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175K May Non-Farm Payrolls Small Beat, April Revised Down; Unemployment Rate Of 7.6% Higher Than Expected
Those hoping for a decisive jump or plunge in the NFP number will be disappointed with the May NFP printing at 175K, on expectations of 165K, even as the April number was revised from 165K to 149K, and a net March-April revised change of -12K. The Unemployment rate was 7.6% higher than the expected 7.5%, driven by a tiny increase in the Labor Force Participation rate from 63.3% to 63.4%. The number of unemployed workers increased from 11659K to 11760K, the highest since February. Ironically, the U-6 unemployment rate for May declined from 13.9% to 13.8%, matching the lowest number of 2013. But once again it is the quality component of the jobs that was weak with Average Hourly Earnings missing expectations of a 0.2% increase (up from 0.2% last month), instead staying flat to the April number. The manufacturing renaissance continues to be delayed courtesy of a -8,000 drop in Mfg jobs in May. Finally birth-death added 205K jobs to the unadjusted number.
Charting the trend and the performance relative to expectations:
And the average hourly wages:
From the report:
Both the number of unemployed persons, at 11.8 million, and the unemployment rate, at 7.6 percent, were essentially unchanged in May.
Among the major worker groups, the unemployment rates for adult men (7.2 percent), adult women (6.5 percent), teenagers (24.5 percent), whites (6.7 percent), blacks (13.5 percent), and Hispanics (9.1 percent) showed little or no change in May. The jobless rate for Asians was 4.3 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)
In May, the number of long-term unemployed (those jobless for 27 weeks or more) was unchanged at 4.4 million. These individuals accounted for 37.3 percent of the unemployed. Over the past 12 months, the number of long-term unemployed has declined by 1.0 million. (See table A-12.)
The civilian labor force rose by 420,000 to 155.7 million in May; however, the labor force participation rate was little changed at 63.4 percent. Over the year, the labor force participation rate has declined by 0.4 percentage point. The employment-population ratio was unchanged in May at 58.6 percent and has shown little movement, on net, over the past year. (See table A-1.)
In May, the number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was unchanged at 7.9 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)
In May, 2.2 million persons were marginally attached to the labor force, down from 2.4 million a year earlier. (These data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)
The swings provided by the Birth Death:
And the Labor force participation rate:
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Just another jobs report. Unemployment is still an issue, and many good paying jobs still going away
Layoff / Closing list
http://www.dailyjobcuts.com
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Where are they going? Let's invest in those countries!
Gap up... then down all day, ending below the 50 dma.... I can dream, can't I?
This is steady progress. The great thing for investors is that the S&P 500 is actually pricing in growth 5 years into the future, so short term fluctuations in economic indicators don't really have any baring on the value of equities. This number confirms that the economic recovery is alive and well, and more importantly it disproves the end-of-the-world predictions that we constantly hear from libertarians, conspiracy theorists and other nerds and hacks.
The economy is bleeding jobs.
Employment and Unemployment both can't go up. Doesn't one see a problem here ?
Another thing I find encouraging is that the recovery has not only continued but accelerated since the end of quantitative easing. This again negates libertarian claims that the recivery is driven solely by liquidity from our Federal Reserve.
thank you, chairman. that's enough now.
When did QE end? The secret to being a good troll is not to blatently lie. I still see monetization occuring. There's a helpful link below.
What are wages? What is Labor's share of GDP again? you're not even trying today MDB.
http://www.newyorkfed.org/markets/tot_operation_schedule.html
Another thing I find encouraging is that the recovery has not only continued but accelerated since the end of quantitative easing. This again negates libertarian claims that the recivery is driven solely by liquidity from our Federal Reserve
And I find your assumption insane.Every report like this winds up getting CHANGED in two weeks, DOWN from the reported original data.
Like clockwork.
1.1 trillion a year is not exactly ended
Could you give me your definition of acceleration?
For the twelve months ending May 2012 we added jobs at a rate of 1.70% year over year
For the twelve months ending May 2013 we added at a rate of 1.58%.
First five months of 2012 : 205 k per month
First five months of 2013 : 189 k per month
I find encouraging that you are ...wait......no.....you are devoid of a brain.......sorry turd.....see toilet....jump in toilet.....flush
90 million people not in labor force. Who care about 175k low paying jobs being added? See here:
http://confoundedinterest.wordpress.com/2013/06/07/non-farm-payrolls-increase-175k-but-89-7m-not-in-labor-force-markets-rally/
Sorry, bonus - you can't see the forest for the Bernanke tree.
No jobs...and the ones they do have to offer are shit.
Do you ever think of people who are not investors? Where's their progress, hm? Where's the economic recovery of the 99%? Pray tell, these aren't rhethorical questions!
All economic data from DC is dog shit. Look closely and analyze your dog's shit then trade accordingly. You'll do just fine.
