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Payrolls Surge By 236,000 In February, Following Big Downward Revision, Unemployment Rate Slides To 7.7%
February payrolls rose by a whopping 236,000, much better than the 165,000 expected, and 1K higher than the highest Wall Street forecast of 235K. However this takes place as the January number was revised from 157K to 119K. The unemployment rate slides to 7.7%, on expectations of a 7.9%. This was the lowest unemployment rate since December of 2008. The civilian labor force dropped as usual from 63.6% to 63.5%. The household survey saw an increase of 170K jobs in February, following a 17K increase in January.
More details:
- Change in Private Payrolls: +246K, on Exp. 170K, last revised from 166K to 140k
- Change in Manufacturing Payrolls: +14K on Exp. 9K, last revised from 4K to 12K
- Average hourly earnings M/M rose by 0.2%, and 2.1% Y/Y, in line with expectations
- Average hourly hours for all employees rose from 34.4 to 34.5
- Birth death adds 102K to the unadjusted number
Getting ever closer to that economic state where, like three times perviously, the Fed thought the economy was ready to stan on its own too wheels. How close: not very at all.
Visually:
More from the report:
Total nonfarm payroll employment increased by 236,000 in February, with job gains in professional and business services, construction, and health care. In the prior 3 months, employment had risen by an average of 195,000
per month. (See table B-1.)
Professional and business services added 73,000 jobs in February; employment in the industry had changed little (+16,000) in January. In February, employment in administrative and support services, which includes employment services and services to buildings, rose by 44,000. Accounting and bookkeeping services added 11,000 jobs, and growth continued in computer systems design and in management and technical consulting services.
In February, employment in construction increased by 48,000. Since September, construction employment has risen by 151,000. In February, job growth occurred in specialty trade contractors, with this gain about equally split between residential (+17,000) and nonresidential specialty trade contractors (+15,000). Nonresidential building construction also added jobs (+6,000).
The health care industry continued to add jobs in February (+32,000). Within health care, there was a job gain of 14,000 in ambulatory health care services, which includes doctors' offices and outpatient care centers. Employment also increased over the month in nursing and residential care facilities (+9,000) and hospitals (+9,000).
Employment in the information industry increased over the month (+20,000), lifted by a large job gain in the motion picture and sound recording industry.
Employment continued to trend up in retail trade in February (+24,000). Retail trade has added 252,000 jobs over the past 12 months. Employment also continued to trend up over the month in food services and drinking places and in wholesale trade. Employment in other major industries showed little change over the month.
In February, the average workweek for all employees on private nonfarm payrolls edged up by 0.1 hour to 34.5 hours. The manufacturing workweek rose by 0.2 hour to 40.9 hours, and factory overtime edged up by 0.1 hour to 3.4 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls increased by 0.2 hour to 33.8 hours. (See tables B-2 and B-7.)
Average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $23.82. Over the year, average hourly earnings have risen by 2.1 percent. In February, average hourly earnings of private-sector production and nonsupervisory employees increased by 5 cents to $20.04. (See tables B-3 and B-8.)
The change in total nonfarm payroll employment for December was revised from +196,000 to +219,000, and the change for January was revised from +157,000 to +119,000.
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Stars are aligning in the same formation as they were right before the market collapsed 5 years ago.
TOP, BITCHEZ!
The real economy is what we live in everyday.
Layoff/ Business Closing List
http://www.dailyjobcuts.com
-
We're not ready for reality.....just keep the DOW up so we can feel safe.
See? I was correct. Precious metals just crashed as I had expected. $1800 and $30 are just a pipe dream.
So do what I do. Buy some and throw it in the sock drawer.
It's an excellent day to flip fiat.
Tom Keene on Bloomberg radio said the 38000 downward revision is just a blip.
So the strategy is to revise the prior month downward and pull the revision into the current month. Got it.
They are confident that THIS time they are accurate.
So plus or minus say 30-40% and that should be the value?
