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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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

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.

MFLTucson's picture

Going to take a while to get to 22%.

IvyMike's picture

Almost there!

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

http://www.whywork.org/

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.

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?

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!?!?

AlaricBalth's picture

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

IvyMike's picture

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

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.

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.

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.

IvyMike's picture

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

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?

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...

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.

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?

Boilermaker's picture

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

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.

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.

EscapingProgress's picture

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

Boilermaker's picture

So...more QE...right?

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

Karlus's picture

Easy money, fade that blip

SheepDog-One's picture

Just as Goldulocks-ish as it coulda possibly been!

Anyone actually BELIEVE any of this utter bullshit?

ZeroAvatar's picture

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

 

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

rguptatx's picture

Where is the participation rate, U6, U7?

lolmao500's picture

It doesn't exist in the BLS world.

Dr. Engali's picture

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

achmachat's picture

155,000 jobs added.

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

 

cossack55's picture

Mark "Prick Face" Zandi for president 2016!

Cursive's picture

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

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.

otto skorzeny's picture

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

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.

BeetleBailey's picture

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

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.

AU5K's picture

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

Yes_Questions's picture

 

 

Welcome to COSTCO, I love you.

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.  

Cursive's picture

@slaughterer

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

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?

ejmoosa's picture

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

fonzannoon's picture

Thanks for the info. Funny how that works.

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.

fonzannoon's picture

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

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

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.