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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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Tue, 10/22/2013 - 08:32 | Link to Comment ZeroPower
ZeroPower's picture

Good for a new ATH today.

Tue, 10/22/2013 - 08:34 | Link to Comment Shocker
Shocker's picture

No additional comment needed

Full Layoff / Business Closing List

http://www.dailyjobcuts.com

.

Tue, 10/22/2013 - 08:35 | Link to Comment Zer0head
Zer0head's picture

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

D. malpass

Tue, 10/22/2013 - 09:05 | Link to Comment TheMerryPrankster
TheMerryPrankster's picture

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

Tue, 10/22/2013 - 12:20 | Link to Comment asteroids
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.

Tue, 10/22/2013 - 08:37 | Link to Comment SoilMyselfRotten
SoilMyselfRotten's picture

Sumpins up, metals be poppin

Tue, 10/22/2013 - 08:39 | Link to Comment olto
olto's picture

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

Tue, 10/22/2013 - 08:41 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

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

Tue, 10/22/2013 - 08:53 | Link to Comment I am more equal...
I am more equal than others's picture

 

 

 

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

http://www.youtube.com/watch?v=ROxvT8KKdFw

Double secret probation for you non-believers.

Tue, 10/22/2013 - 09:53 | Link to Comment superflex
superflex's picture

It still popped the 1330 resistance level.

That's encouraging.

Tue, 10/22/2013 - 08:37 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

September jobs are a disappointment

 

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

Tue, 10/22/2013 - 08:34 | Link to Comment Obchelli
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

Tue, 10/22/2013 - 08:38 | Link to Comment fonzannoon
fonzannoon's picture

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

Tue, 10/22/2013 - 08:41 | Link to Comment Obchelli
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

Tue, 10/22/2013 - 09:03 | Link to Comment TheMerryPrankster
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.

Tue, 10/22/2013 - 08:33 | Link to Comment orangedrinkandchips
orangedrinkandchips's picture

dip and SHORT SQEEZE...again.

 

Keep on shorting guys....great strategy

Tue, 10/22/2013 - 08:35 | Link to Comment HoofHearted
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!

Tue, 10/22/2013 - 08:36 | Link to Comment TeamDepends
TeamDepends's picture

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

Tue, 10/22/2013 - 08:57 | Link to Comment TheMerryPrankster
TheMerryPrankster's picture

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

Yew ESS AYYY, YEW ESSS AYYY

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.

Tue, 10/22/2013 - 08:36 | Link to Comment replaceme
replaceme's picture

as long as UE keeps dropping, me buy.

Tue, 10/22/2013 - 08:42 | Link to Comment CheapBastard
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.

 

http://seattletimes.com/html/businesstechnology/2022055349_boeinglayoffs...

Tue, 10/22/2013 - 08:36 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

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

Tue, 10/22/2013 - 08:47 | Link to Comment TeamDepends
TeamDepends's picture

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

Tue, 10/22/2013 - 08:37 | Link to Comment Sufiy
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. http://sufiy.blogspot.co.uk/2013/10/gold-catalyst-china-aiming-for-de.html#

Tue, 10/22/2013 - 08:53 | Link to Comment konputa
konputa's picture

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

Tue, 10/22/2013 - 08:37 | Link to Comment Sudden Debt
Sudden Debt's picture

THAT'S AMERICAN MATH FOR YA BABY!!

NICE TO SEE THE "no child left behind" IS WORKING!! WHO NEEDS MATH ANYWAY??!!

 

Tue, 10/22/2013 - 08:37 | Link to Comment Mi Naem
Mi Naem's picture

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

Tue, 10/22/2013 - 08:37 | Link to Comment Dazman
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.

Tue, 10/22/2013 - 08:44 | Link to Comment NoDebt
NoDebt's picture

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

Tue, 10/22/2013 - 08:37 | Link to Comment mtremus
mtremus's picture

gives them the cover to keep QE chugging along

1,750 on the S&P today

Tue, 10/22/2013 - 08:49 | Link to Comment NDXTrader
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

Tue, 10/22/2013 - 09:29 | Link to Comment mtremus
mtremus's picture

thanks

Tue, 10/22/2013 - 08:39 | Link to Comment Sufiy
Sufiy's picture

Real shape of the economy Shadowstatistics.com:

 


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.

http://sufiy.blogspot.co.uk/2013/10/gold-catalyst-john-williams-very.html#

Tue, 10/22/2013 - 08:39 | Link to Comment onewayticket2
onewayticket2's picture

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

 

Peter Schiff:  1

almost everyone else:  0

Tue, 10/22/2013 - 08:44 | Link to Comment Mi Naem
Mi Naem's picture

Jim Rickards called it, too. 

Tue, 10/22/2013 - 08:39 | Link to Comment Non Passaran
Non Passaran's picture

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

Tue, 10/22/2013 - 08:45 | Link to Comment fonzannoon
fonzannoon's picture

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

Tue, 10/22/2013 - 08:55 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

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

 

Sick'em fonz!

Tue, 10/22/2013 - 09:01 | Link to Comment fonzannoon
fonzannoon's picture

This makes me ill man.

Tue, 10/22/2013 - 08:40 | Link to Comment papaswamp
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.

Tue, 10/22/2013 - 08:41 | Link to Comment ejmoosa
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.

Tue, 10/22/2013 - 08:41 | Link to Comment GrinandBearit
GrinandBearit's picture

UE dropped to 7.2% huh?

What a total farce.

