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June Payrolls +195K Much Higher Than Expected; Underemployment Rate Soars To 14.3%

Tyler Durden's picture




 

So much for any doubts about a September taper: with the street expecting a 165K NFP number for June, the actual print of 195K following an upward revised May print of 195K as well, means the Fed's September flow fade, aka Taper, is now virtually assured. On the other side, the Household Survey printed a 160K increase in jobs. The Unemployment Rate stayed at 7.6% despite expectations of a drop to 7.5%, although the real action was in the underemployment rate which exploded from 13.8% to 14.3%.

The Civilian Labor Force rose once again, printing at 63.5% with the labor force rising from 155,658
to 155,835.

 

The U-6, aka the Underemployment Rate, is not doing too hot:

From the report:

Total nonfarm payroll employment increased by 195,000 in June, in line with the average monthly gain of 182,000 over the prior 12 months. In June, job growth occurred in leisure and hospitality, professional and business services, retail trade, health care, and financial activities.  (See table B-1.)

Leisure and hospital ity added 75,000 jobs in June. Monthly job growth in this industry has averaged 55,000 thus far in 2013, almost twice the average gain of 30,000 per month in 2012. Within leisure and hospitality, employment in food services and drinking places continued to expand, increasing by 52,000 in June. Employment in the amusements, gambling, and recreation industry also continued to trend up in June (+19,000).

Employment in professional and business services rose by 53,000 in June. Job gains occurred in management and technical consulting services (+8,000) and in computer systems design and related services (+7,000). Employment continued to trend up in temporary help services (+10,000). Over the past year, professional and business services has added 624,000 jobs.

Retail trade employment increased by 37,000 in June. Within retail trade, employment increased by 9,000 in building material and garden supply stores and by 8,000 in motor vehicle and parts dealers. Employment in wholesale trade continued to trend up (+11,000).

Health care continued to add jobs in June, with a gain of 20,000. Within the industry, employment continued to trend up in ambulatory health care services (+13,000). A gain of 5,000 jobs in hospitals followed a loss of 8,000 jobs in May.

Employment in financial activities rose by 17,000 in June, with most of the increase occurring in credit intermediation (+6,000) and in insurance carriers and related activities (+6,000).

Federal government employment continued to trend down in June (-5,000) and has declined by 65,000 over the past 12 months.

Employment in most other major industries, including mining and logging, construction, manufacturing, and transportation and warehousing, showed little change in June.

The average workweek for all employees on private nonfarm payrolls was unchanged in June at 34.5 hours. In manufacturing, the workweek increased by 0.1 hour to 40.9 hours, and overtime was unchanged at 3.3 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours. (See tables B-2 and B-7.)

In June, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents to $24.01. Over the year, average hourly earnings have risen by 51 cents, or 2.2 percent. In June, average hourly earnings of private-sector production and nonsupervisory employees increased by 5 cents to $20.14. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for April was revised from +149,000 to +199,000, and the change for May was revised from +175,000 to +195,000. With these revisions, employment gains in April and May combined were 70,000 higher than previously reported.

More shortly.

 

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Fri, 07/05/2013 - 08:36 | 3723097 Shocker
Shocker's picture

Call it a Recovery, Recession, Slow Down, no matter the name. This economy is still in rough shape

Layoff / Business Closing List
http://www.dailyjobcuts.com
-

Fri, 07/05/2013 - 08:40 | 3723114 Boba Fiat
Boba Fiat's picture

Yay for "leisure and hospitality" leading the way!  Promising careers in bike rentals, mini-golf and room service await you.  But only for the summer.

Fri, 07/05/2013 - 08:44 | 3723132 overmedicatedun...
overmedicatedundersexed's picture

I see it in my local economy-better jobs

I see none of this better jobs BS in my local economy

vote for one

Fri, 07/05/2013 - 09:35 | 3723339 Long-John-Silver
Long-John-Silver's picture

Receiving Government entitlements is not a job.

