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November Payrolls Rise By 203K, Higher Than Expected; Unemployment Rate Drops To 7.0%

Tyler Durden's picture





 

Last month, the expected NFP print was 120K, instead we got 204K. Today, the expectations was 185K, while the print, was almost an identical 203K, even as last month's was revised modestly lower to 200K. The unemployment rate dropped from 7.3%, which was also below the 7.2% expected, to only 7.0%. The unemployment rate was derived from a drop in the number of unemployed from 11.3K to 10.9K, while the labor force rose from 153.8K to 155.3K, which also led to a modest bounce in the labor force participation rate which rose from a 35 year low of 62.8% to 63.0%.

The number of people not in the labor force declined modestly to 91.3MM from 91.5MM

The Fed is looking at these numbers and thinking: "taper."

From the Establishment survey:

Total nonfarm payroll employment increased by 203,000 in November. Job growth averaged 195,000 per month over the prior 12 months. In November, job gains occurred in transportation and warehousing, health care, and manufacturing. (See table B-1.)

From the Household Survey: 

Both the number of unemployed persons, at 10.9 million, and the unemployment rate, at 7.0 percent, declined in November. Among the unemployed, the number who reported being on temporary layoff decreased by 377,000. This largely reflects the return to work of federal employees who were furloughed in October due to the partial government shutdown. (See tables A-1 and A-11.)

 

Among the major worker groups, the unemployment rates for adult men (6.7 percent), adult women (6.2 percent), teenagers (20.8 percent), whites (6.2 percent), blacks (12.5 percent), and Hispanics (8.7 percent) changed little in November. The jobless rate for Asians was 5.3 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

 

The number of persons unemployed less than 5 weeks declined by 300,000 in November, partially reflecting the return to work of federal employees on furlough in October. The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 4.1 million in November. These individuals accounted for 37.3 percent of the unemployed. The number of long-term unemployed has declined by 718,000 over the past 12 months. (See table A-12.)

 

The civilian labor force rose by 455,000 in November, after declining by 720,000 in October. The labor force participation rate changed little (63.0 percent) in November. Total employment as measured by the household survey increased by 818,000 over the month, following a decline of 735,000 in the prior month. This over-the-month increase in employment partly reflected the return to work of furloughed federal government employees. The employment-population ratio increased by 0.3 percentage point to 58.6 percent in November, reversing a decline of the same size in the prior month. (See table A-1.)

 

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) fell by 331,000 to 7.7 million in November. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

 

In November, 2.1 million persons were marginally attached to the labor force, down by 409,000 from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)

 

Among the marginally attached, there were 762,000 discouraged workers in November, down by 217,000 from a year ago. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.3 million persons marginally attached to the labor  force in November had not searched for work for reasons such as school attendance or family responsibilities. (See table A-16.) 

.


 


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Fri, 12/06/2013 - 09:35 | Link to Comment Shocker
Shocker's picture

Call it a Recovery, Recession, Slow Down, no matter the name.
Stay Updated
Layoff / Business Closing List
http://www.dailyjobcuts.com

Fri, 12/06/2013 - 09:37 | Link to Comment Serfs Up
Serfs Up's picture

Thank god there was an entire overnight  session of futures padding to keep the precious stock market in the green for the open.  Almsot as if someone knew what the print would be and goosed the futures to arrive at a desired print.

No such luck for gold, of course.

Fri, 12/06/2013 - 09:51 | Link to Comment TeamDepends
TeamDepends's picture

Au contraire, gold is green and silver is wildly swinging.  Fasten your seat-belts!

Fri, 12/06/2013 - 09:54 | Link to Comment TruthInSunshine
TruthInSunshine's picture

It looks like Paul "When Mars Attacks!" Krugman's advice to Bernanke-Yellen to "keep the pedal to the metal" is working! It's working!*

*Totally obvious sarc

Fri, 12/06/2013 - 10:02 | Link to Comment Son of Loki
Son of Loki's picture

"If you want to keep your bounce, you can keep your bounce."