"This is steady progress"
There was a time when stupidity could produce that, but after all those charts only gross mendacity could see "progress".
The critical takeaway is that THERE IS NO REAL EMPLOYMENT TREND. We have (supposedly) 175,000 new jobs--AFTER birth/death guesstimates add 203,000. A statistician friend of mine says "When the statistical adjustments are larger than the final data points, the data are garbage."
We still see 12 million unemployed, 18 million underemployed and a true unemployment rate around 13%. And that's AFTER trillions in borrowed "stimulus" squandered on Desk Jobs For Democrats, Tax Harassment For Tea-Parties and Murder For Mexicans, not to mention trillions more in support for banksters and their rotting portfolios. Base money is more than quadrupled since 2008, we're $9 trillion deeper in federal debt, and all we got is this lousy phony stock rally.
That's your progress, MDB-Troll. I suppose you get paid two cents per click, and worth every penny of it.
Talk about a shill. You must be on the end of Bernanke's dick.
What part of the BLS report makes you believe that we are enjoying an economic recovery? What I see is folks moving into low-paying jobs in order to survive. Folks who wait tables for a living are unlikely to drive economic growth as their disposable income is miniscule. So, yes, more folks are working today than were a year ago, but outside of Wall Street, pay is not going up.
Asinine theories, douche....still working for Blankfuck are ya?
So 20 years ago when the S&P hit the same levels was it pricing in the future, you know, before it slammed down 50% ... and again 10 years later? Same -50%?
.
Don't Bogart that joint, my friend.
Pass it over to me.
"Puff puff give. Puff puff give. You're fucking up the rotation."
http://www.youtube.com/watch?v=5s_zsOyHbVY
Like wow, man! That was outtasight!
... pass it over to me ... and if you are with the right people at the right place - take this ...
https://www.youtube.com/watch?v=EvGJvzwKqg0
your best comment ever.
@Zgangsta
Nonexististan.Futures almost went negative after initial spike and BAM 10 point ramp in Futures...
THEY really will never let it drop
'Never' is a hell of a thing to believe in a world where markets experience major crashes at least once every decade or so.
Never say never, again, James.
h/t George Ure @ UrbanSurvival.com:
Right, so the actual number is -30,000 jobs "created" (to use orwellian doublespeak)
Bullish!
The majority of the jobs were created in the service sector.
We're becoming a nation of (baldy dressed) butlers.
Yes, Bill. The horse is still dead. You can stop beating it now.
'You can start eating it now.' FIFY
I wonder if meat-a-ball parms were a big hit at the Kentucky derby?
pods
Double that HOMO POMO for the MOMOS.
Brent crude $105
fed getting praise for faking numbers well enough to hopefully hit their fake target.
Well fonz...that wasn't too obvious...off to 16,000!!!!!
Watch that ten year man. I know you think I am crazy, and watch crude. Something has to give and the Nikkie vs the JGB market just showed us what the blueprint is. It will be the almighty dow.
Nothing's going to "give". My guess is that should the CB's finally realize this is the best they could do, then more taper talk since it would confirm there's a glass ceiling to subtantially more job growth using their program.
Would you ever bet those MF'rs would ever admit there's no further benefit to QE! Doubt it!
whatever may "give", will only increase QE. not stop it.
Not until budget deficits start rising again or a market crash, whichever comes first. Both are probable but now likley iuntil 2014 or longer. 2013 is already in the books. Book it Dano!
no chance fonz. the Almighty Dow is Almighty for a reason................
you think these guys are on the sheep side?
which guys?
lol I don't know who we are talking about at this point either.
"It's too high"
"what do you mean it's too high?"
"who gives a shit, it's gone".
Today's report means range trading for the summer. Off to the Hamptons now and starting next week on Wednesdays. Forget volatility, forget anticipation, forget rhetoric and liquidate any directional trades that decay.
ETFD...
taking in the shorts on my yen shorts.....but lashing myself to the mast.....
http://www.youtube.com/watch?v=8ZH9ebAZouk
Yes, yes, now whats the avaerage wage again?
It's a part-time, post-industrial, minimum wage Global economy. :-)
With 3-D printing and robots in the wings waiting for their stage call - look out brother!
Personally, I would much rather face an army fighting with 3-D printed weapons. Let's see how they hold up under heat and stress.
Someone told me that you can make a gun with a 3-D printer, but not ammo. Then you can fire the gun once, and it's done.
Don't know, but that's what I was told.
All three of my kids have jobs this summer. I am VERY grateful.
This is the what, 4th year of the Summer of Recovery? Man, more comebacks than The Who in the 80s.
The whole country is out of work, but everybody got a job, woohoo. If that's recovery, than we need a whole less of it! (Not to discourage your children, but you shouldn't be satisfied that they just have a job. They deserve real work for a real wage!)