What they are actually saying is that they cannot measure this "jobs added" and this is just another psycological technique used to make us believe they actually can control this shit.
Pull the other one.
pods
Transitory!
You just gotta believe!!
http://www.youtube.com/watch?feature=player_detailpage&v=s62MrU8mHx4#t=126s
lol
Dear BLS,
What a crock of shite!
Yours Truly,
OutLookingForWork!
"We gots to keep Obama in President."
Really? Why do they bother to lie anymore? Who do they think believes this crap?
We'll never see $30 silver again. Go to a chart, lop off the 2008-2013 bubble, and you got your long-term price range for the white metal. Teens at best.
5 bucks to dig it up?
Eagen... I bet you stay up at night watching NORAD tracking Santa too...
You spoke too soon:
http://www.pmbull.com/silver-price/
Feel silly now?
They dropped for about five minutes, then snapped back up to where they were yesterday.
Exactly. Looks like eigenvalue got played. Probably shorted on that drop too, after his bias was confirmed.
Hiring of nurses, nursing home aids, and clerical unemployment workers..........all good
So...Fed "money" until Obamacare kicks in to save the market?
I hear the manufacture of shopping carts is on the verge of a real breakout...
True
Yeah, the BDI is pretty clear.
http://investmenttools.com/futures/bdi_baltic_dry_index.htm
Hard to tell what the BDI means any more.
I predick the collapse of the "fragile recovery" (that never really was) will be blamed on a terrorist strike.
SO no more QE ;)
That would seem to be the case but ben will come up with another mandate like QE til oil is at $50
QE until Paul, Hillary and I (Ben) shave our beards.
Exactly.
Ben must have a hardon. MEIN MACHINE, IT WORKED, WORKED!!! Or the numbers are just bullshit.
Heh
The market seems to be thinking the same thing, as futures are flat on the news of this blowout number. Just proves that Fed liquidity is more important to this market than unemployment.
Excellent point. Proof that the "markets" are driven by the forces of the supply of money rather than the actual demand and supply of the underlying good.
You hurt our feelings... :'( But you are right - we couldn't care less about the peasants starving, as long as the capital flows are unimpeded & ever-increasing.
No 'mo QE? :'( Sniff, sniff.
Well, there goes the pop, futures are now headed solidly higher. Funny it took a good 20 minutes for the market to remember that the Fed is going to print no matter what.
Blowout Number?
We have expectations told to us so that they can then exceed them and we call them great!
Here's a bit of reality:
We are 147k behind the jobs created for Jan and Feb 2012 so far.
Feb 2013 job creation:236k
Feb 2012 job Creation: 271k
We are going to exceed expectations all the way to 0. And then some.
I've made my call. Financial collapse in weeks, not months.
They are trying to invent a reason to stop QE without getting blamed for it.
This is what happens when one works for 1hr/week and is considered employed. I'm surprised they didn't come up with 400k jobs.
1) Ben wants out.
2) The insiders want the market in free-fall, since they're balls deep short.
3) What's more important: All the clueless plebs, following this data, will want in on the action with their puny retail accounts.
Can you spell TOP?
If the number of "investment" commercials I hear daily on the radio is any indicator, the sheep are being called in for a shearing.
pods
Has been thus since times immemorial, and presumably will continue to be.
I get that feeling too. I work for a private sector civil engineering firm, and we've done municipal/state work almost exclusively for the past 5 years. Before that, the vast majority of our clients were private development. Just last week, we had our first private development client since 2008.
When the correction occurs, the states and municipalities will have precious little money for projects, and I see the writing on the wall.
ekm;
It has been my pleasure to view your writings on fuel theory. There are many points within that make a great deal of sense. How ever, one point I would like to point out which is not a debate, just a friendly point to consider, being engaged in the bulk fuels sector, there seem to be 2 real sellers for every 10 real buyers "approx". I know your point on primary dealers has been made, this might be the reason for the discrepency.
