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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 - 09:55 | Link to Comment holdbuysell
holdbuysell's picture

Just follow the money, i.e. show me the rising tax receipts.

Fri, 12/07/2012 - 09:55 | Link to Comment semperfi
semperfi's picture

Tyler,  Please put together a set of "truth" stats like John Williams does over at shadow stats, and put them in a box on the ZH home page. 

Fri, 12/07/2012 - 10:07 | Link to Comment FLUSA.com
FLUSA.com's picture

good idea...I second the motion

Fri, 12/07/2012 - 10:19 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

Why replicate what JW does?  I'd rather the Tylers focus on their analytics & commentary.  I don't find it real hard to click over to Shadowstats.com...

Fri, 12/07/2012 - 09:56 | Link to Comment eckart
eckart's picture

confused yet? I am

Fri, 12/07/2012 - 09:57 | Link to Comment Its_the_economy...
Its_the_economy_stupid's picture

Where's Debt Bro when we need him

 

http://www.youtube.com/watch?v=l4nOHdUntyM

Fri, 12/07/2012 - 09:57 | Link to Comment caimen garou
caimen garou's picture

wow, economy is rolling right along! straight to hell! so get out thoes credit cards and buy buy buy, have a great christmas. and make sure you buy  a apple product to do your part! sarc is really ON!

Fri, 12/07/2012 - 09:57 | Link to Comment STG5IVE
STG5IVE's picture

Watch the Dow Jones Pelican fly this morning.  "Ooooo.  Look at da pelican.  C'mon pelican fly!  Fly pelican, fly!!!"

Fri, 12/07/2012 - 09:57 | Link to Comment firstdivision
firstdivision's picture

...and the algos take the bait

Fri, 12/07/2012 - 10:03 | Link to Comment Its_the_economy...
Its_the_economy_stupid's picture

Used to employ 3 people. Now just me and an internet connection. progress baby!

Fri, 12/07/2012 - 09:59 | Link to Comment Common_Cents22
Common_Cents22's picture

Isn't the 99 week unemployment benefit ending this year?   That'll probably have a huge impact on those seeking work and spike up the participation rate and unemployment rate.   They'll have to look for at least part time work.

 

But I imagine obamageddon will negotiate 198 weeks of unemployment benefits in this round w/ the spineless GOP.

Fri, 12/07/2012 - 10:37 | Link to Comment Shizzmoney
Shizzmoney's picture

Think unemployment is bad now?  Wait until the UI runs out/is not renewed (which at some point, will happen).

The only thing worse than jobs not created is people not having disposable income to spend (which creates jobs). 

 

Fri, 12/07/2012 - 10:00 | Link to Comment FLUSA.com
FLUSA.com's picture

Things are finally starting to line up for O's third term.....

Fri, 12/07/2012 - 10:02 | Link to Comment caimen garou
caimen garou's picture

I can feel the intrest rates rise,ha ha ha ha!

Fri, 12/07/2012 - 10:02 | Link to Comment ptoemmes
ptoemmes's picture

Focus on the important elements...the headline number at/on CNBC and the futures.

 

/sarc off

 

 

Fri, 12/07/2012 - 10:04 | Link to Comment Iambic PentaMaster
Iambic PentaMaster's picture

"The private sector is doing just fine." ~ Obamanomics

Fri, 12/07/2012 - 10:08 | Link to Comment sawman
sawman's picture

I think they need to find a new tactic. Physical buyers are now ready for the pm's getting hit every time these farcical figures are released and are now just ready to pounce on the drop and take more metal from the cartel. Story circulating that a fund manager couldn't get a 20 tonne gold order filled in London last week and had to go elswhere. They wont have any metal left soon and then the storm begins. Those Wesern gold vaults have nothing in them but cobwebs.

Fri, 12/07/2012 - 10:08 | Link to Comment 1eyedman
1eyedman's picture

algo spooge....

well, the fed is getting its wish, improved labor stats...time to start thinking about removing all the excess stimulus....unless of course we can think of another 'raison du jour'  to lend support to a vibrant and robust financial system....or   comment dit on  "pop and drop"  as spike and reversals have been the signature since 9/14.....

Fri, 12/07/2012 - 10:10 | Link to Comment Shizzmoney
Shizzmoney's picture

"The BLS has set a rather high hurdle for an employee to not be counted as working. Essentially, if a worker was paid for even one hour of work during his/her pay period that includes the 12th, then they are counted as employed,"

http://www.businessinsider.com/nomuras-reaction-to-jobs-report-2012-12#ixzz2ENIy7xlD So, my friend who just got laid off 2 days ago, is counted as "employed" on this report. On top of that, since we will go over the Fiscal Cliff, he won't be able to collect UI.....but hey, the UE rate is down!
Fri, 12/07/2012 - 10:11 | Link to Comment DavosSherman
DavosSherman's picture

22.8% John Williams.