One must remember things have been worse. Re-read The Grapes of Wrath for a fairly adequate description of how things were in the '30's. Fried dough and grease gravy in a tent was good for millions. We could see it again. Part-time wages are a reality that sucks but is very real for a ton of people lucky enough to have any income at all.
Using a fictional book to describe the reality of the 1930s is about as accurate as the BLS estimating jobs.
My grandmother says it's far worse now. Due to the oppressive government and absolutely no hope of getting better. Unlike the Great Depression it is actually those with jobs that are worse off today. The man making $30k a year trying to feed a family of four is struggling far more than those with jobs during the GD.
There is a greater percentage of the population out of work today than during the 1930s. Also back then far more people were self sufficient farmers, with far more able to survive on their own without government involvement.
Did millions suffer and eat fried grease balls during the GD? Yes. But how is that any different than millions surviving off dollar menu McDonalds burgers today?
At least in the 1930s the vast majority of jobs produced something of value. When 90% of the available jobs today are meaningless service jobs a trained monkey could do, I'd take the Great Depression over this nightmare under Obama any day.
BOOM! Headshot! You have lost the lead!
In before the Taper?
this was so predictable.
we all know the numbers are putrid but they will not put out a terrible number to shock the markets.
we all knew they were going to either report a flat or above number,
this is no fucking surprise, the last thing these bastards would want is a -400 dow on the last day of week,
we here all know the economy is fucked beyond any possible cure, but that wont stop them from putting out phony numbers.
All these numbers are anymore are just throttle controls on HFT algos.
pods
You know the economy is in bad shape when the only new job openings in your area is jury duty.
There are long term jobs in Boston for Whitey Bulger's trial
Meaningless part of the charade!
I thought I read that it takes 250k to stay even?
and that's why nobody invites you to their BBQ's....
Only when a republican is in office...
BINGO! This a hugely GOLD-BEARISH number so SELL GOLD.
Wait! It is NOT a GOLD-BEARISH number. It is a GOLD-BULLISH number !
SELL GOLD anyway. TPTB have ordained it.
Its always a sell gold friday on Wall St...
Another beautiful waterfall chart.
what that spike in gold and silver
And how many people are not working as service whores and producing real tangible things upon which real wealth and lasting economies are built. Circle jerking each other in a service economy without the adequate production behind it to keep it sustained is just a train wreck waiting to happen.....
It's also a great way to eliminate the middle class.
Which is why i work manufacturing, if it goes completely then we are well and truly fucked beyond repair.
MSNBC Reports: "Obama Adds Thousands More Jobs than Expected!"
FOX News Reports: "Unemployment Rate on the Rise on Obama's Watch!"
CNN Reports: "Anderson Cooper Loves Hedgehogs!"
CNBS - No Swoon: Job Creation Continues, Rate Up to 7.6%
I've been saying this at least a few years, anyone who thinks Fox is not 'in the MSM tank', wake the fuck up. I had to take the red pill
Enough! Gone fishing for the summer!
Goldilocks...stronger number but stronger unemployment meaning taper push. Bloomberg saying this morning that 73% expect an October taper vote to $65B from $85b...this does nothing to dispell that expecation.
We posted a low-level marketing job last Friday and received over 4,000 CV's. That is the job market, nothing more. We previously eliminated 31% of our jobs in the last 12 months, more coming. Comp claims escalating from the under-performers, and a few of the ladies came to visit me then asking me to lock my door. Only 1 wanted to turn out the lights.
its so fucking sad how 175,000 ( if you actually believe that number, lol) jobs added is considered a great thing in todays economy,
fuck u obama, u should be impeached u fucking useless piece of shit. keep manipulating numbers, no matter what u do, u r the worst fucking president of all time.
Yesterday I went back and read some of the WSJ stories from 2006 about the NFP just to see how they characterized things.
With unemployment in the 4's, the media bemoaned numbers of this very same nature then.....
Well they're owned by the creeps that are ticking us up to the End. "This goose turd tastes rather great today," said mr. obammar. "Yes," concured mr. obernanker. "I believe we shall have another turd," he said with brown fiat coursing down his chin. "Yes," mr. obammar replied, "let's do."
Rate of job growth year over year has fallen from 1.7 % in May 2012 to 1.58% today.
A rational person might call that decelerating.
Good thing for the Maniacal Monetizer criminal overlords there's very few rational humans around today, so they can do whatever they feel like and everyone just watches like it's a reality TV show and not actually do anything about them.
ALL HEIL THE BETTER THAN EXPECTED FORCE LABOR NUMBERS!!
Non-POMO day and news not even near bad enough to stimulate Bernankian reflex. Good luck in the casino.
Beat expectations WITH unemployment rate going up. Well played, well played.