Fri, 07/05/2013 - 12:10 | 3723847 overmedicatedun...
overmedicatedundersexed's picture

poll update  27 votes it's BS, 3 up votes of which only one fred tells us what local economy is good, perhaps one the other 2 up voters could identify where the local economy is good, so far just San Francisco, Nancy Pelosi is proud.

Fri, 07/05/2013 - 08:48 | 3723150 DeadFred
DeadFred's picture

Hookers for Wall Street

Fri, 07/05/2013 - 09:17 | 3723267 tmosley
tmosley's picture

Where are the seasonal adjustment figures!?

These numbers stink of lies.  I would bet on a seasonal adjustment of +110,000.

Fri, 07/05/2013 - 08:53 | 3723171 GMadScientist
GMadScientist's picture

Can't wait to see the Sally Struthers "Careers" commercial for the new reality:

- Bootlicker

- Lackey

- Henchman

- Poolboy

- Ball washer (not golf!)

- Sycophant

Step right up and be the first to grovel before the ones ripping you off. I'd rather "join em" and just steal it back than enrich these toadies one more cent.

Fri, 07/05/2013 - 09:08 | 3723230 Ben Dover
Ben Dover's picture

I shall pass the word on to the new hire, my coworker. She'll be glad to hear it!

Fri, 07/05/2013 - 08:44 | 3723117 Zer0head
Zer0head's picture

Rosenberg just now on BBG

we have a fed focused on deflation but there is none

nice call Dave - you're the best

now crawl back into your hole but not before kissing Jim Grant's ass

Fri, 07/05/2013 - 09:43 | 3723370 neidermeyer
neidermeyer's picture

Underemployment ? The new normal thanks to Obamacare is having a 20 hour a week job and looking for a second one.

Fri, 07/05/2013 - 08:38 | 3723103 Headbanger
Headbanger's picture

The punch bowl just vanished right off the table!

Fri, 07/05/2013 - 08:42 | 3723128 gjp
gjp's picture

Really?  Don't tell that to equities, still riding high off of easy money from Europe just yesterday.

Meanwhile supposed monetary tightening continues to be priced in in bonds and especially PMs ...

Fri, 07/05/2013 - 08:39 | 3723108 slaughterer
slaughterer's picture

Bullish!  The economy is recovering. 

Fri, 07/05/2013 - 08:40 | 3723109 PaperBear
PaperBear's picture

How many of these 195,000 jobs are the ‘do you want fries with that’ jobs ?

Fri, 07/05/2013 - 08:43 | 3723130 Beam Me Up Scotty
Beam Me Up Scotty's picture

Yes, and of those 195k fries jobs, those employers are reducing their hours below 30 hours per week, in preparation for Obamacare kicking in.  Maybe that will change a bit now that the employer mandate has been put off a year.

Maybe not.

Fri, 07/05/2013 - 09:11 | 3723242 Rogue Trooper
Rogue Trooper's picture

Look for the positive by 2018 Unemployment will still be 7.4% even though Underemployment will be around 90%. It has to get better from there and growth will be just around the corner.

Faith no moar.

Fri, 07/05/2013 - 08:45 | 3723139 Cursive
Cursive's picture

@PaperBear

How many are commission-based internet sales (yes, work from home and make money in your pajamas!)?  Pyramid sales groups like Primerica, Herbalife, etc.?

Fri, 07/05/2013 - 08:56 | 3723181 GMadScientist
GMadScientist's picture

Or "working" for conservative tax-resistance 501 c3s.

 

Fri, 07/05/2013 - 09:38 | 3723349 Long-John-Silver
Long-John-Silver's picture

These are part time jobs. People now work two part time jobs in an effort to maintain full time pay.

Fri, 07/05/2013 - 09:42 | 3723365 tmosley
tmosley's picture

360,000 of them.

Farces aren't nearly so funny when you live in them, but this even made me smile.

The REALLY funny part is that they didn't report the seasonal adjustment numbers.  I bet you can guess why.  I'd bet the entire "rise" was made up in that manner.

