri, 12/07/2012 - 09:42 | 3042201 mayhem_korner
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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.

Fri, 12/07/2012 - 09:43 | 3042210 Dr. Engali
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.



Fri, 12/07/2012 - 09:52 | 3042262 mayhem_korner
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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...

Fri, 12/07/2012 - 10:11 | 3042333 Coldsun
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Obama's economic savior is Paul Blart? Seems about right...

Fri, 12/07/2012 - 10:11 | 3042336 Shizzmoney
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No wonder incomes fell: Retail employment has grown 140,000 over the last three months

Fri, 12/07/2012 - 09:57 | 3042280 pods
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.  


Fri, 12/07/2012 - 10:06 | 3042314 fonzannoon
fonzannoon's picture

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

Fri, 12/07/2012 - 10:12 | 3042341 squib
squib's picture

*hands clapping

Bravo noonzie, well played!

Fri, 12/07/2012 - 10:14 | 3042350 mayhem_korner
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+1 Does that mean you need to occasionally clean out your unicorn's colon?

Fri, 12/07/2012 - 10:22 | 3042405 fonzannoon
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.

Fri, 12/07/2012 - 09:38 | 3042179 mayhem_korner
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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...

Fri, 12/07/2012 - 09:59 | 3042287 pods
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.


Fri, 12/07/2012 - 09:38 | 3042182 The Gooch
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Damn, I was hoping for the deer today...

Fri, 12/07/2012 - 09:39 | 3042184 Mark Wilson
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"More shortly."

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

Fri, 12/07/2012 - 09:44 | 3042213 Cursive
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@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.

Fri, 12/07/2012 - 10:10 | 3042329 Cursive
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....

Fri, 12/07/2012 - 10:12 | 3042344 Mark Wilson
Mark Wilson's picture

My BAC LEAPS are up nicely! Will that do?

Fri, 12/07/2012 - 09:47 | 3042237 mayhem_korner
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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...

Fri, 12/07/2012 - 09:40 | 3042187 DavidC
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.


Fri, 12/07/2012 - 09:41 | 3042190 lizzy36
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.

Fri, 12/07/2012 - 09:41 | 3042196 azengrcat
azengrcat's picture

Obamacare burger flipper reshuffle.

Fri, 12/07/2012 - 09:42 | 3042199 Jumbotron
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?

Fri, 12/07/2012 - 09:46 | 3042224 Cursive
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.

Fri, 12/07/2012 - 09:42 | 3042202 Serfs Up
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?

Fri, 12/07/2012 - 10:43 | 3042488 docj
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.

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