I follow your thoughts on real economy compared to aggregate supply. A few areas of fuels sales that follow your theory are Jet A-1 Jet fuel and D-2 Diesel. Although supply is much easier to sell than to buy in "bulk." Do you feel this is all primary dealers taking the supply off the market?
I have really enjoyed following your writings on the subject, thank you.
Extremely humbled. Thx a lot.
http://www.brecorder.com/markets/energy/america/78965-the-qmissing-barre...
The link for you to enjoy.
http://ftalphaville.ft.com/2011/10/21/708441/the-power-of-the-dark-inven...
And this one.
Awesome, thank you for the link.
Within the article, there is a point that has came to mind while following your writings. I will post the paragraph from article below for comment. I also believe that the 08' crash was more geared to oil cost fracturing the economy along with dirivative chains, than real estate in the beginning of the so called crisis. Fuel input cost blew out service sectors bottom lines. Although both where very harmful.
With that said, do you think it is possible that the real economy traders/+.gov know the cause, thus stock piling additional fuels so they can release when needed to curb the pain when/as needed? The missing barrels might explain preparation to fight another crack prior to the bubble being blown, like now. The indexmundi.com price link below suggest a fight in the run up similar to the 08' high.
I know I'm stretching here but is it possible primary dealers or other large buyers are doing all they can do to off set another 08' price spike crunch through storage? Or are the storages just adding to the problem, controlling the supply/price? The positioning of Glencore on Russian crude/fuel supplies in Jan. may suggest the real economy is being starved for acceptable input priced fuels. To me, so far, it's a tricky call.
Thoughts ekm?
http://www.indexmundi.com/commodities/?commodity=crude-oil&months=120
"Even if China's strategic stockpiling only began in earnest this year, it cannot account for even half of the 200 million barrel missing barrel figure."
As far as I know russians are not that great at respecting deals. I think that's a non deal for glencore.
All that prepurchased has to be sold to the suckers with futures before it is taken delivery, otherwise they'd be screwed.
Many answers:
1) Iran (possible) shock, hence stockpiling
2) Crude oil derivative collapses whcih would trigger other derivatives.
However, they can't do this for long and I think they're done doing this.
The economy is literally DEAD BY ENERGY STARVATION.
I can't see any chance of revival unless crude oil at $40 of lower for at least 6 months in a row. IT IS NATURALLY IMPOSSIBLE.
Hence two choices left:
- Save the financials by triggering food riots
- Kil commodities by sacrificing few primary dealers
Great points. Imho, I think you are spot on. Oil input cost has the economy against the wall, again.
Thank you for taking the time to share.
I designed a tank farm expansion in Cushing a few years ago. Big tanks. I've heard they are at capacity now. We also have several refineries in my state (OK), so the local economy is doing fair at the moment, and gas prices are around $3.40/Gallon.
Haul costs directly impact the cost of everything, and this generally isn't immediately apparent to the layperson. In 2006/2007 when gas prices went up, I saw a lot more interest in rail spur projects as the haul price was cheaper. Then, the prices went back down, and many of those projects were shelved. Now we've seen another round of rail spur projects emerge. The infrastructure cost isn't cheap.
I would imagine that rail traffic has increased slightly, but if it hasn't...it can't bode well for the overall state of the economy.
We need the input of people like you here on ZH.
Please keep contributing.
Same as with Bear Stearns, Lehman, MFG,
SACRIFICIAL LAMBS will be offered soon for burning in order to offer pleasing odour to the gods of finance.
Just subscribed to follow your comments.
I spent 3000+ hours stuying finance and economics since the SHTF in 2008. I'm with you that the endgame is near. The Ponzi scheme is running out of steam.
We are in/entering a global recession within this depression. I'd say this will be too much for the financial system to handle.
Extremely humbled. Thank you.
I'll take the other side of that bet. A crash, sure. THE crash, no.
Financial collapse in minutes not weeks! 10, 9 , 8 ..