Fri, 07/05/2013 - 08:40 | 3723110 prains
prains's picture

the decimal point is there, you'll just have to squint

Fri, 07/05/2013 - 08:41 | 3723111 Racer
Racer's picture

And the only thing being hammered by this is of course gold, China will be smiling all the way to the vault with their new stash at bargain basement prices

Fri, 07/05/2013 - 08:40 | 3723112 Serfs Up
Serfs Up's picture

+195k means that the economy is better than at any time in years.  The best!!

BUT...the unchanged unemployment rate means that QE is in no danger of ending.

 

So...sell gold and buy stocks.

 

Got it?

 

Fri, 07/05/2013 - 08:47 | 3723144 Boba Fiat
Boba Fiat's picture

Sell gold?  At these lows?  Does not compute.  Think I'll just hold mine.

Fri, 07/05/2013 - 08:54 | 3723175 DeadFred
DeadFred's picture

Sell it. Hold it. Either way, but stay away from those accursed boats!

Fri, 07/05/2013 - 08:49 | 3723155 Serfs Up
Serfs Up's picture

Oh...and don't forget to check table A-8 (http://bls.gov/news.release/empsit.t08.htm) where you can find that part-time jobs increased by 185,000 in June...

 

True, this is household data so it cannot be directly subtracted from or comapred to the establishment data, but when we note that part-time jobs are up by 1,411,000 between June 2012 and June 2013 it says something about the quality of the jobs being created...

 

/Assumption:  these numbers are even worth parsing for meaning.

Fri, 07/05/2013 - 08:57 | 3723184 Cursive
Cursive's picture

@Serfs Up

Re: /Assumption

Yeah, funny how the revisions to the last two months and the number for this month are all magically clustered around 195k.

Fri, 07/05/2013 - 09:05 | 3723216 Osmium
Osmium's picture

The large increase in part time jobs shows that we are truly living in a Utopia.  People don’t need to work full time to pay their bills and now have much more leisure time to enjoy themselves.

 

Fri, 07/05/2013 - 08:40 | 3723113 Jahbulon
Jahbulon's picture

Obama replaces Ben with someone that will keep the kool-aid flowing.

Fri, 07/05/2013 - 09:30 | 3723328 MachoMan
MachoMan's picture

Ben had a safety word and he's been yelling it for quite a while...  It's not that he found religion, it's just that he knew where this was going before we departed and his part of the voyage had a pre-determined cutoff point.

Fri, 07/05/2013 - 08:40 | 3723116 Dr. Engali
Dr. Engali's picture

With this "booming" economy the Bernank needs to skip the tapering and jump straight to tightening. Go ahead Ben I dare you.

Fri, 07/05/2013 - 08:41 | 3723122 ThunderingTurd
ThunderingTurd's picture

This is it. Shorts on at the open. Earnings on Monday.

Fri, 07/05/2013 - 08:45 | 3723138 sphindog
sphindog's picture

What do they say about great minds?!

Fri, 07/05/2013 - 08:48 | 3723151 ThunderingTurd
ThunderingTurd's picture

Did anyone feel like if the NFP report was anywhere from -150,000 to +250,000 we were going to rip higher?

Fri, 07/05/2013 - 08:51 | 3723163 gjp
gjp's picture

And that PMs would get crushed lower?

Fri, 07/05/2013 - 09:05 | 3723217 SheepDog-One
SheepDog-One's picture

-150,000 and they'd have still ripped stocks far higher too no doubt.

Fri, 07/05/2013 - 09:33 | 3723333 knukles
knukles's picture

They share the same dorm at the feemahkamp?

Fri, 07/05/2013 - 09:00 | 3723199 Town Crier
Town Crier's picture

I wish I could short the phrase, "This is it!"