25% during the last Great Depression and they counted gooberment workers as unemployed.

BLS is just noise.

Fri, 12/07/2012 - 10:12 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

From CNBC...

(http://www.cnbc.com/id/100289321)

The numbers had some puzzling contradictions, particularly in its assertion that Sandy "did not substantively impact" the jobs count for November, and in substantial downward revisions from previous months.

Also, the drop in the unemployment rate appeared to reflect a continued exodus of workers from the labor force.

The labor force participation rate, already around 30-year lows, fell further in the month to 63.6 percent. That represented 350,000 fewer workers.

In all, there were a net 122,000 fewer people working.

So even the in-the-tank sloths can see that reality isn't quite what the algos are munching on...

Fri, 12/07/2012 - 10:12 | Link to Comment earleflorida
earleflorida's picture

indeed, as unemployment spirals into the abyss-- the bread lines 'snap' at the overarching nadir of despair... where employment is an anomaly called, 'a one hour work week'! 

once again, tyler... your light-years ahead of the curve

Fri, 12/07/2012 - 10:15 | Link to Comment DavidJ
DavidJ's picture

Jobs?  Who needs jobs when there is QE,  bailouts and welfare dollars!

Fri, 12/07/2012 - 10:16 | Link to Comment The Bernank
The Bernank's picture

These numbers point to a strengthening economy in line with the ongoing recovery.  The Federal Reserve stands ready with more accomodative measures, should they be necessary to improve the jobs outlook and prevent any further economic deterioration.

Fri, 12/07/2012 - 10:16 | Link to Comment jplotinus
jplotinus's picture

"Does anybody believe these nonsensical numbers..."

Attacks on governmental agency reports are a dime 12. They may appeal to basic political emotion and provide the euphoric effect associated with righteous indignation, that appears to be more satisfying to some ZHers than sex or drugs or rock n roll or any combination thereof. Trashing the BLS around here seems2nd only in importance to some to admiring of gold coin, ammo and canned goods stashes.

Give it a break, bitchez

If you know what the unemployment rate actually is post it. If you don't, stop carping about governmental statistics.

You don't want to be seen as raging, judgmental malcontents, do you?

Just asking

:-/

Fri, 12/07/2012 - 10:23 | Link to Comment MFLTucson
MFLTucson's picture

No but, I dont believe anything this goverment says or does so I may be the wrong guy to repond.

Fri, 12/07/2012 - 10:24 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

The "unemployment rate" is a function of the method used to calculate and manipulate information.  So it just depends on what method you think is more robust.  For a good education on the issue (which you sorely need), please go to shadowstats.com. 

We seek truth here, amigo.  And when truth is veiled by agendas, we like to discuss the implications.  Self?

Fri, 12/07/2012 - 10:21 | Link to Comment MFLTucson
MFLTucson's picture

- 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.

Are the poeple who think this report is good even reading it?  You must be kidding me.  This report sugests that 1/3 of all the American people are not working.  Here read it again, ALMOST 1/3 OF ALL AMERICANS ARE NOT WORKING.  Who the fuck is gonna pay the taxes the people working in retail, liezure and hospitality, they are all low wage jobs?  This country has gone crazy!

Fri, 12/07/2012 - 10:21 | Link to Comment toomanyfakecons...
toomanyfakeconservatives's picture

Flipping burgers and pushing pencils never looked so good... on a chart.

Fri, 12/07/2012 - 10:24 | Link to Comment cavsgt
cavsgt's picture

The U.S. Payroll to Population employment rate (P2P), as measured by Gallup, was 43.7% for the month of November, down from 45.7% in October. This is the largest month-over-month decline in P2P since Gallup began tracking it in 2010.

Fri, 12/07/2012 - 10:23 | Link to Comment cavsgt
cavsgt's picture

The U.S. Payroll to Population employment rate (P2P), as measured by Gallup, was 43.7% for the month of November, down from 45.7% in October. This is the largest month-over-month decline in P2P since Gallup began tracking it in 2010.

Fri, 12/07/2012 - 10:30 | Link to Comment NitneLiun
NitneLiun's picture

So how did the U-6 decline if so many fell out of the labor force?

Fri, 12/07/2012 - 10:39 | Link to Comment Everybodys All ...
Everybodys All American's picture

U-3 declined which is what gets reported all over he news. Thats' the 7.7%. U-6 went up and never gets reported.

Fri, 12/07/2012 - 10:41 | Link to Comment NitneLiun
NitneLiun's picture

That's just it. The U-6 declined (seasonally adjusted) from 14.6 to 14.4.

 

Fri, 12/07/2012 - 11:47 | Link to Comment Everybodys All ...
Everybodys All American's picture

That seems out of wack. I do know they place all kinds of birth death adjustments into the number near the end of the year. But beyond that I'd just as soon call it bs and probably be closer to the truth.