QE Math formula:
Unemployment up + Payroll down = Not enough cash, QE Moar!
Unemployment down + Payroll Surge = QE is working! QE Moar!
Uh, sure. That's believable.
Right?
All those announcements of job cuts from big companies were just announced to fool us?
Pretty slick...
:D
@docj
January revised down 37k, but that won't be the headline!
i don't get it who believes that crap ?????
Most news reporters....and pretty much everyone on CNBC.
Now we wait for the revisions.
Hopium junkies, that's who.
headline-scanning-algobot-world-destroyers
The Nigerian baboon will take credit for that...
Namecalling - the last refuge of the ignorant
Let's call him what he is. The nigger commie. How's that.
Not surprising given the market action leading up to this. All of these data are known to the market makers before "official" release.
More Drones please
John McCain and Lindsey Graham will be pleased to hear that
Former JCP workers please report to Nevada Test Site. You have been rehired by the General Atomics.
It appears the recession and the end of world collapse has been canceled.
I don't know ... it seem like the only thing being priced into stocks is perpetual QE ...
buy silver
Obummer needed a bump in the polls. He is down in the mid 40s.
To to Moon!
RIP EUR Longs
It is good news.....no, it’s bad news....no good news! There is no spoon, there is no market, just algos having fun.
It is only bad news for gold of course
Did anyone else notice the futures opened 100+ points down over night but were ramped up to be positive this morning?
WHY? No headlines anywhere talking about that.........
Just clearing out some stops no doubt
DOW has no more meaning. I don't even check it.
The Gov+Fed+ Primary dealers can assign any number they want on it since they own everything.
I think these 236,000 are working at my Home Depot.
If you are going to lie, lie BIG!
According to Shadow Stats, the real unemployment rate is 23%. In California under Gov. Moonbeam, it's 28%.
But don't expect the mass media liars or the liars in DC to put out the real numbers.
It is so un-American to let reality get in the way of a good economic recovery.
The great American Con game. Folks this is why people are denouncing their citizenshoip in the highest numbers in history. They do not believe any of these lies and either should we.
Damm. Im starting to believe the hype, recovery is a mathamatical impossiblity but does the recovery know that? Wtf
"recovery is a mathamatical impossiblity"
What makes it so?
Free money is an extremely powerful stimulant and makes recession a very low probablity event. I thought the tax increases, sequester cuts, and EU recession would be enough to overcome it, but now I think I was wrong.
Instead, we need to start thinking about a mini-boom follwed by rising rates and the need to tighten, which will only then bring on recession again. When that happens? Who knows?
Because folk with declining wages cant buy stuff let alone pay thheir debts
The market doesn't really like this number. Futures are flat to down after the release. They know that Fed hawks are going to awaken from their slumber (or coma)!
The Fed hawks have been wide awake and most vocal. They just don't get to vote until next year.
Hmmm. Whadda co-inky-dink.
:D
Orly, what you see is simply anecdotal when all that really counts is the Governments Official Unbiased Information. You know in you heart of hearts that they would never lie you us!
Goldilocks bitchez!
Why does it seem like the propaganda machine is going "all in"?
corruption is always the greatest at the end of long booms - the end is very very near
Treasuries just lost 1.2% and I am to believe that the Bernanke is going to stop purchasing them????? Is that why these fuckers sent gold to $1,561???
Is that all you got??? Is that all you got motherfuckers???? Take this!!!
when silver dips below 28 again I'm loading up the truck on PHYSICAL (again) - no fucking ETFs for this old dog
Gold's plunge was mainly due to USD strength. It didn't lose much in other currencies. It actually up slightly in EUR.
BLS will push this number down as much as possible and then push it up post sekwester.
How will they top this lie when it continues to get worse?
Answer: UPWARDS REVISIONS - gauranteed
"236,000 revised UPWARDS to 306,000 - unemployment rate now -1.7 %"
Forward, Soviet
Whats that? approx 4500 whopping jobs per state?