Fri, 07/05/2013 - 08:41 | 3723124 Everybodys All ...
Everybodys All American's picture

Taper on

Fri, 07/05/2013 - 08:41 | 3723125 musket
musket's picture

Sorry folks but after working for 15 years in the National Capitol Region I do not believe these numbers at all.  They are just changing the subject and the focus point for the media try and relieve the heat on the administration for their continued failure and agenda driven leadership.

Fri, 07/05/2013 - 08:47 | 3723146 Headbanger
Headbanger's picture

We're completely shocked at such a heretical statement!  Repent!

Fri, 07/05/2013 - 08:58 | 3723192 GMadScientist
GMadScientist's picture

Reagan was a terrorist.

Fri, 07/05/2013 - 09:18 | 3723276 DOT
DOT's picture

Bush's fault........

Fri, 07/05/2013 - 10:17 | 3723501 tarsubil
tarsubil's picture

After 69 days in office, Reagan was terrorized by the true powers. He then got in line. He wasn't so much a terrorist as he was just another actor.

Fri, 07/05/2013 - 08:42 | 3723126 billwilson
billwilson's picture

Wow ... everyone is going to be a waiter/waitress/cook .... an economy based on cooking for each other. Who would have thunk it.

All those college grads surely need their degrees to be wait staff.

Fri, 07/05/2013 - 08:50 | 3723159 IcarusOnFire
IcarusOnFire's picture

Need those advanced degrees to figure out when you are getting stiffed on the tips. It ain't easy to figure out what 15% of the bill is. Let's make it 20%, now we can do that with a college degree. Save the 15% for the graduate work.

Fri, 07/05/2013 - 09:01 | 3723202 NoDebt
NoDebt's picture

Hey- I went to Grad School.  Once.  They taught me that they make these things called calculators that can do the math for me.  If you find yourself without one (which a reportable offense), divide by 7 and you'll be in the ballpark.  And THAT'S why those guys make the big bucks.  I then said "check, please!" and walked out without leaving a tip.

Fri, 07/05/2013 - 09:27 | 3723308 GeezerGeek
GeezerGeek's picture

Are you telling me there's not a smartphone app for that? I may have to put off getting a smartphone just a bit longer.

 

Fri, 07/05/2013 - 10:23 | 3723533 tarsubil
tarsubil's picture

I drive by a wealthy suburb's historic down town restaurant district and saw a help wanted sign. I make good money and live frugally (I never ever go out to eat anymore) and I was thinking about applying for a little extra money and some nice food. These restaurants are loaded with people and it is baffling to see these people with all this money to waste. A combination of upper middle class upper management/mid-business owners and young adults without kids. Everyone else either with kids or not making more than 150K is essentially broke. This model cannot last another generation.

Fri, 07/05/2013 - 08:44 | 3723134 trillion_dollar...
trillion_dollar_deficit's picture

So was that slight uptick in the labor force participation rate responsible for the U6 explosion?

Fri, 07/05/2013 - 08:45 | 3723137 Homo Erectus
Homo Erectus's picture

Stolper stopped out ha ha ha!

Fri, 07/05/2013 - 09:28 | 3723315 GeezerGeek
GeezerGeek's picture

That didn't take long, did it?

Fri, 07/05/2013 - 08:46 | 3723143 BlankfeinDiamond
BlankfeinDiamond's picture

Any guesses as to what the true unemployment rate is, including all those who've given up as well as those underemployed? Maybe 20-25%?

Fri, 07/05/2013 - 08:48 | 3723152 sphindog
sphindog's picture

Futures already pulling back...it will be interesting to see how this goes down.

Fri, 07/05/2013 - 08:53 | 3723153 MFLTucson
MFLTucson's picture

Delete

Fri, 07/05/2013 - 08:51 | 3723154 IcarusOnFire
IcarusOnFire's picture

Why do we continue to pay attention to all this crap?

Fri, 07/05/2013 - 09:13 | 3723253 Bobbyrib
Bobbyrib's picture

Slow motion train wreck..

