155,000 Jobs Added in December, Unemployment Rate 7.8%
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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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.
after the election companies were laying off employees big time, hurricane Sandy caused massive job losses, these numbers are crap, crap, crap..........
The Bernack is having his minions sell the dollar to force the market up again...... print, wash, repeat, print, wash, repeat
Is this "good" enough to be bearish because it means no more QE? Or is it "bullish" because it sucks?
Neither, that is the point: let the algos play with indecision.
More Goldilocks Ben BS...AKA...Controlled Financial Demolition
Either these numbers have to be accompanied by the latest "rolled off the rolls and out of the workforce" number or we need a new metric entirely.
Prepare for equity market talking heads over at the BlowHorn to now start paying attention to the labor participation rate as a great thing...after ignoring its collapse for the last four years. Cue Steve Liesman.
Just the right number to keep Ben printing while at the same time " showing some progress". I love the smell of bullshit propoganda in the morning.
But I remember yesterday's headline said The Printing Might Stop
Was that bullshit? Were they lying - to inspire CONfidence that next year we would be once again 'LIVING LARGE'?
Say it isn't so. I want to Live Large
The labor force participation rate: 63.6%, same as November:
Read up before commenting on this bullshit report!
This is actually a miss to me, considering the fact that I expected a much higher number due to the retail sector ramp-up for the holidays (which then get corrected in April/May when they let those people go....or they quit because retail jobs SUCK).
Sustained Stagflation is the New Normal, and breaking even is the new "wealth".
Thanks, ZIRP!
Tyler,
How about overlay a chart of Stock Market participation / Volume decline. Its the new..... "I Give UP" Normal!
Seasonal hires for retail are added in November. The average seasonal worker gets 14 hours per week at $9.25 per hour. There are a lot of stock room people who are hired the last week of december for inventory cleanup, but these are all temp agency hires for one to two weeks max.
All seasonal hires are dropped the first week of January and regular full and part time workers see their hours cut in half. The store manager and assistant manager will still get 35-40 hours, the other workers will be lucky to see 20.
Only the BLS would count a part time two week temp job as a job. In fact only full time jobs should count as jobs created.
One other thing is that I am surprised we still have over 400k people per week filing for unemployment, the part time hires aren't eligible. So that means we still have a mass hemmorage of full time higher wage jobs four years after the onset of "The Crisis".
Excellent points here. Although a few addendums:
In every store I worked in, the managers actually had to work MORE hours after the holidays, mostly due to after-hours inventory rechecks (I always volunteered to help when I worked retail, mostly for the OT). For the grunts, 100% agree; I just had a buddy lose a job at a retail store (only to get another one) right after XMAS ended.
ADP is WORSE at this, hence why their numbers are always inflated and off. Someone who works 3 temp gigs in a month is counted like 3 jobs, it seems.
Well, IMO, this has been happening for 30 years; it's just "louder" and more obvious now, and is reflected in personal spending, which in turn, will effect the economy (especially the retail sector).
Well, it SHOULD. But to the govenrment, as long as CEOs keep buying yachts and more houses, shits all good to them.
5 years*52weeks*400k initial claims=104 million initial claims, ha,ha, ha
The Chicago Boys Are Done Manipulating The UNRATE
http://chartistfriendfrompittsburgh.blogspot.com/2013/01/the-chicago-boy...
everyone on TV talking about the big bond selloff. Funny.
"I think the way to hedge against it is to....(pensive thought silence)......(epiphany)....buy some more equities.
When in doubt buy more gold and silver ..... currently on sale during New Year's week
Can yall niggas wait until mid 1350ies before we start jumping into gold please? I've been waiting since back in may for a lower channel line touch and go..
http://fiatflaws.blogspot.com/2012/12/if-gld-breaks-150-look-for-135-nex...
January 21, 1930
“Definite signs that business and industry have turned the corner from the temporary period of emergency that followed deflation of the speculative market were seen today by President Hoover. The President said the reports to the Cabinet showed the tide of employment had changed in the right direction.”
– News dispatch from Washington.
anybody remember the crisis of 2008 till 2009?
man that was really something...
