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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ejmoosa's picture

You know the lies have now gotten so bad, there will be no returning to the truth.  Begin asking yourself how they are going to keep the truth from EVER coming out.  Because that is what is going to matter as we go forward with this Fabian Socialism.

LawsofPhysics's picture

So no more QE then?

Sandy15's picture

Look at 5 min charts........  everything flying up with little to no pull back but the dollar barely inching up and you people that believe this is a recovery are giddy...... Please wake up sheeple!!!!!  The Bernack is still pulling your chains......

d edwards's picture

Part time seasonal workers.

Zgangsta's picture

In other news, the ritual 8:40am PM smackdown is on like Donkey Kong!

Non Passaran's picture

Not bad, I haven't sold any and now I will buy more...

bullmkt's picture

sorry Durden.you really hoped for tankage doom and gloom.but the market is up up up.so sorry your stopped out!

watch out for dow 15 k.Meanwhile you can continue with your "scariest e-mini chart,margin calls to hit the market,and chief redemption officer being sooo busy."

mayhem_korner's picture

 

 

I can't wait for Dow 15k.  That means gold 2400.  Cuz the dow hasn't kept up with gold in how many years???  What you see as the Dow rising is nothing more than the unit of its measure being diluted.  When you wake up to that reality - that every time the Dow returns X% the dollar's purchasing power has lost more than X% - then we can have a real conversation.  You cannot get over your perception that the dollar is real money, and so you follow the meme like a dog follows the meat truck...

monopoly's picture

And they sell gold on this absurd report. Brilliant!

d edwards's picture

Labor force participation rate at 1982 levels! Hot damn, THAT'S progress!

Stonedog's picture

And how many of these were seasonal jobs or jobs working flipping burgers????

Coldsun's picture

According to the government math: 512%

That's a good number right?!?!?

Schmuck Raker's picture

You just can't make this shit up.

But They can.

Piranha's picture

Great, not much time now until everyone participating in the labormarket has a job!

Coldsun's picture

They'll just change the definition of employed to a person receiving a check, even government entitlements. Afterall [extended unemployment, welfare, SNAP, etc.], it's an economic stimulus right?

Oldballplayer's picture

Half a million people just fell off the rolls? These guys could give the nazis lessons in making people "disappear."

Manthong's picture

"C'est la vie"..

I’ll just have another of those delicious Ponzi donuts.

earleflorida's picture

i say ole boy... would you prefer one of our own in-house fairy-dusted, hopium glazed, and guilt free,  bavarian creamed du`jour delights? 

LawsofPhysics's picture

"people out of the labor increased by over 540K"

--------------------------------------------

Take a second to think about that.  The number of people who said "fuck it" increased by 3.5 times the number of jobs added.

Seeking their fortune in the black market no doubt as people don't simply "dissappear" (all government intervention aside).

I remain long black markets and personal security companies.

pazmaker's picture

Bingo!    so now we have 88,853,000 people not in the labor pool!! It's astounding!

Everybodys All American's picture

unemployment rate goes to zero and no one will be working.

Shizzmoney's picture

I'm pretty much resinged that if I ever lose my job, I'm going to probably have to become a "marijuana inventory distributor".

Zap Powerz's picture

We are becoming Greece in more ways than one.  Greece ha(d) a thriving black market because no one wanted to pay taxes.

I have no faith in governments.  I have all the faith in the world in human nature.  It never ever fails me.  It is as predictable as the sun coming up in the morning.

Shizzmoney's picture

Wait, so we don't have to actually create jobs to cut down the UE rate?

If that's the case, the government will need to start killing people off soon to keep their Wall St masters (who trade on this news), happy.

Zap Powerz's picture

You dont have to kill them.  You just dont count them.  If you dont count them, they dont exist.

rwe2late's picture

 think we need more info: 

F/T vs P/T

average wage rate of new jobs

& recent history for comparison

 From the BLS preview article posted at ZH:

"the broader mainstream media will continue to focus purely on the quantitative aspect of the report, while the real story over the past 3 years has been a qualitative one: a shift to lower paying jobs, a painfully slow (if any) rise in average hourly earnings, a transformation of the US labor pool to "Just In Time" inventory as virtually all new hiring needs are met by temps, and finally a secular shift to an older labor force, as job creation in the 25-54 category since January 2009 is still negative!"