Fri, 07/05/2013 - 09:17 | 3723268 overmedicatedun...
overmedicatedundersexed's picture

poll up date 2 yes more jobs, 17 it's bs, San Fran area reported as booming (gotta look again at CA, a state I had being first to go BK high taxes crazy energy policy and rampant illegal workers)

Fri, 07/05/2013 - 09:44 | 3723378 DeadFred
DeadFred's picture

To clarify this is one small section of the Bay Area. Drive around this burg and the vanity plates will tell you what company the driver is CEO of. The hot weather makes these guys decide it's time to put in that vanishing edge pool they've been thinking of for a bit. It's hard to buy a house here without paying more than the asking price and often cash.
I know several younger people who got decent new jobs by giving up on their engineering training and taking data cruncher positions. It sucks for you if your SAT math score was under 700.

Fri, 07/05/2013 - 09:51 | 3723412 overmedicatedun...
overmedicatedundersexed's picture

fred could you have up voted twice?? seems the other up vote will not tell the zher's where there is the good local economy, national secret no doubt, I was thinking 1600 penn ave.

Fri, 07/05/2013 - 08:50 | 3723161 apberusdisvet
apberusdisvet's picture

Ho Hum; just another false set of numbers pulled directly from someone's ass, probably to keep the "recovery" meme alive.

But the critcal thinkers out there (yes there are a few of us left) know: that there has been at least 7% YOY inflation for the past 3 years; the middle class is being decimated; and household median income is still falling; and housing, supposedly the future growth producer, is about to hit another brick wall.

Fri, 07/05/2013 - 08:50 | 3723162 disabledvet
disabledvet's picture

"ambulatory care"? really? "hospitals on wheels" is where we're going here? anywho the Fed has already raised rates so any hope that this never existent recovery was going anywhere has already been "monetized." I mean treasuries getting "crushed" at 2.63 percent? I'm sure the spreads continue to stay wide of course (Portugal et al.) but that just means the endless hunt for greater liquidity continues. these policies are still recessionary and "anti private money supply growth."

Fri, 07/05/2013 - 08:51 | 3723164 MyBrothersKeeper
MyBrothersKeeper's picture

I still don't believe you will see any taper.  Time will tell

Fri, 07/05/2013 - 08:52 | 3723165 BlueStreet
BlueStreet's picture

Red by 10:00, circuit breakers by 11:00.

 

 

Fri, 07/05/2013 - 08:52 | 3723166 ejmoosa
ejmoosa's picture

SUddenly, we have an accelerating jobs market as profit margins are declining, profits year over year are down, greater regulations for workers, and Obamacare on the horizon?

 

I guess I was wrong.  Socialism and Keynesian Economics do work.

Profits do not matter.

All is good.

 

 

Fri, 07/05/2013 - 08:53 | 3723173 Manipuflation
Manipuflation's picture

Wow, well perhaps I should have an offer by now on this property I am trying to sell?  The phone ain't exactly ringing off the hook as they used to say.

Fri, 07/05/2013 - 08:54 | 3723176 jmcadg
jmcadg's picture

Wait a minute Dow up 30pts, S&P500 up 2.76.

Hardly a ringing endorsement. Will be red within the hour!

Fri, 07/05/2013 - 08:54 | 3723178 Yen Cross
Yen Cross's picture

     Who cares about the increase in part time jobs. Most multinationals derive 50% of their profits from overseas. Just wait and see how crude at $100 and the strong $ eats into their earnings in Q-3. ( oh ya the T-10 is back over 2.5% also)

Fri, 07/05/2013 - 09:05 | 3723194 overmedicatedun...
overmedicatedundersexed's picture

well so far in my little ZH poll, two votes for seeing  better jobs 13 for it's BS,  COULD THE UP VOTEs PLEASE TELL US WHAT LOCAL ECONOMY THEY ARE IN?? it would help many who are looking for work. Thanks in advance. 

