• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

155,000 Jobs Added in December, Unemployment Rate 7.8%

Tyler Durden's picture




 

A surprisingly uneventful report, as BLS reports that 155,000 Jobs were added in December, right on top of the 156,000 expected, and in line with the number needed to keep up with the growth in the population, or at least the Old Normal growth. The unemployment rate was 7.8%, vs the 7.7% expected: who else is surprised that the rate is now rising with Obama reelected and when a lower unemployment rate means an earlier end to QE4EVA? The November unemployment rate was revised from 7.7% to 7.8%, just so headlines can proclaim the rate was unchanged, even though it was fractions away from a 7.9% print, compared to November initial 7.7%. According to the Household survey a materially less, or 28,000 jobs were added even as the number of unemployed rose by 164K. Average hourly earnings for all employees rose 0.3% in December from November, compared to the 0.2% expected. The confusion continues as the BLS reports retail jobs were mysteriously down by 19,000 even as every retailer announced it was hiring the kitchen sink, while manufacturing jobs supposedly rose by 25,000 while the ADP report reported 6 months of reductions in a row. Construction jobs increased by 30,000. The Underemployment rate, U-6, remains steady at 14.5%. ADP, which will certainly be revised lower now, remains a farce.

The labor force participation rate: 63.6%, same as November:

A job breakdown from the report:

Total nonfarm payroll employment increased by 155,000 in December. In 2012, employment growth averaged 153,000 per month, the same as the average monthly gain for 2011. In December, employment increased in health care, food services and drinking places, construction, and manufacturing.

Health care employment continued to expand in December (+45,000). Job gains occurred in ambulatory health care services (+23,000), in hospitals (+12,000), and in nursing and residential care facilities (+10,000). In 2012, health care employment rose by 338,000.

In December, employment in food services and drinking places rose by 38,000. In 2012, the industry added an average of 24,000 jobs a month, essentially the same as in 2011.

Construction added 30,000 jobs in December, led by employment increases in construction of buildings (+13,000) and in residential
specialty trade contractors (+12,000).

In December, manufacturing employment rose by 25,000, with small gains in a number of component industries. In 2012, factory employment increased by 180,000; most of the growth occurred during the first quarter.

Employment in retail trade changed little in December, after increasing by 143,000 over the prior 3 months. Within the industry, employment in clothing and accessories stores fell by 19,000, following gains that totaled 55,000 over the prior 3 months. Elsewhere in retail trade, employment in automobile dealers and in food and beverage stores continued to trend up in December.

Employment in other major industries, including mining and logging, transportation and warehousing, financial activities, professional and businesses services, and government, showed little change over the month.

In December, the average workweek for all employees on private nonfarm payrolls edged up by 0.1 hour to 34.5 hours. The manufacturing workweek edged up by 0.1 hour to 40.7 hours, and factory overtime was unchanged at 3.3 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls edged up by 0.1 hour to 33.8 hours.

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Fri, 01/04/2013 - 09:34 | 3121586 LoneStarHog
LoneStarHog's picture

BULLSHIT!!!!!

Fri, 01/04/2013 - 09:35 | 3121587 Shocker
Shocker's picture

Even though its reported things are getting better, we still have a long ways to go
Check the layoff/closing list

http://www.dailyjobcuts.com

Fri, 01/04/2013 - 09:35 | 3121590 N. B. Forrest
N. B. Forrest's picture

Obama has been re-elected, so I guess they can start slowly moving that unemployment rate back up to where it really is.

Fri, 01/04/2013 - 09:38 | 3121605 MFLTucson
MFLTucson's picture

Going to take a while to get to 22%.

Fri, 01/04/2013 - 09:44 | 3121632 IvyMike
IvyMike's picture

Almost there!

"I favor full unemployment." ~Bob Black, The Abolition of Work

http://www.whywork.org/

Fri, 01/04/2013 - 09:51 | 3121655 rsnoble
rsnoble's picture

Good website. I went that route years ago.

I like listening to all my pro-union friends "if this shop closes ill lose everything, my house, wife will probably divorce me and take the kids etc etc etc".

Let me ask this............is that the type of security a union job offers? LOL. No one is safe.

Fri, 01/04/2013 - 10:05 | 3121676 AlaricBalth
AlaricBalth's picture

Two questions.
1) How does an anarcho-primitivist resolve the paradox of using the Internet to spread his message?
2) How is Ted Kaczynski doing?

Fri, 01/04/2013 - 10:09 | 3121685 IvyMike
IvyMike's picture

Are you against unjustly convicted political prisoners using the prison's facilities, City-Statism (Civilization) lover?

And, according to the University of Michigan philosophy department, Ted Kaczynski is a "potentially a kind of savior."

The Unabomber's Pen Pal | May 20, 2012
The Chronicle of Higher Education
http://chronicle.com/article/The-Unabombers-Pen-Pal/131892/

How's them apples, ya damn City-Statist!?!?

