September Nonfarm Payrolls Miss 148K vs Exp. 180K; Unemployment Rate Drops to 7.2%

Tyler Durden's picture

September jobs are a disappointment at 148K vs expectations of 180K and private jobs only 126K well below the 180K expected, but August was revised higher this time, from 169K to 193K even as July dipped once again from 104K to 89K. Net for the three months, largely a wash.

From the Household Survey:

The unemployment rate, at 7.2 percent, changed little in September but has declined by 0.4 percentage point since June. The number of unemployed persons, at 11.3 million, was also little changed over the month; however, unemployment has decreased by 522,000 since June.

Among the major worker groups, the unemployment rates for adult men (7.1 percent), adult women (6.2 percent), teenagers (21.4 percent), whites (6.3 percent), blacks (12.9 percent), and Hispanics (9.0 percent) showed little or no change in September. The jobless rate for Asians was 5.3 percent (not seasonally adjusted), little changed from a year earlier. 

In September, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 4.1 million. These individuals accounted for 36.9 percent of the unemployed. The number of long-term unemployed has declined by 725,000 over the past year.

Both the civilian labor force participation rate, at 63.2 percent, and the employment-population ratio at 58.6 percent, were unchanged in September. Over the year, the labor force participation rate has declined by 0.4 percentage point, while the employment- population ratio has changed little.

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was unchanged at 7.9 million in September. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.

And the establishment:

Total nonfarm payroll employment increased by 148,000 in September, with gains in construction, wholesale trade, and transportation and warehousing. Over the prior 12 months, employment growth averaged 185,000 per month.


Employment in construction rose by 20,000 in September, after showing little change over the prior 6 months.

The Labor Force Participation Rate was flat at 63.2%: the lowest in over 30 years.


3rd monthly miss in a row for Private Payrolls...


as the unemployment rate drops to Nover 2008 lows...

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ZeroPower's picture

Good for a new ATH today.

Shocker's picture

No additional comment needed

Full Layoff / Business Closing List


Zer0head's picture

"The Fed has the tools to let the rich get richer"

D. malpass

TheMerryPrankster's picture

change "let" to "Guarantee" and the nature of the system becomes apparent.

asteroids's picture

Expect a surge in Food Stamps, just in time for Thanksgiving! I'm sure this is setting up for a Merry Christmas too.

SoilMyselfRotten's picture

Sumpins up, metals be poppin

olto's picture

It's a bot trade---signed and all

GetZeeGold's picture



I shouldn't have announced I was looking to buy. I get kicked in the ass every time I do that.

I am more equal than others's picture




John Belushi coughing in the back row......bulllllllshit......bulllllshit.......

Double secret probation for you non-believers.

superflex's picture

It still popped the 1330 resistance level.

That's encouraging.

GetZeeGold's picture



September jobs are a disappointment


Aww double crap! At least a lot more people will qualify for free expensive healthcare.

Obchelli's picture

Hillarious missing on everything downward revisions and market shoots up and this idiots on CNBC do not even comment on this BS.


Avarage hourly earnings are in a crapper too

fonzannoon's picture

"I can't imagine that they would taper in this environment"

Obchelli's picture

Zandi this F88g moron was saying how great economy is when "manufactured" number was arount 180 now he can't imagine they could Taper in this environment... And all leasman and Kernan are discussing is Ted Cruz cuban or Mexican implying with their tone he is not welcome in this country

TheMerryPrankster's picture

They just wind them up and turn on the camera and they spew the same old shit, there is no context and there is no history.

No one has their previous comments reviewed there is no past, only now, and now is a window of distortion, pure propaganda push down your throat by the media/state for their agenda.

Turn off the TV, turn off the lies, look around you and understand the world you really live in.

more layoffs and unemployment goes down and you shouldn't ask questions just buy more I-Junk and load up on stocks and bonds, to the moon Alice. Conscious thought has been outlawed, only looting and grifting are legal, are you a mark or are you a looter, there are only 2 jobs left in America.

orangedrinkandchips's picture

dip and SHORT SQEEZE...again.


Keep on shorting guys....great strategy

HoofHearted's picture

And what is the new (non-) participation rate??? The devil is always in the details. I bet we have another dip in the partition rate that we can be looking to buy!

TeamDepends's picture

In other news, we are now at war with Oceania.  We have always been at war with Oceania.