Fri, 07/05/2013 - 09:06 | 3723221 DeadFred
DeadFred's picture

Upside bedroom community SF Bay Area. The place is booming. Forty miles away is still pretty dead. I don't expect it to last long but it is what it is. In 2009 I went into the local Home Depot on a Satirday AM and was the only customer in the store. Now there are lines at check out during week days.

Fri, 07/05/2013 - 09:11 | 3723246 overmedicatedun...
overmedicatedundersexed's picture

thanks Deadfred, SF bay area is booming, wonder why?

Fri, 07/05/2013 - 09:03 | 3723212 GMadScientist
GMadScientist's picture

You get the prize, YC.

What is it, something like -0.5% of GDP for every $10 in crude price rise?

Fri, 07/05/2013 - 09:24 | 3723294 Yen Cross
Yen Cross's picture

    " According to the International Monetary Fund, a $10-a-barrel increase in the price of oil reduces U.S. GDP growth by 0.5 percentage points"

Fri, 07/05/2013 - 09:28 | 3723318 overmedicatedun...
overmedicatedundersexed's picture

Tylers, maybe you should poll the zh community each time the employment report is out...so far it seems us ZHers

are a sorry lot with only 2 votes saying they see jobs improvement in their local economy..one of the two votes did not bother to tell us where his local area was, wonder why..thanks again deadfred for your reply.

Fri, 07/05/2013 - 08:55 | 3723179 docj
docj's picture

Congratulations, King Putt - after ordering Benron to print 5-7 Trillion USD (does anyone really know how much, in fact?) you've managed to claw the economy, 4-years into a Recovery, back to the same labor participation rate we had in JAN 1982 - as we were plunging into a pretty nasty recession.

And that's all assuming we can even believe this nonsense from the Bureau of Lies and Scams.

Fri, 07/05/2013 - 08:55 | 3723180 insanelysane
insanelysane's picture

I think the number is if not accurate at least reflective of a trend.  My 2 nephews home from school both got jobs this summer as opposed to last summer.  Of course these are low paying service jobs which they will give up in the fall which brings me to my point.

Just as the Fed is set to begin tapering in the fall, the numbers will drop due to kids returning to school, and we will not only not taper but an increase in QE to 100bn/month heading into the 2014 election cycle.

Fri, 07/05/2013 - 08:57 | 3723183 sphindog
sphindog's picture

Gotta love CNBC's headline: "U.S. job growth accelerated in June, though probably not at a pace fast enough to encourage the Federal Reserve to pull back on its monetary easing policy."

In other words..."Please Ben...puhleeeeze!"

Fri, 07/05/2013 - 09:07 | 3723227 Everybodys All ...
Everybodys All American's picture

These people are propagandist's paid for by the central planners in the WH.

Fri, 07/05/2013 - 08:57 | 3723186 ak_khanna
ak_khanna's picture

The true extent of slowdown in the world economy can be judged by the data points which are not subjected to adjustments by the government. Eg. Change in Electricity and Fuel consumption, Ratio of working population to the total population of a country, Miles driven, Baltic Dry Index, Change in commercial Rental Rates etc

The weakness in the democratic process ensures the victory of the Wall Street over the Real Economy for the foreseeable future. Things are definitely going to get much much worse before they get better for the real economy i.e. for more than 90% of the population.

http://www.marketoracle.co.uk/Article40231.html

Fri, 07/05/2013 - 08:59 | 3723195 Peter Pan
Peter Pan's picture

I must be madochist. I see the price of gold dropping like a lead balloon and all I can keep doing is buy more.

I will therefore chase the price down all the way to its peak.

Think about that for a while, it is not a misprint.

Fri, 07/05/2013 - 09:01 | 3723203 jmcadg
jmcadg's picture

Lol.

Who needs an hour, try 6 minutes.

Taper on.

Fri, 07/05/2013 - 09:02 | 3723204 Mr. Hudson
Mr. Hudson's picture

Gold is taking a beating.

Fri, 07/05/2013 - 09:09 | 3723233 Manipuflation
Manipuflation's picture

Paper gold is taking a beating is all.  Phyzz holders could care less.

