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Philly Fed Tumbles, Number Of Employees, Employee Workweek Both Plunge; Stocks Surge
With the market not sure what bad news would send it soaring higher today, here comes the Philly Fed to save the day by tumbling from October's 19.8 to a paltry 6.5, slamming through expectations of 15.0 - the biggest miss since February - and assuring that ahead of today's POMO there is enough ammunition for a stock ramp to end the three days of declines.
But while the leading indicators of New Orders, Shipments and Unfilled Orders all plunged (from 27.5 to 11.9; from 20.4 to 5.6 and from 9.1 to -4.2, respectively), it was the jobs number that showed just how bad things really are with the Number of Employees and Average Employee Workweek both sliding from 15.4 to 1.1, and from 8.5 to -8.6.
This is what the report said: "Labor market indicators showed little improvement this month. The current employment index fell 14 points from its reading in October (which was at a two?year high), to 1.1. Nearly 13 percent of the firms reported increases in employment, which is lower than the 23 percent that reported increased employment last month. Firms, on balance, reported lower work hours, with the average workweek index falling from 8.5 to -8.6 this month."
Thank you Obamacare for making even more workers into part-timers.
And broken down by components:
And now, since the economy is once again sliding on every possible banana peel, we can calmly go back to the "market" ramp.
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Welcome to the part-time zombie nation
Even the Elephants at the local Zoo can't remember the last time stocks weren't surging.
Does anyone remember how to trade stocks / bonds in a "normal" world anymore?
It's all Bullshit!!
And now back to our regularly scheduled RAMP. BTFATHs
Stocks can't contain their excitement on this horrible news.
#winning
A true contrary indicator.
How sick is that?
the free-fall is only a month or two away. The BLS number fudging scandal came at just the right time.
The 10yr aint buying it....
The neck of the cute little head and shoulders formed in the last months breaks at about 125.80. Watch that level, it could be an epic move if/when that breaks.
They've been trotting out a lot of doom and gloom analysts lately to pull in and then torch more shorts. Seems pretty much on schedule for a few more weeks of ramping following by a sudden dump.
They will try to blame this on the government shutdown...buts its more likely Obamacare kicking in..or the fear of Obamacare kicking in....
How about that there is no real economy anymore. The shutdown and Obamacare are icing on a mile high multi-layered wedding cake of shit. Greenspan and the Bernank are on the top of the cake in Tuxedos.
And to prove the manipulation a continued slamming of gold on taper talk bullshit
Nitrous balloons in the Jetro parking lot before Eagles or Phillies games is the only growth industry in Philly. That and tight men's jeans and brunch restaurants.
Epic!
Obamacare once fully implemented will make these days seem like the best of times. How sad...
Zombie everything. Holy crap. At least PMs are on sale.
beyond words all, just beyond words.
POMO, baby... $4.25-$5.25B today
FOR WHAT ALREADY!?
Just stop the insanity of this whole scheme to pump up the big banks in the name of saving Main Street from the abyss.
It's a big fucking joke like the moron in the White House!
Was it this or was it JaBernanQellen's nomination that excited the algos?
probly going to go on ssdi and food stamps cause working is just a waste of time and the ps 4 is out maybe have to get a student loan to pay for the internet and new computer
"....the President is pleased to announce the end of the oppressive 40-hour work week in favor of a more equitable 29.5-hour week. The President is tickled pink (in the center) about having transformed hamburger flipping from a part-time high-schooler's job into a long-term career...."
That was bad enough for a Plus 100 day in the Dow. Shit if Philly had riots agian we could get to Dow 20k real fast.