Shizzmoney's picture

http://www.epi.org/publication/jobs-deficit-9-million/

Putting these numbers together means the current gap in the labor market is 9.0 million jobs.

To put that number in context: filling the 9 million jobs gap in three years—by fall 2015—while still keeping up with the growth in the potential labor force, would require adding around 330,000 jobs every single month between now and then.


ekm's picture

This is simply a tool that Obama is using to win the "fiscal cliff war".

He did the same thing before elections.

 

Move on. Nothing new.

ekm's picture

Regardless of how hard are the Primary Dealers trying to lure suckers, the fact of the matter is that the suckers have or are retiring and need money for medical care during the most unproductive part of their lives.

 

Again, move on, nothing new.

fonzannoon's picture

EKM I did not junk you, but I am not sure about that theory. There are trillions of dollars in money markets and bank deposits. Granted, those people have made it clear they have no intent on gambling in the markets. But, if they can mindscrew these people into thinking the water is warm, there are plenty of suckers yet to be born, no?

ekm's picture

Fonz

Food and energy costs trillions of dollars also. Those trillions there are NOT nearly enough to keep somebody over 50 yrs old going and they know it.

 

If they gamble it, they know pretty well that they'd end up on soup lines. It's over.

The only thing that may make some of that money back into the casino, is if DOW goes down to 7000. Anything higher than 7000, it's just too, too, too expensive.

Fonz, food, energy, stocks are just too expensive. Simple supply/demand calc.

fonzannoon's picture

"Those trillions there are NOT nearly enough to keep somebody over 50 yrs old going and they know it."

Completely Agreed, but......but.....if the Market has been up double digits 3 out of the last 4 years.....and my bank is paying me 0%.........

 

ekm's picture

Keep the zero.

When the market craters, Zero is way, way better than -1000000000000000

 

That's when you buy stocks.

GetZeeGold's picture

 

 

Count yourself lucky....I went in the hole on that deal.

ekm's picture

I've seen more and more seniors working at Tim Hortons and McDonalds here in Ontario.

So, let's use logic. Why do they need to go back to work few hours? Why don't they gamble in the stock market?

fonzannoon's picture

The people you are talking about have no assets to put in the market to begin with. They are not pertinent to this. There are however some people left, who quit the casino, that will probably be forced kicking and screaming back into it.

ekm's picture

Fonz

You have wife and daughter my friend, I don't.

I can afford to gamble, but still don't because I see what's happening.

 

Choice is yours. Life is a choice.

I'll be back into stocks once dow hits 7000.

sbenard's picture

Dr. John Hussman reminds us that employment is one of THE most lagging of lagging indicators.

He repeatedly points out in his weekly commentary that in past recessions, employment figures that were initially shown to be robust, were revised sharply downward in subsequent months -- just as was done today with the September and October figures. The better indicator of economic activity is measured by revisions of previous months, NOT the headline from the current one. By that measure, these figures today point toward sharp contraction!

nantucket's picture

sbenard - correct...Hussman points out that the reported job gains at the start of recessions typically get revised and those nice (estimated) gains are later vaporized into job losses (reality).

Chew on these data:

August 1990: BLS reported that 480,000 total jobs were created. The revised data as it stands today, are a loss of 81,000 jobs for that period.

Early 2001: BLS reported non-farm payrolls gain of 105,000 jobs during January-April 2001.  The revised data now shows a loss of 262,000 jobs.

Early 2008: BLS reported non-farm already deteriorating with a cumulative job loss from February-May of 248,000 jobs. The revised figures show a loss of 577,000 jobs for the same period.

BrigstockBoy's picture

Need to boost headline figure so sheeple feel comfortable ringing those holiday registers! After the new year they'll bring the revisions...right about when credit card charges are due. Debt servitude.

SmoothCoolSmoke's picture

Despite all our ZH rage, we are still just rats in cage.   Sorry..... da truth, she hurt sometime.

 

 

grunk's picture

I have hired 4 new people for my unicorn breeding operation.

My brother added another 6-7 to help him rebuild rainbows damaged by hurricane sandy.

nantucket's picture

now that's some funny stuff right there

Disenchanted's picture

 

 

I'm gonna hire me some laid off Citi folk and start a shittle shoveling business cleaning out unicorn stalls. WooHoo, I'll be rich!

 

shittle = unicorn shitted skittles