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 | 4078901 ZeroPower
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Good for a new ATH today.

Tue, 10/22/2013 - 08:34 | 4078903 Shocker
Shocker's picture

No additional comment needed

Full Layoff / Business Closing List


Tue, 10/22/2013 - 08:35 | 4078913 Zer0head
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"The Fed has the tools to let the rich get richer"

D. malpass

Tue, 10/22/2013 - 09:05 | 4079054 TheMerryPrankster
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change "let" to "Guarantee" and the nature of the system becomes apparent.

Tue, 10/22/2013 - 12:20 | 4079739 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 | 4078928 SoilMyselfRotten
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Sumpins up, metals be poppin

Tue, 10/22/2013 - 08:39 | 4078936 olto
olto's picture

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

Tue, 10/22/2013 - 08:41 | 4078945 GetZeeGold
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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 | 4078996 I am more equal...
I am more equal than others's picture




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

Double secret probation for you non-believers.

Tue, 10/22/2013 - 09:53 | 4079225 superflex
superflex's picture

It still popped the 1330 resistance level.

That's encouraging.

Tue, 10/22/2013 - 08:37 | 4078929 GetZeeGold
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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 | 4078909 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 | 4078933 fonzannoon
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"I can't imagine that they would taper in this environment"

Tue, 10/22/2013 - 08:41 | 4078946 Obchelli
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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 | 4079046 TheMerryPrankster
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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 | 4078907 orangedrinkandchips
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dip and SHORT SQEEZE...again.


Keep on shorting guys....great strategy

Tue, 10/22/2013 - 08:35 | 4078912 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 | 4078914 TeamDepends
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In other news, we are now at war with Oceania.  We have always been at war with Oceania.

Tue, 10/22/2013 - 08:57 | 4079016 TheMerryPrankster
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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.

Tue, 10/22/2013 - 08:36 | 4078915 replaceme
replaceme's picture

as long as UE keeps dropping, me buy.

Tue, 10/22/2013 - 08:42 | 4078919 CheapBastard
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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.

Tue, 10/22/2013 - 08:36 | 4078920 RaceToTheBottom
RaceToTheBottom's picture

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

Tue, 10/22/2013 - 08:47 | 4078966 TeamDepends
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They will soon count looking for a job as "full employment".

Tue, 10/22/2013 - 08:37 | 4078924 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.

Tue, 10/22/2013 - 08:53 | 4078997 konputa
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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 | 4078925 Sudden Debt
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Tue, 10/22/2013 - 08:37 | 4078926 Mi Naem
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8:35AM Eastern USA -PM's sure got a hardon!

Tue, 10/22/2013 - 08:37 | 4078927 Dazman
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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 | 4078955 NoDebt
NoDebt's picture

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

Tue, 10/22/2013 - 08:37 | 4078931 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 | 4078973 NDXTrader
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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 | 4079145 mtremus
mtremus's picture


Tue, 10/22/2013 - 08:39 | 4078934 Sufiy
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.

Tue, 10/22/2013 - 08:39 | 4078937 onewayticket2
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"i cant imagine they'd taper in this environment"   - zandi


Peter Schiff:  1

almost everyone else:  0

Tue, 10/22/2013 - 08:44 | 4078960 Mi Naem
Mi Naem's picture

Jim Rickards called it, too. 

Tue, 10/22/2013 - 08:39 | 4078940 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 | 4078963 fonzannoon
fonzannoon's picture

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

Tue, 10/22/2013 - 08:55 | 4079006 GetZeeGold
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So confident.....he's removed all stops.


Sick'em fonz!

Tue, 10/22/2013 - 09:01 | 4079037 fonzannoon
fonzannoon's picture

This makes me ill man.

Tue, 10/22/2013 - 08:40 | 4078942 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 | 4078943 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 | 4078947 GrinandBearit
GrinandBearit's picture

UE dropped to 7.2% huh?

What a total farce.

Tue, 10/22/2013 - 08:51 | 4078984 papaswamp
papaswamp's picture

Amazing what happens when the denominator is smaller.

Tue, 10/22/2013 - 08:42 | 4078948 praps
praps's picture

That was definitley leaked to the gold traders.

Tue, 10/22/2013 - 08:44 | 4078959 GrinandBearit
GrinandBearit's picture

You mean gold algos

Tue, 10/22/2013 - 08:43 | 4078953 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 | 4078954 Cursive
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Job gains in construction, wholesale trade and transportation/warehousing?  Sure.  Very credible.

Tue, 10/22/2013 - 08:45 | 4078958 Iam Yue2
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I think I missed again;

Tue, 10/22/2013 - 08:48 | 4078969 FreeBull
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has anybody seen how gold has Popped and the Dollar took a Nose Dive since the jobs report...

Tue, 10/22/2013 - 08:51 | 4078980 LawsofPhysics
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yes, yes, and japan is imploding...

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