Fri, 12/06/2013 - 10:26 | Link to Comment SamAdams
SamAdams's picture

"Raising the employment rate, although we have done it a hundred times before, does not necessarily increase the participation rate"

Fri, 12/06/2013 - 10:46 | Link to Comment BLOTTO
BLOTTO's picture

Well, we need to hire someone to flip green eggs, sell electronic gadgets and wipe off the holiday party puke from the urinals during the festive season...

Fri, 12/06/2013 - 11:19 | Link to Comment smlbizman
smlbizman's picture

1.3 mill. cut from unemployment end of december....they will not be considered in the work force...and hocus pocus...6.5% unemply. rate...ben is a genius, genuis, genuis...

Fri, 12/06/2013 - 11:50 | Link to Comment Richard Chesler
Richard Chesler's picture

If you like your fake numbers you can keep your fake numbers.

Fri, 12/06/2013 - 09:38 | Link to Comment max2205
max2205's picture

7%...what a joke...what mirror are you looking at Alice? 

Fri, 12/06/2013 - 09:44 | Link to Comment Jacque Itch
Jacque Itch's picture

The target is 6.5% so I would think no taper.

That said, the 6.5 is a complete joke.  Benny gets there by creating $10/hour jobs and massively dropping the denominator in the calculation.  These "academics" are attempting to save our econ world by attempting to change the unchangeable... math!

 

Fri, 12/06/2013 - 09:53 | Link to Comment derek_vineyard
derek_vineyard's picture

6.5 to raise short term rates  (or so they have said)  and taper preceeds that.  who gives a fuck......mext month we'll have the same circus and im not in the inner circle to trade this.   gotta go to work...why do i follow this shit?  

Fri, 12/06/2013 - 10:01 | Link to Comment SWRichmond
SWRichmond's picture

"Of course we can afford to raise the minimum wage! We're in a recovery!  Job growth is good!"

Long live the narrative.

Sat, 12/07/2013 - 10:38 | Link to Comment czardas
czardas's picture

Of course we can afford better retirement benefits for public union employees because everyone knows that economices expand forever and an 8% annual investment rate is realistic when guided by politics rather than markets, 

Fri, 12/06/2013 - 10:16 | Link to Comment eclectic syncretist
eclectic syncretist's picture

There are so many bizarre doings nowadays that it's even possible that the Fed feels it has to taper so the employment and economic data are being subjected to a paint-by-numbers scheme in order to justify tapering.

Fri, 12/06/2013 - 10:17 | Link to Comment asteroids
asteroids's picture

Expect the number of people on food stamps to rise. Merry Christmas.

Fri, 12/06/2013 - 10:41 | Link to Comment GolfHatesMe
GolfHatesMe's picture

They are already trying to walk this down to 5.5%.  Taper cancelled for the greater good after holiday disappointment.

Fri, 12/06/2013 - 12:44 | Link to Comment Imminent Crucible
Imminent Crucible's picture

from the article:  The Fed is looking at these numbers and thinking: "taper."

Nope. The Fed is looking at those numbers and thinking two things:

1.    "Giant November seasonal adjustment makes 30k jobs a rounding error."

2.    "Send Lacker and Fisher out for another round of December taper is definitely on the table. Probably, maybe, for sure.  And tell Lockhart to mumble about a graceful exit some more."

Fri, 12/06/2013 - 19:16 | Link to Comment jerry_theking_lawler
jerry_theking_lawler's picture

I thought they were trying to change REALITY. who knows?

Fri, 12/06/2013 - 09:52 | Link to Comment mickeyman
mickeyman's picture

It's a Christmas miracle!!!

Fri, 12/06/2013 - 10:03 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Be careful with that new Red Ryder BB gun with the compass in the stock......you'll shoot your eye out kid!

Fri, 12/06/2013 - 11:30 | Link to Comment Doubleth1nker
Doubleth1nker's picture

There's lies, damned lies, and then there's the B(L)S.