TheMerryPrankster's picture

You must remember Oceania are terrorist bent on destroying our way of life. They hate our freedoms.


An insane man staring into a mirror at his enemy.

Unemployment is merely a symptom of the disease, and the point of the government is to deny that the disease exists.

We are in a recovery, green shoots and all that.

replaceme's picture

as long as UE keeps dropping, me buy.

CheapBastard's picture
Boeing issues 200 more layoff notices in Washington


Boeing confirmed Wednesday that it issued more than 300 layoff notices companywide last week, about 200 of them in Washington state.

RaceToTheBottom's picture

Pretty soon we will have 4.5% unemployed and no one working....

TeamDepends's picture

They will soon count looking for a job as "full employment".

Sufiy's picture

Who leaked data this time?


Gold +$5 at 8.27

Gold +$18 at 8.33


USD is below 79.40 - damage is accelerating now...

Gold catalyst: China aiming for 'de-Americanised world’ with renminbi replacing dollar

The Telegraph reports about the implementation of the China's long-term plan to diversify out of US Dollar denominated assets. UK trade delegation was recently visiting China and making a lot of deals with the message that "we would like to be the part of The Growing China Story".    It is interesting that Alasdair Macleod is quoted by the mainstream UK paper now. The mega trend and major geopolitical shift is making it to the surface now, US Dollar is losing its status of Reserve Currency Of Choice. With this perspective in mind China's appetite for GoldCopperLithium and other commodities is making a lot of sense.

konputa's picture

Check out the dip on AUD/JPY at 8:29 as well. 95.03 to 94.86 right before the release.

Sudden Debt's picture




Mi Naem's picture

8:35AM Eastern USA -PM's sure got a hardon!

Dazman's picture

Gold ticked the right way in the 15 minutes or so before the release. I feel like someone gets this data early.

NoDebt's picture

Impossible.  The government is open again and the CFTC is on the job.

mtremus's picture

gives them the cover to keep QE chugging along

1,750 on the S&P today

NDXTrader's picture

1750 on the open. May get to 1800 by the end of the month. There will be a 50-100 point decline sometime in early Nov due to shaking call holders out, which should provide a great buying opportunity. It's the great "illusion of money" - when the measuring stick ($) is getting shorter everything it measures is getting longer

Sufiy's picture

Real shape of the economy


Gold Catalyst - John Williams: Very Serious Trouble in this Next Year - Weaker Dollar and Hyperinflation

 John Williams is very respected economist who is providing  the real economic data, which is not massaged by the government desires and wishful thinking. His view at the crucial juncture for US Economy and Health of US dollar us very important to share now.

onewayticket2's picture

"i cant imagine they'd taper in this environment"   - zandi


Peter Schiff:  1

almost everyone else:  0

Mi Naem's picture

Jim Rickards called it, too. 

Non Passaran's picture

"Unemployment" is down to 7.2%, 0.1% "lower"...
Gold up to 1333, woo hoo!

fonzannoon's picture

they are letting the air out of the gold tire as we speak.

GetZeeGold's picture



So confident.....he's removed all stops.


Sick'em fonz!

papaswamp's picture

Not seasonally adjusted:
Full time drops by over 500,000, part time increases (A-9)
Participation rate drops by 0.1
Employment to pop ratio drops by 0.1
Number of govt workers increases.

ejmoosa's picture

We are averging 27,000 fewer jobs per month in 2013 than we did in 2012.


That's the new definintion of Improving.

GrinandBearit's picture

UE dropped to 7.2% huh?

What a total farce.

papaswamp's picture

Amazing what happens when the denominator is smaller.

praps's picture

That was definitley leaked to the gold traders.

Shizzmoney's picture

  • Deutsche Bank 170k
  • Bank of America 170k
  • HSBC 171k
  • Citigroup 180k
  • UBS 195k
  • JP Morgan 195k
  • Barclays 200k
  • Goldman Sachs 200k

Look at all of these assholes predicitions.  I predicted 192K, but that was also because I think the number is fraudulent and temp jobs often get "rehypothecated" IMO.

Weekly earnings only rose 0.4%.  I guess thats one way to keep down inflation!

Cursive's picture

Job gains in construction, wholesale trade and transportation/warehousing?  Sure.  Very credible.

FreeBull's picture

has anybody seen how gold has Popped and the Dollar took a Nose Dive since the jobs report...

LawsofPhysics's picture

yes, yes, and japan is imploding...