Wow.. Rally on
So I guess we should hear that 300k came off disability and snap. Sure
How much of this is Sandy rebuilding ? I read where goverment delayed until Jan 28th paying out $53 billion.. so figure it went into new hires in feb. no ?
Infukkingflation folks. Period. This just makes the real America that much more pissed off - you know - the underemployed and without a 401K. Die, berspank! Die!
However this takes place as the January number was revised from 157K to 119K.
Chomping at the bit to find any bit of negative news that is the only one. The internals were spectacular any way you look at them. Duration of unemployment has also fallen and is back to the pre recesson low.
Internals based on a survey of less that 1% extrapolated across a labor pool of 135 million people.
Yes, I BELIEVE!!!!!
Duration of unemployment has fallen back to pre recession levels???
Only if you count going on SSDI.
So then what this report suguests is that Obama Care and higher taxes makes employers hire more people. Bullshit, I believe nothing that this goverment has a hand in.
Labor force participation down again
where do those numbers come from ? where are those jobs ? who are the hiring companies right now ? why on earth would a corp hire now ? consumption has gone thru the floor so who's stupid enough to hire now ??????
i just can't believe this shit
haven't u heard the US is now deep into a fracked broccoli revolution; we enjoy the green B along with the blue G!
They really needed some numbers. So they got some.
So nearly half of the number is unreal ....literally.
What a farce
Average hourly hours for all employees rose from 34.4 to 34.5
Still PART TIME workers. Did anyone notice this?
If it's all so "good" why is everyone on the street depressed? Most of the local store managers I talk to say sales way dwon and profits almost nill. Another interesting development is the incease in theft detector machines just about everywhere nowadays....even the dog-gone grocery store now has detectors at the door! Malls have doubled their security.
Crazy stuff.
Because Bernanke and the Fed know QE has to stop. They know what it is doing to the global economy and they know it ends in blood. The mission in 2009 was to send the stock market back to 2007 levels any way possible. Once that level is hit, it will then be up to the true economy to keep things going. A true economy in far worse shape than 2009.
That is why the Fed linked QE to employment. The economy realy didn't grow since 2009, but they manufactured growth. We really haven't added a single net job since 2009, total jobs are below 2009, but the government can create jobs on paper.
So even if we still haven't created net job one, The Fed will have created enough jobs on paper to stop QE. They know the real state of the economy. The beige book is bullshit and they know it.
Why do you think job #1 of the financial press lately has been to get muppets to buy stocks? Also remember that insiders have been selling at the highest rate in history. They don't want to be left holding the bag when the QE flood is stopped.
hours 34.5 Vs 34.6 last year in Feb, which was a peak.
raging bull!!
BOND CRASH UNDERWAY. NEXT STOP 126.00 ON 30 YEAR
thank god the fuckers waited an extra week to release the numbers so they can manipulate it more. also, why do you think govt shutdown wed, not due to the snow storm, but to fix the numbers.
what a fucking joke, there are 3 things guranteed in life. 1. death, 2. taxes, 3. us equity futures and real time will be green.
fuck u fed, die a terrible death every memeber , also fuck u wall st bankers, and obama, same to u.
And how much of that new employment is because the Obamacare regs started counting employees 30 hours or more for mandated coverage? Lots of businesses cut back on employee hours to less than 30, and hired some other part-timers to fill the gap.
Presto! More people employed! Except that the total payroll didn't change.
oh i want to hear Bernanke explain us how this comes from QEs ... just can't wait for that
Cramer just said it is because government got our of the way. Guess that means the Fed is not part of the government.
Official Statement from the FED:
There will be moar bitchez
End of statement
These numbers are conservatively low. A good result that shows things are moving in the right direction, albeit slowly.
I think if you look at underlying stats the blue states fared best here.