Fri, 12/06/2013 - 09:39 | Link to Comment Nothing but the...
Nothing but the truth.'s picture

I call it another batch of bullshit, fudged numbers from a government who seems incapable of telling the difference between truth and deception.

Fri, 12/06/2013 - 09:51 | Link to Comment mickeyman
mickeyman's picture

I'm telling you, it's a Christmas miracle!

Fri, 12/06/2013 - 10:00 | Link to Comment Ruffcut
Ruffcut's picture

If they told the truth then their masters' dicks would fall out of their mouths.  We couldn't have that.

Fri, 12/06/2013 - 09:40 | Link to Comment knukles
knukles's picture

I didn't make those numbers up all by myself.

And it's all due to uh, the ummm, uh, Nelson Mandela, who would of course have been great had he even not been my father, Frank Whatshisnames best friend and wife swapper. Hmmmm uh .

If Trayvon had ever worked he'd have been in this number

Fri, 12/06/2013 - 09:48 | Link to Comment TeMpTeK
TeMpTeK's picture

Taper, really just short for toilet paper. As in TP the world with dollars...

Fri, 12/06/2013 - 10:14 | Link to Comment SoilMyselfRotten
SoilMyselfRotten's picture

Like that TeMp,  T'aper seems appropriate

Fri, 12/06/2013 - 09:59 | Link to Comment MythicalFish
MythicalFish's picture

BTFD - all you need to know! (or in case of the Dax: BZFD)

Fri, 12/06/2013 - 10:33 | Link to Comment XAU XAG
XAU XAG's picture

THE

MAGIC

OF 

NUMBERS

Fri, 12/06/2013 - 09:35 | Link to Comment Headbanger
Headbanger's picture

Taper onnnn!!   Yellen has the green light now.

But what bullshit to boost Holiday spending.

Fri, 12/06/2013 - 09:40 | Link to Comment 101 years and c...
101 years and counting's picture

so cute how stocks try to rally on "taper on" while bonds and commodities tumble. 

Fri, 12/06/2013 - 09:40 | Link to Comment pepperspray
pepperspray's picture

I like not having a waiting line at the post office though

Fri, 12/06/2013 - 09:47 | Link to Comment Headbanger
Headbanger's picture

LMAO!  I know!  There was NOBODY in the checkout lines at the supermarket yesterday at about 11:00 am and bewildered looks by the cashiers.   And hardly any traffic on the roads now either during the day.

 

Here's the "cute" 10 year Treasury for ya:

http://www.marketwatch.com/investing/bond/10_year

Fri, 12/06/2013 - 09:53 | Link to Comment Race Car Driver
Race Car Driver's picture

 > But what bullshit to boost Holiday spending.

Hey, it works. I'm gonna spend that ten-spot I keep behind the fridge magnet. I've been waiting for an excuse to spend it - and by god, 7% unemployment is good enough for me.

Maybe I'll buy a nice used tie from the local charity, for job interviews.

Fri, 12/06/2013 - 10:04 | Link to Comment Ruffcut
Ruffcut's picture

Or use the tie as a noose. Whichever works best.

Fri, 12/06/2013 - 10:36 | Link to Comment XAU XAG
XAU XAG's picture

@Race Car Driver

 

A better use of that tie would involve banksters and a lamp post!

Fri, 12/06/2013 - 10:30 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Unfortunately, math make any "taper" impossible (baring a debt jubilee or "wealth" tax of course).

Fri, 12/06/2013 - 09:36 | Link to Comment Mercury
Mercury's picture

The Fed is looking at these numbers and thinking: "taper."

 

And as a thought only it will remain.

Fri, 12/06/2013 - 09:41 | Link to Comment dryam
dryam's picture

The Fed is now thinking of other excuses they will give for not tapering.

Fri, 12/06/2013 - 09:48 | Link to Comment Winston Churchill
Winston Churchill's picture

Never fear.