Fri, 01/04/2013 - 10:40 | 3121803 AlaricBalth
AlaricBalth's picture

Argumentum ad hominem.
I expected a more cogent rebuttal.
All the best.
Next!

Fri, 01/04/2013 - 13:22 | 3122578 IvyMike
IvyMike's picture

"How's Ted K." is an attempt to smear. Pot, Kettle, Black. All the best to you too, ever so sincerely.

Fri, 01/04/2013 - 10:41 | 3121807 sessinpo
sessinpo's picture

And you still haven't answered the questions posed to you.

 

I am not for or against you. I encourage debate. You were asked two specific questions and you DODGED them by responding with questions meant to attack the character of the repondent. That doesn't speak very well of you.

Fri, 01/04/2013 - 11:11 | 3121961 Ralph Spoilsport
Ralph Spoilsport's picture

(Poison)IvyMike isn't here for debate. He's just a troll and maybe a trollbot since it seems pretty stupid.

Fri, 01/04/2013 - 13:23 | 3122589 IvyMike
IvyMike's picture

Argumentum ad hominem. Do you think your buddy will point that out? No? Why not? He's not that honest? LOLbertarians never are.

Fri, 01/04/2013 - 13:22 | 3122584 IvyMike
IvyMike's picture

Dodging my answer? Oh dear, that doesn't speak well of you.

Fri, 01/04/2013 - 09:50 | 3121652 t0mmyBerg
t0mmyBerg's picture

Awesome.  Laughed at that.  You have to hand it to Barry though.  He picked a truly goldilocks number today right?  Like the immediately preceding post intimated, anything like the nasty ADP number over 200,000 would unravel the carefully controlled script and force the US out of its cozy but shrinking corner.  And of course anything lower would smack of incompetence for the central planners.  I was on the floor then and I remember limit down 30 year bond.  Today it would more or less immediately cause debt servic eto surpass 10% of revenue on its way to Japan like proportions.  Then the equities would bounce off that triple top we have here and if you believe the fed, main street would just pack up and crawl into their hidey hole.  Aint reflexivity a bitch?

Fri, 01/04/2013 - 10:23 | 3121742 Yes_Questions
Yes_Questions's picture

 

 

NOPE, Just a couple of clicks away:  http://www.shadowstats.com/alternate_data/unemployment-charts

 

Fri, 01/04/2013 - 10:04 | 3121678 Snakeeyes
Snakeeyes's picture

Employment to population fell to 58.6%. That's a heap of people to drag along on their backs.

http://confoundedinterest.wordpress.com/2013/01/04/housing-angst-u6-unem...

Fri, 01/04/2013 - 09:54 | 3121665 Snakeeyes
Fri, 01/04/2013 - 10:00 | 3121675 ejmoosa
ejmoosa's picture

53,000 fewer jobs added in the 4th quarter of 2012 versus 2011.

The rate of year over year job growth fell from 1.41% at the end of 2011 to 1.40% at the end of 2012.

December 2011 we added 223k in jobs. 

December 2012 155k.

 

This was as good as it gets.

Fri, 01/04/2013 - 10:09 | 3121689 Sudden Debt
Sudden Debt's picture

Today Mercedes anounced that it had sold more cars in America than it did in Germany.

where does this add up?

Fri, 01/04/2013 - 10:12 | 3121698 Boilermaker
Boilermaker's picture

They are producing cars here now, also.  They aren't all imported by any means.  Same with VW.

Fri, 01/04/2013 - 10:35 | 3121783 otto skorzeny
otto skorzeny's picture

saw an empty car lot by a closed business that is full of hundreds of new Chryslers/Dodges that the dealer does not have room for on his own overdstuffed lot-he must be renting the spaces.

Fri, 01/04/2013 - 11:09 | 3121947 HangSorosHigh
HangSorosHigh's picture

1) Population and per-capita GDP are a lot higher in the US than in Germany.

2) Polarisation of income - instead of three people who can afford a Lincoln, we now have one person who can afford a solid gold, diamond-encrusted SLS AMG and two people who are unemployed because their jobs got replaced with computers.

Fri, 01/04/2013 - 15:01 | 3123106 EscapingProgress
EscapingProgress's picture

The unemployment rate is not 7.8%. The US government's officially published headline unemployment percentage is 7.8%.

Fri, 01/04/2013 - 09:35 | 3121588 Boilermaker
Boilermaker's picture

So...more QE...right?

Futures go up...I love this shit.  I really do.

Fri, 01/04/2013 - 09:39 | 3121615 Karlus
Karlus's picture

Easy money, fade that blip

Fri, 01/04/2013 - 10:13 | 3121702 SheepDog-One
SheepDog-One's picture

Just as Goldulocks-ish as it coulda possibly been!

Anyone actually BELIEVE any of this utter bullshit?

Fri, 01/04/2013 - 10:41 | 3121787 ZeroAvatar
ZeroAvatar's picture

Goldi locks in the 3 bears........but they'll get out, eventually.

 

Then Goldi will have a run at $2,500.