Fri, 07/05/2013 - 09:49 | 3723403 WmMcK
WmMcK's picture

I'm a phyzz holder and I do care because silver is taking a worse beating and the LCS will give me more today (which I will trade for gold when the GSR reverts).

64.71 is ridiculous, if it breaks 66 again I'll back up the truck and the boat.

 

 

Fri, 07/05/2013 - 09:02 | 3723209 thismarketisrigged
thismarketisrigged's picture

the 10 year is at 2.70.

 

things are going to be fun today.

Fri, 07/05/2013 - 09:06 | 3723218 Everybodys All ...
Everybodys All American's picture

No way the equity market will hold these levels with the huge move in the ten yr.

Fri, 07/05/2013 - 09:39 | 3723225 Backtable
Backtable's picture

Great, at this rate we'll get the 'official' unemployment rate to zero and no one will be working! What'll they think of next, a CPI that doesn’t include fuel prices, health insurance premiums, or college tuition? Oh wait...never mind.

 

 

 

Fri, 07/05/2013 - 09:09 | 3723235 trillion_dollar...
trillion_dollar_deficit's picture

731k jobs "created" since the doomsday sequester went into effect

Fri, 07/05/2013 - 09:10 | 3723238 jmcadg
jmcadg's picture

Listening to Tom Keene. So in love with his own voice, he doesn't listen and he doesn't look.

Everything is brilliant!!!!

Dow dropping before his eyes. 15181 to 15059 in 25 minutes and falling. Hilarity ensues.

Fri, 07/05/2013 - 09:12 | 3723249 Monedas
Monedas's picture

They have painted themselves into the proverbial (recently invented by Moi-nedas) "Keynesian Korner" .... with red paint .... and the only escape is to paint the Parabolic Walls !   LOL

Fri, 07/05/2013 - 09:14 | 3723260 Divine Wind
Divine Wind's picture

 

 

 

But.... But.... But....

Enter John Williams of Shadow Stats, STAGE LEFT.

Fri, 07/05/2013 - 09:26 | 3723305 jmcadg
jmcadg's picture

I can't take Tom Keene seriously (not sure if I ever did!)

quote "Housing GREAT, Autos GREAT, so why do I not feel good"?

Maybe because you believe you're own bullshit.

Fri, 07/05/2013 - 09:31 | 3723329 Monedas
Monedas's picture

Federal employment is down 5K .... my ass .... where's the savings .... spent on contractors .... who do business with the government ?   So much BS 101 !

Fri, 07/05/2013 - 09:39 | 3723356 GeezerGeek
GeezerGeek's picture

Thinking about the reaction here to the payroll numers, I'm struck that the ZH crowd reminds me a lot of the Twilight Zone episode wherein William Shatner, on an airplane, looks out the window and sees a monster trying to destroy an engine. No one else sees it.

Likewise, ZHers see monsters trying to destroy the global economy, liberty, etc., but no one else seems to notice or at least care.

Unlike the TV show, where damage is seen after the plane lands and Shatner sent off to the loony bin (am I allowed to use such language here?), when everything crashes and burns around us there will be no one left to do an honest assessment of what we all claim to see now, before the end.

So while I'm singing (in my mind) "they're coming to take me away, hee hee ha ha" (from the banned song of the same name, which I still have on a 45, and as an aside the flip side of the record was the same song in revers, as was the printed label; sounded oddly Russian) I'll be wondering if it will be "those nice young men in their clean white coats" or some goons from DHS/FEMA.

 

 

Fri, 07/05/2013 - 10:08 | 3723466 Tombstone
Tombstone's picture

Well, looks like Benny finally fixed the US.  He still has much work to do in reviving Europe, Japan and China.  Despite CNBC ratings going backwards, they still love to primp the markets.  Buy everything.

Fri, 07/05/2013 - 12:26 | 3723915 starman
starman's picture

without dopping you cant win! "Lance Armstrong"

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