Fri, 12/07/2012 - 10:39 | Link to Comment Shizzmoney
Shizzmoney's picture

Retail jobs; tons of low wage jobs at retail outlets and stores as they beef up for the holiday season.  It's a standard thing that's happened for the last 20 years.

The caveat here is a) I wonder what the percentage of those jobs are part-time (remember, accordign to BLS, if you work 1 hour = employed), and b) how many of those jobs will be eliminated in Jan/Feb once the holiday season is over.  NVM the fiscal cliff.

If 2013/Feburary's number isn't a bloodbath, I'll be "shocked" (as shocked as I can be about a BS number).

Fri, 12/07/2012 - 10:28 | Link to Comment forwardho
forwardho's picture

AAAARRGG! They are just making this stuff up as they go along.

There is no connection to reality.

Again we hear... Crickets

Fri, 12/07/2012 - 10:37 | Link to Comment yogibear
yogibear's picture

We should see even more jobs with employers cutting the hours of emploees to avoid Obamacare rules. To handle the work they will just add employees with more hours. Obama can claim his plans are working and more people are working. Obama is from Chicago and he has people around him who know how to make something bad look good.

 

Places like Olive Garden, Universities, etc will be cutting hours and just hire more.

Fri, 12/07/2012 - 12:54 | Link to Comment dexter_morgan
dexter_morgan's picture

red diaper baby Frank Marshall Davis, Jr. has that other red diaper baby and Chicagoan Axelrod to spin and scheme for him. They are media darlings here in Chitown tho.

Fri, 12/07/2012 - 10:38 | Link to Comment realtick
Fri, 12/07/2012 - 11:08 | Link to Comment therearetoomany...
therearetoomanyidiots's picture

542k dropped out of the labor force LAST MONTH????

Fri, 12/07/2012 - 10:42 | Link to Comment SCswampfoxx
SCswampfoxx's picture

ZERO HEDGE JUST HIT THE BIG TIME.  FRONT PAGE OF THE DRUDGE REPORT.

Fri, 12/07/2012 - 10:48 | Link to Comment yogibear
yogibear's picture

We should see even more jobs with employers cutting the hours of emploees to avoid Obamacare rules. To handle the work they will just add employees with more hours. Obama can claim his plans are working and more people are working. Obama is from Chicago and he has people around him who know how to make something bad look good.

 

Places like Olive Garden, Universities, etc will be cutting hours and just hire more.

Fri, 12/07/2012 - 10:53 | Link to Comment StoleYourMoney
StoleYourMoney's picture

Scary revisions in your future

Fri, 12/07/2012 - 11:06 | Link to Comment therearetoomany...
therearetoomanyidiots's picture

Man, I guess I was wrong about the democrats and Obama, they're doing a good job!

Fri, 12/07/2012 - 11:07 | Link to Comment alarm bell
alarm bell's picture

Figures lie and liars figure.

Fri, 12/07/2012 - 11:11 | Link to Comment orangegeek
orangegeek's picture

The nail in the coffin of these government horseshit reports will be Q4 / 2012 results in January.

 

Governments fuck with jobs and CPI  - jobs to show growth and CPI to show inflation - reality - jobs are disappearing and we are in deflating markets.

 

More QE Barry - my kids thank you for mortgaging their future you prick.

Fri, 12/07/2012 - 11:11 | Link to Comment lamchops
lamchops's picture

If the BLS can continue to spit people out of the official workforce faster than the economy can spit them out of the real workforce, by the end of El Zero's second term this country may see an official negative unemployment rate.

Fri, 12/07/2012 - 11:23 | Link to Comment thruhiker
thruhiker's picture

The truth is 122,000 fewer people have jobs this month than in the month before.

Fri, 12/07/2012 - 11:41 | Link to Comment lead salad
lead salad's picture

Why the big stink over revisions when they are only .0001% of the labor force?

Fri, 12/07/2012 - 12:05 | Link to Comment Tombstone
Tombstone's picture

Most of these new jobs were likely under the under $12/hr variety which explains why over 500k dropped out of the labor force.  Of those 500k, I would expect about half became new members of the welfare state and began collecting Obamafare and all the free goodies you could imagine.  After almost 5 years of Marxism, we still are not creating enough jobs, which is just what the socialists want.

Fri, 12/07/2012 - 13:42 | Link to Comment Yen Cross
Yen Cross's picture

 Here is an interesting article I picked up. 73% of New Jobs Created in Last 5 Months Are in Government | CNS News

  Must be lots of openings for new drone pilots...

Fri, 12/07/2012 - 14:09 | Link to Comment jplotinus
jplotinus's picture

You talkin about the same Gallop that had Romney +6?

H e l l o o

Fri, 12/07/2012 - 14:49 | Link to Comment bobthehorse
bobthehorse's picture

7.7 percent!

The new normal is looking damn good.

Food stamps for everybody.

Obama! Obama! Obama!

Fri, 12/07/2012 - 23:29 | Link to Comment cgagw
cgagw's picture

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