If the PBOC stops rollimg over its US debt there will be plenty

for the FedRes to monetize.

Taper. Pull the other one, it has bells on.

Fri, 12/06/2013 - 09:51 | Link to Comment 1stepcloser
1stepcloser's picture

They will start using stadow stats for Unemployment numbers.   Problem solved...no taper

Fri, 12/06/2013 - 10:33 | Link to Comment runningman18
runningman18's picture

Taper has its uses, like distancing the Fed from dollar devaluation caused by government default or a chinese currency dump.  Don't want to be around at the scene of the crime when that happens.  They can always come back after the carnage and offer to "save us" with their printing press again.  In fact, people will probably beg them to...

Fri, 12/06/2013 - 09:35 | Link to Comment MFLTucson
MFLTucson's picture

ahahahahahahaha!!  Lied again!

Fri, 12/06/2013 - 09:42 | Link to Comment nickels
nickels's picture

If just a few more people quit looking for work we'll be at full employment!  Welch to Joe McCarthy: "Have you no sense of decency, sir?" This ends when Congress stops being polite at hearings.

Fri, 12/06/2013 - 09:53 | Link to Comment mickeyman
mickeyman's picture

Why can't you people believe it's a Christmas miracle?

Fri, 12/06/2013 - 10:25 | Link to Comment Taffy Lewis
Taffy Lewis's picture

USA Today says "a solid string of payroll gains that's pushing the economic recovery to stronger footing."

That's good enough for me. Just in time to spend, spend, spend for Christmas!

Fri, 12/06/2013 - 09:34 | Link to Comment derek_vineyard
derek_vineyard's picture

raise short term rates by 500bp NOW!

Fri, 12/06/2013 - 09:43 | Link to Comment yrbmegr
yrbmegr's picture

Long overdue.

Fri, 12/06/2013 - 09:35 | Link to Comment Save_America1st
Save_America1st's picture

and the paper PM's go wild...yawn...

BTFD...continue cost averaging...do whatever you do to keep stacking. 

Silver, bitchez...

Fri, 12/06/2013 - 09:41 | Link to Comment hankwil74
hankwil74's picture

Great advice... you've probably been stacking since silver was trading $36/oz and you were dreaming of $50/oz.  

Fri, 12/06/2013 - 09:48 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Actually I've been stacking since Silver was $4 and seriously stacking since it was $12. My cost basis is still below spot.

Fri, 12/06/2013 - 09:49 | Link to Comment Save_America1st
Save_America1st's picture

Actually, you couldn't be more incorrect.  What's the matter...did you wake up on the wrong side of the douchebag this morning?

douchebag...lol

 

Fri, 12/06/2013 - 19:18 | Link to Comment jerry_theking_lawler
jerry_theking_lawler's picture

sounds like handwilly bought high and is ILL....but just hold onto the physical. these are all bargain basement prices. Silver Bitchezzz!

Fri, 12/06/2013 - 09:35 | Link to Comment ThisIsBob
ThisIsBob's picture

Somebody needs to tell it to price.

Fri, 12/06/2013 - 09:37 | Link to Comment trillion_dollar...
trillion_dollar_deficit's picture

TAPER ON.

No hiding now. Prepare for lots of pain.

Fri, 12/06/2013 - 09:42 | Link to Comment A82EBA
A82EBA's picture

watch the UN-taper happen when 10-yr yield hits 3%

Fri, 12/06/2013 - 09:37 | Link to Comment GrinandBearit
GrinandBearit's picture

7% -lol

Who in their right mind would actually believe this bullshit?

Fri, 12/06/2013 - 09:39 | Link to Comment the not so migh...
the not so mighty maximiza's picture

if they stop counting enough they will get it to zero

Fri, 12/06/2013 - 10:43 | Link to Comment kralizec
kralizec's picture

Zero employees, zero unemployment...FORWARD!