Tue, 10/22/2013 - 08:51 | Link to Comment papaswamp
papaswamp's picture

Amazing what happens when the denominator is smaller.

Tue, 10/22/2013 - 08:42 | Link to Comment praps
praps's picture

That was definitley leaked to the gold traders.

Tue, 10/22/2013 - 08:44 | Link to Comment GrinandBearit
GrinandBearit's picture

You mean gold algos

Tue, 10/22/2013 - 08:43 | Link to Comment Shizzmoney
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!

Tue, 10/22/2013 - 08:44 | Link to Comment Cursive
Cursive's picture

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

Tue, 10/22/2013 - 08:45 | Link to Comment Iam Yue2
Iam Yue2's picture

I think I missed again;

 

http://www.youtube.com/watch?v=PoTz3WgZm4c

Tue, 10/22/2013 - 08:48 | Link to Comment FreeBull
FreeBull's picture

has anybody seen how gold has Popped and the Dollar took a Nose Dive since the jobs report...http://goo.gl/6o4tpQ

Tue, 10/22/2013 - 08:51 | Link to Comment LawsofPhysics
LawsofPhysics's picture

yes, yes, and japan is imploding...

Tue, 10/22/2013 - 08:49 | Link to Comment LawsofPhysics
LawsofPhysics's picture

We will continue to "beat expectations" all the way down...

Same as it ever was ...  (with considerably more doublespeak this time around)

Tue, 10/22/2013 - 08:50 | Link to Comment Tsar Pointless
Tsar Pointless's picture

Not seasonally adjusted, the participation rate is 63.2%. This rate never got higher than 64.0% this year, the lowest high in any year since 1977. Which hardly counts, because up until that time, the participation rate was never that high, as women in the workplace grew slowly through the 1970s.

Those considered to be not in the labor force is now 2 million higher than the corresponding month in 2012, and marks the fourth time this year the number has been over 90 million. In addition, that height was never before reached until this year.

I guess what I'm trying to say is - BULLISH. Buy moar stawks.

Tue, 10/22/2013 - 08:51 | Link to Comment Sufiy
Sufiy's picture

Now with Yellen at the FED and No Taper in 2013, what to expect next?


Peter Schiff On Gold Catalyst: Janet Yellen Exposed - The Truth Behind the Myth

Peter Schiff separates truth from the mass media hype about Janet Yellen's real track record. As we have discussed before, her core beliefs are even more neo-keynesian than those of Ben Bernanke. The new play book for the FED is written by Michael Woodford and it will be even more fundamentally positive for the Gold. We can expect continuation of "pro-growth policies" with very little regard for the created bubbles along the way.
  Peter was right about the Housing Bubble in 2006, he was right about the "Tapering" in September, what will happen if he is right again with his Call on Gold? We will provide his discussion on Gold and our entry on Michael Woodford to dig it out more for interested.

 

http://sufiy.blogspot.co.uk/2013/10/peter-schiff-on-gold-catalyst-janet.html#

Tue, 10/22/2013 - 08:51 | Link to Comment FreeBull
FreeBull's picture

CNBC tries to put things on the bright side in their Jobs Report Headlines 

Job-creation weakens, but unemployment rate down

 

http://www.cnbc.com/id/101131915

Tue, 10/22/2013 - 08:53 | Link to Comment orangedrinkandchips
orangedrinkandchips's picture

The big FRUSTRATION comes from the fact that I and so many other people are STILL LIVING IN THE 20TH CENTURY....WRONG!

 

We are in a new world where we are MANIPULATED 24/7. I HAVE A HARD TIME COMING TO TERMS WITH IT. I cant bet on a football game when it's RIGGED!

 

That is the way it is going to be....you cant win....you buy into this bullshit and you get burned.....

 

 

Tue, 10/22/2013 - 08:55 | Link to Comment AKrandy
AKrandy's picture

Lighting up a cigar. "I love it when a plan comes together"

Tue, 10/22/2013 - 08:57 | Link to Comment sphindog
sphindog's picture

Gartman: "Gold looks terrible...glad I bought in terms of Yen, not dollars."

Right. Apology accepted. Loser.

Tue, 10/22/2013 - 09:00 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Dennis the Menace.

Tue, 10/22/2013 - 08:59 | Link to Comment youngman
youngman's picture

I bet we are green today..there is nothing left to spend your money on....you are not expanding your business...you are not loaning money..so you buy Netflix for the ride...and like all rides at the carnival..they end at some point...

Tue, 10/22/2013 - 09:39 | Link to Comment Steve in Greensboro
Steve in Greensboro's picture

Good God!  If people don't stop dropping out of the workforce or taking part-time jobs at McDonalds, the unemployment rate will drop down to levels that the Fed says it will stop QE! 

Do I think they will really stop QE?  No, of course not.  They can't stop.  But it will be interesting to hear them explain why they have to continue to print money at a 6.4% unemployment rate.

Tue, 10/22/2013 - 09:53 | Link to Comment orangegeek
orangegeek's picture

tomorrow the number will restated and everything will be fine - haven't been updated on food stamps report - 48.8M last I heard.

 

on a lighter note, O'Reilly over at Fox News just forecast the assassination of Obama

 

http://video.foxnews.com/v/2759634748001/it-is-personal-between-presiden...

 

"... THOSE BAD FEELINGS ARE REMINISCENT OF DALLAS, TEXAS AND THE RUNUP TO PRESIDENT KENNEDY'S ASSASSINATION. ..."

 

It's just gets more bullish by the moment. 

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