I know it's been a long time ago, but in that era, people really had it hard you know!
I know, I know... history... I'm old because I keep talking about shit that happened so long ago... but still!
I still believe that one day, we'll have a great movie about that period in time!
That was the most brutal few days of my life, but then Bernank started printing money so the sun could come out again and the flowers could bloom.
And then how many entered the workforce... 250 000?
250K? that's a lot of school dropouts!
The Labor Force increased by 192,000
+28,000 Employed, +164,000 Unemployed.
PLEASE stop with the 7.8 bullshit unless it's followed with /sarc. and then I read the rest of the article. ... carry on.
At least David Sokol is innocent.
Come on Tyler..hit us with the B/D model Unicorn jobs figure.
The market proves it is STILL only about QE. With the unemployment rate disappointment, the market rises, silver slightly recovers from its beat down. Dollar is up, interest rates are up, stocks are up, PMs are down. So, people are moving out of bonds and metals into stocks.
If the lower limit of the upward channel on gold breaks, expect $1500.
I not only junked you, but I would also defriend you from facebook if I where on it!
I am going the other way. I green arrowed him. But 1,500 is not enough. Doc Engali is right. Let's knock this bitch down to 1k. I want a discount. I fugure that gets the 10yr over 3.5% too and the dual panic would be really fun to watch.
I agree...knock gold down and scare out the weak hands. Then we can start the next leg up.
I have bad news to report to everyone. I just got to the coin shop and the head of the chinese and russian central banks and the entire population of India is in front of me on line trying to sell their physical holdings. Dammit!
Real or fake physical? Don't fake it!
Let's make a deal :)
We let it rise to 1900$ so I can sell my calls with a huge profit and than we sink it to 500$ so we can all buy it with a discount.
But me first :)
well considering my lack over control over the situation, I will just continue to sit here and make stupid comments and waste away and if it works out for you I will be happy for you.
Remember, just like spending $550 billion instead of $560 billion, when you spent $500 billion last year, is a $10 billion spending cut not a $50 billion increase.
With seasonal adjustments, if 300k people lost jobs in the month last year, but this year only 200k people lost jobs, that is a 100k job gain.
When they changed the BLS counting method, it immediatly added 100k bullshit jobs to the count every month. Q3 GDP was actually negative, just like Q4 employment. But you won't get the truth from the government or the complicit media.
How can I be sure I am right and they are wrong? I work and sell to the real economy and get true hard sales numbers every month. I don't get the luxury of seasonaly adjusting my sales to look better. For me to do that would be illegal.
I don't think this jalopy will make it to the cliff. I see a rusted and burned out heap of rat infested what was a 69 Chevelle muscle car sitting on blocks 12 feet from the abyss with the skeletal remains of the driver gripping the steering wheel and a moth eaten Obama/Biden hat perched on his skull
"who else is surprised that the rate is now rising with Obama reelected? The November unemployment rate was revised from 7.7% to 7.8%, just so headlines can proclaim the rate was unchanged."
wow, you guys sound desperate.
Noisy in here today.
http://bls.gov/news.release/empsit.t01.htm
Here are the unadjusted figures:
U3: 7.6% (up from 7.4%)
Emp-Pop Ratio: 58.5% (down from 58.8%)
Employed: -500k
Unemployed: +440k
U6: 14.4% (up from13.9%)
So how many years has it been now since the BLS revised their numbers upward?
Vegas bitches.
It like having a recovery and now one showed up.
ADP a farce? But Liesman actually said that he was impressed the way ADP "guided the market" to the correct expectation of nonfarm.
In the age of made up numbers Liarman is once again proving how big of a tool he actually is.
Or not, NOT!
Charting the state of the U.S. economy: EPI's Top Charts of 2012 http://j.mp/VzSpGJ
How is a labor shortfall of 8.9 million a "recovery"?
Bullish for the Hawaiian tourist industry.
During the last Depression Herbert Hoover spent most of his time fly fishing, Body surfing is how the current chooses to pass the time.
No one cares about jobs anymore, where's da FREE MONEY at??
It was used to buy bad MBS from JPMorgan and Bank of America