It's funny....I see even many ZH'ers believe it at all? All any of these numbers are now is just sheep herd control.
205K fake 'jobs' is appropriate to boost a fake 'market'
Anyone have hours worked figures?
Government numbers have a bit of a credibility issue these days.
Not sure these flat numbers are worth believing.
Hidden reality is far worse, but you can't tell the sheeple.
420,0000 added to the labor force...I doubt that...we have created a generation or two that will never want a job...government freebies are fine with them...sad but true
Food stamp use is at record highs no doubt due to all these wonderful new 'jobs' and people not counted because they are so depressed they have given up looking for jobs because there aren't any REAL ones only FAKE ones that don't pay real money so they can eat
Food stamp use is at record highs no doubt due to all these wonderful new 'jobs' and people not counted because they are so depressed they have given up looking for jobs because there aren't any REAL ones only FAKE ones that don't pay real money so they can eat
Yet we are DOUBLING the allowance for guest workers from overseas, to fill positions that we cannot fill.Believe that shite and we'll discuss some swampland I have for sale.My spouse is losing a job after 22yrs of service,along with many others.And no openings anywhere in this HUGE company.
cheap workers, assuming tech workers are a commodity.....
That is all it is. This cannot end well, but it is not sustainable as is
Fuck the banks. Challenge all your alleged debt. Use UCC as your tool. Copy the FTC, FHFA, COMPTROLLER OFF THE CURRENCY and your AG. ELIMINATE DEBT however you can and Fuck the banks. Tune in, turn on and drop out....still a good message.
Use cash to pay your bills so they can't see what you are doing and track your movements and purchases
The perfect fraud in a world of lies, deception and courrpt bankers and polituicians. Stocks up, Gold down, mission accomplished! I have had enough of these gangsters. 26 out of 37 Fridays Gold is down.
My gold has neither gone up nor down on any Friday. It just sits there, waiting.
Same here.
Anyone who says they lost their butt in Gold/Silver makes me scratch my head. I wonder... how? I didn't lose any of mine. It's all still right here.
April revised down 10%....ahahahahahaha! That is a massive statistical miss.
why the fuck is gold down 40?
this shit makes no sense
Down 40 what? Dollars? What's a dollar?
Never look a gift horse in the mouth. If you are actually believer in Gold you will simply buy more. Or perhaps an even more simple position to take is, you will not sell what you have.
Monetarily, I'm pretty poor. At least I think of myself as being pretty poor. Again, monetarily that is. What does that mean? That means that I don't have a lot of Gold. I used to care about the dollar price, so I know exactly where you are coming from. Then I realized that the dollar price doesn't matter, because of the reasons I bought Gold to begin with.
In other words, it comes down to what you believe in.
Donovan from Indiana Jones and the Last Crusade: "It's time to ask yourself what you believe."
Do you believe in unbacked irredeemable paper money being printed up out of thin air? Or do you believe in a commodity based money? If you believe in commodity based money then I believe you should ask yourself, what commodity you believe would the best for use as money?
I don't trust the NSA to getting my data correctly. So I sent them summaries each month. Just doing my part.
Today will mark the day of another short lived correction. It was fun while it lasted.
Today will mark the day of another short lived correction. It was fun while it lasted.
Today will mark the day of another short lived correction. It was fun while it lasted.
What is funny, even the bears are bulls now...for the time being. (except D. Kass)
I deny that!
"I don't need a job," the guy down the street says. "I got EBT and a Free cell phone. Why work?"
Bullshit!
Not going to get more than a 4-5% misstep as long as there is virtually no other options to place bets. Bonds, gold, commodities, Japan, Europe, Anartica, all poor choices compared to the Benny-bonfire-burn-it-all-and hope-for-the-best-rally.
"The unemployment rate is up because more people entered the workforce." (Obama talking head advisor)
Right!
Because yesterday Plumber joe was simply not working.
But today, he woke up and said it out loud, "I DON'T HAVE A JOB!" and the counters decided to start counting him again.
Funny how the same thing's not always the same thing.
How do you take your eggs?
I just wait for the revisions now! Of course most media outlets will never report or comment on the constant month to month downward revisions, only if they revise them upwards will it become a huge headline!
Keep fighting the Fed... Look how well that works.
I don't look at it like I'm fighting the Fed. I look at it like the Fed is fighting me because I love the free market, and the Fed hates the free market.
and yet as is always the case Gold and Silver get crushed, the SM gets back all its' losses. The neverending charade continues unabated.
So the obvious jobs report leak on Thursday mid-day sends the algo's into overdrive.
Was today's news not obvious?
Is a leak reallly a leak when it's actually an open faucet?
CNBC finally reported this morning: 62ms before 8:30am job report came out, Gold price dropped three times, so now they start to notice 'insider trade or maniuilation'.