Fri, 01/04/2013 - 09:35 | 3121591 rguptatx
rguptatx's picture

Where is the participation rate, U6, U7?

Fri, 01/04/2013 - 09:41 | 3121620 lolmao500
lolmao500's picture

It doesn't exist in the BLS world.

Fri, 01/04/2013 - 09:35 | 3121592 Dr. Engali
Dr. Engali's picture

No worries Ben...keep printing the BLS will give you all the bullshit cover you need.

Fri, 01/04/2013 - 09:35 | 3121593 achmachat
achmachat's picture

155,000 jobs added.

these include the 155,000 who were temporarily hired to come up with this report. 

 

Fri, 01/04/2013 - 09:35 | 3121594 cossack55
cossack55's picture

Mark "Prick Face" Zandi for president 2016!

Fri, 01/04/2013 - 09:36 | 3121595 Cursive
Cursive's picture

Can we get a Biden quote on this?  Where are the 500,000+ he promised us?

Fri, 01/04/2013 - 10:14 | 3121705 SheepDog-One
SheepDog-One's picture

Biden is busy writing up the new gun ban and NDAA 'prefect citizen guidelines' legislation right now. BTW thats not a joke its true.

Fri, 01/04/2013 - 10:33 | 3121778 otto skorzeny
otto skorzeny's picture

he can write? that's pretty impressive for an Irishman

Fri, 01/04/2013 - 10:49 | 3121842 sessinpo
sessinpo's picture

I am so glad I bought the guns I wanted and stocked up on ammo years ago.

 

Now I have people, that I advised to do the same coming to me. Sigh.

 

I'm also glad a have a portion of my assets in PMs. I know I have bashed PM bugs, but as I've stated, I do believe it is prudent ot have a portion of your assets in PMs if the Dollar breifly goes insolvent.

 

Is it gratifying to have people with a Masters or Doctorate degree come to me for advise (only having a partial college degree). Not really - they are still lost. They have NO critical thinking skills.

In other words - they would do as I tell them. Pretty pathetic. I don't want to be their government and they are too pathetic to realize that they are wanting me to be their next master.  But I have bad news for them, one woman is a hand full for me and I don't have that much time for them.

Fri, 01/04/2013 - 09:36 | 3121598 BeetleBailey
BeetleBailey's picture

LOL.................suuuuuuuuuuuuuuuuuuuuuuuuuuure

Fri, 01/04/2013 - 09:38 | 3121599 MFLTucson
MFLTucson's picture

Too bad no one believes any of these reports. We have been lied to so long this has become more of a comedy act than anything. And, oh by the way, after the holidays, all those folks working in retail will be out of work.

Fri, 01/04/2013 - 09:36 | 3121600 AU5K
AU5K's picture

Nothing to see here.  Please move along.  Continue to press "buy".  Thank you.

Fri, 01/04/2013 - 10:29 | 3121768 Yes_Questions
Yes_Questions's picture

 

 

Welcome to COSTCO, I love you.

Fri, 01/04/2013 - 09:36 | 3121601 slaughterer
slaughterer's picture

Goalseeked NFP: not too much (for QE off), not too little (for anti-O discontent).  

Big question is if it will stop the pukefest in PMs currently filling the CFTC vomitorium.  

Fri, 01/04/2013 - 09:38 | 3121612 Cursive
Cursive's picture

@slaughterer

Thank you.  I was just asking this question below.  So it is goldilocks again....

Fri, 01/04/2013 - 09:39 | 3121613 fonzannoon
fonzannoon's picture

How many jobs were added last Dec? I thought we were in the mid 200's. This number seems shitty. How many of these jobs were seasonal?

Fri, 01/04/2013 - 10:08 | 3121687 ejmoosa
ejmoosa's picture

223,000 were added last December.  Not one reporter mentioned it that I saw.

Fri, 01/04/2013 - 10:11 | 3121697 fonzannoon
fonzannoon's picture

Thanks for the info. Funny how that works.

Fri, 01/04/2013 - 09:42 | 3121628 Dr. Engali
Dr. Engali's picture

Let them puke the PMs up...I will be glad to buy their panic. Maybe a good purging is what the PMs need. If anybody believe Ben will ever stop printing they are an idiot.

Fri, 01/04/2013 - 09:46 | 3121644 fonzannoon
fonzannoon's picture

Yup. This is a battle of attrition. That's all it is.

Fri, 01/04/2013 - 10:19 | 3121722 youngman
youngman's picture

Strange trade the last two days in PM´s.....but yet treasury rates going up.....oil up too.....PM´s are an outlier for some reason....my take.....the big boys are taking it down to buy it.....they see the writing on the wall......the wall is closer right now...I think this year...if we have two weeks of bond dumpimg....its a whole new ballgame

Fri, 01/04/2013 - 10:13 | 3121704 Proofreder
Proofreder's picture

Au & Ag simply moving from weak hands to strong hands.  

BTFD 'cause it won't last long; below 1630 for less than two hours early today.

Wonder how the miners will do at the open - please panic so I's kin git s'more.

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