15,000 Dow by 3/15 and 17k by July The dental floss tether to reality was cut long ago
My blue-chip dividend payers are going through the roof! The p.m.'s are crashing to zero. Happy Days are here again! Buy BUY BUY!
LIESman had to leave the CNBC set to blow his Bernanke doll. He was so excited he couldn't wait to get to Ben
Short SPY.
<--- Don't Believe
<--- Do Believe
That's the simple question.
To me numbers are as made up as unicorns shitting gold, silver and oil covered skittles. January revised down 40K hmmm. Where did those jobs go - yeah right back to where they weren't in someones imagination. I'd put money on current BLS numbers being revised down 100K next print. But hey for now rampathon on, shorts take it totally in the ass again, and Ben keeps his hand steady at the print wheel because moar does work.
Please. We added 4 jobs at our lab. 3 of them were students being paid 70% wages by govt under work study, the other was a replacement for someone who retired.
And they monkey hammer the metals right on point.
Increase demand for physical... Check
Massive increase in QE.... Check
Increase in price for physical...... ERROR. MALFUNCTION
http://inplainsight.nbcnews.com/_news/2013/03/07/17225824-americas-invin...
Snow shovelers
LMAO, best sarcastic comment on this thread.
+15% you have the #. I feel good and stuff.
I'm surprised how muted the market reaction has been. It's not much higher than before the news. Is this a "buy the rumor, well the news" event?
Love the massive downward revision. Same time, same channel, same bullshit.
I think when the Matrix film came out a lot of us kind of snapped to attention at the realization there was a great deal of truth there. After all of the different nuances the one question I keep coming back to is this. What group actually had it better, those who fought the deception, living in caves and rotting ships, or those living in the illusion generated by the computers? I know truth is right but still I wonder. Those of us who think we see the deception in what our government and banks are perpetrating upon us, but continue to resist to take part in the illusion, are we ultimately harming ourselves more than just playing along?
Oh man, thats a tough one.
I feel like crying.
Better carress my gold and silver a bit. Always makes me smile :)
I am going to rub some on my junk and tap my toes together three times.
It's a philosophical question that has actually been asked for a long time. Personally, I believe that the only purpose in this life is to get as close to the truth as possible, wherever you find it.
There are human factors at play that we must keep in check if we are going to be awake. Jealousy, rage, frustration... That's just part of the game.
As for me, I want to know what's really going on. With that, I know that I am somehow closer to heaven...if there were such a thing.
:D
The eternal question. Is heaven on earth or in the after life. If we are willing to forego the good life on earth and be rewarded in heaven requires faith in something other than what we have in our hands now. Our government has sought to eliminate a religious faith that might infer delayed gratification for one of immediacy. The bird in the hand vs the two in the bush. With the world instability at its current level, convincing anyone to delay gratification is going to be a tough sell.
I am not a believer in all the religious mumbo-jumbo about some guy sitting up there taking notes. I am sure the real answer is much deeper than that and is actually very difficult for us puny humans to wrap our heads around. That's why we have to make that stuff up.
I am fairly certain, though, that the "Truth" is wrapped up somehow in "Love" and purity of giving to others. Selflessness is the best way to describe it.
But selflessness doesn't sponsor a lot of iJunk, I am afraid. That's why selfish people make it in corporatocracy and government. In essence, they are takers to a certain degree; some more sociopathic than others.
:D
Watch the scene where Neo pulls all the tubes out again.
Watch the scene where the matrix steals Neo's mouth again.
Then go read Aristotle's Allegory of the Cave for good measure.
But these are all responses by the Matrix to resistence to it. Does it not tell us to get along to go along.I know this sounds terrible but the ultimate struggle for all of us is inner peace and contentment. Isn't that why so many are using drugs, to escape to an alternate reality? Admittedly it is not ultimately sustainable, but in a short term, next quarter world we live in, how is binding ourselves to reality in anyway benficial? Just a theoretical question as I'm as bound to reality as anyone here. As a small business watching it fail I have no other rational choice, but then again if my customers are bound to reality my business will most assuredly fail.
The problem with your posit is that it isn't any more tenable over the long-term than running in razor blades while numb. Opiates are a godsend if you break your femur in two, but sooner or later you'll need to get the monkey off your back and it becomes exponentially more difficult the longer you wait to confront the inevitable. We could've fought back when Reagan was doubling the national debt and making jokes about it being big enough to take care of itself, but we didn't, and now we've got a $16T gorilla on our back instead. If your customers can't afford to frequent your small business now, pretending that they can will only leave you with more employees and inventory to liquidate when reality comes knocking. Dealing with reality now is not going to be pleasant, but at least it holds within that pain the possibility of genuine growth and a not-so-small business with more employees and inventory flying off the shelves.
http://www.youtube.com/watch?v=tuv5kHrIW4o
BWAHAHAHAHA...barely enough jobs once you factor the frictional unemployment out of the equation, the statistical noise, and birth/death +102K, to cover sustained entry into the workforce by 'new workers' (which didn't happen because the 'civilian workforce' shrank). Any real 'recovery' would need 500K prints FOR THE FORESEEABLE FUTURE in order to help the 14 million displaced workers and add jobs for new workers entering the workforce...never gonna happen! Is that the BEST number that they really can come up with???!!! I guess the big time hopium dealers with the good sh*t aren't interested in fueling the deadbeat debtor nation's habit anymore so they have resorted to small time dealers with watered down sh*t to get their fix and come up with these numbers...keep smokin' it bitchez!
The government can report what they want and revise later. Love the January revision down.
And what's interesting is that none of these liars go to jail for it.
The 7.7% unemployment figure is as big a joke as the $16 Trillion federal debt. That's what you get when you let partial bureaucrats decide official statistics. While Shadowstats uses an earlier government methodology to show unemployment at 23% the federal debt is harder to get reliable figures for. The range seems to be somewhere between $80 and $220 Trillion. At 2% interest the interest on $80 Trillion is equivalent to around a third of what is paid in salareis and wages in America. Assume 5% principal repayment each year and it all adds up to more than 100% of what is paid in salaries and wages each year. And we are supposed to be happy about these unemployment figures? They are no more reassuring than a death row inmate learning it is sunny.
In a sense, if you are rooting for this thing to crash and burn - you want reports like this to continue.
Listen, we all know the jobs created today...are complete bullshit. 25% of good jobs that require certifications and degrees that cost hundreds and thousands of dollars in debt. My father met a woman at his job that has *25* certifications/degrees. That's nuts.
So even those who are getting paid well at new positions, are funneling cash to rentiers, NOT buying consumer goods (esp with decreasing disposable income) to stimulate the economy. The rest of the jobs are low paying, temporary, and have bare-to-none benefits. That's how corporations are pushing profits - not through outstanding sales, but by pinching their workers (and using that cash to buy up their own shares/pay out shareholders, at low rates, to keep asset prices up).
When we walk in the streets though.....we know something is wrong. We *feel* it. Stores closing. Huge corporations merging. Taxes rising (on regular folk). Wages stagnating. Never mind the whole "justice against bankers" thing.
In a sense, if it wasn't for QE...this economy would be dead in the water. That's why we keep seeing these job corrections in the summer, because it's based on RAW data (oil costs, tourism) and the fact is: the liquidity isn't there for REAL businesses to hire.
The "elites" used to Crash of 2008 to move the goal posts back on wages, on opportunity, and social entitlements. The next crash I believe, the fans (us) finally storm the field, and tear those fuckers down.
There is no such animal as "social entitlements"; those are the carrots of the political class who work at the behest of the bankster class. There is no such thing as retirement any longer either, you will have to just work harder like Boxer did and carry on until you drop. My oh my isn't socialism grand?
The health insurance you get at a place of employment - is an entitlement. And a shitty, forced upon you entitlement, at that.
Sorry to break it to you.