Fri, 12/06/2013 - 09:57 | Link to Comment Race Car Driver
Race Car Driver's picture

> Who in their right mind would actually believe this bullshit?

 

Zombies. They'll buy anything. Especially if it's on the TeeVee. That makes it official. I mean, there's bullshit ... and then there's official bullshit. That's the stuff to hang a zombie hat on.

Fri, 12/06/2013 - 09:59 | Link to Comment mickeyman
mickeyman's picture

I bet you hate Christmas.

Fri, 12/06/2013 - 09:36 | Link to Comment Cursive
Cursive's picture

I was hoping for 250k, but maybe this will do as cover for the Fed to taper (since UST bond issuance is falling).

Fri, 12/06/2013 - 09:36 | Link to Comment thismarketisrigged
thismarketisrigged's picture

the fed will not taper, they will come up with some bullshit excuse why they cant like, '' o  we were looking for 210,000 jobs, so we cant taper, some bullshit like that.

 

also, the 10 year barely moved, i thought we would easily see 3.

 

and sure enough futures are pretty much the same as they were before, so of course ''this was the biggest jobs report'' according to msm.

Fri, 12/06/2013 - 12:33 | Link to Comment ChaosEquilibrium
ChaosEquilibrium's picture

The 10yr did move and move pretty agressively!!!  but it was bought up quickly over the course of an hour by the PPT!!!

 

Same with the equity futures.....the first move on the good number was DOWN hard....the PPT was buying like crazy to get a large green open! 

The real-time counter-indicative moves in credit and equity PROVE A FED BUBBLE!!! We CANNOT have that!!!!!!!!!!!

 

It makes for good news on the 6:30 National News to run both stories concurrently....the 95% of Americans bite this hook and line and make the correlation that "Everything is ALRIGHT"!!!

 

The tell will be smart money fading the open--KNOWING THAT THIS PRINT GUARANTEES A TAPER(flow)!!

Fri, 12/06/2013 - 09:36 | Link to Comment DavidC
DavidC's picture

It's good news! No, it's bad news! No, wait, it's good news....!

DavidC

Fri, 12/06/2013 - 11:11 | Link to Comment Doubleth1nker
Doubleth1nker's picture

Fuck the news. Its a bigass short. covering. rally. Writ large. The too big to jails need a good entry for the taper tantrum ya know.

Fri, 12/06/2013 - 09:38 | Link to Comment dogfish
dogfish's picture

All gone after christmas.

Fri, 12/06/2013 - 09:37 | Link to Comment Took Red Pill
Took Red Pill's picture

and gold is dropping as we speak

Fri, 12/06/2013 - 09:37 | Link to Comment timbo_em
timbo_em's picture

Is it just me or is it getting a bit crowded here at the exit? Oh, and would you be so kind and hold that bag for me?!

Fri, 12/06/2013 - 09:40 | Link to Comment Dr. Engali
Dr. Engali's picture

With Zero's numbers in the toilet bowl he needed the bureau of BS to give him a good number. Just as they did in 2012.

Fri, 12/06/2013 - 09:39 | Link to Comment digitlman
digitlman's picture

203k low-paying, temporary seasonal jobs?

Fri, 12/06/2013 - 10:00 | Link to Comment Momauguin Joe
Momauguin Joe's picture

Pretty much. Spent a couple of weeks last month, daily checking out the local craigslist job postings. Mostly I saw temporary 'security' for black Friday weekend, x-rated 'model' casting, and automotive sales jobs, out there by the dozens.

On the flip side, I noticed many people posting 'services for hire' (cash only, under the table), i.e. math tutoring, piano lessons, home home aides, and the like.

Fri, 12/06/2013 - 11:24 | Link to Comment Doubleth1nker
Doubleth1nker's picture

Don't forget part-time, that's the newest fashion trend

Fri, 12/06/2013 - 09:39 | Link to Comment curbyourrisk
curbyourrisk's picture

THEY WILL NEVER, EVER TAPER.

Fri, 12/06/2013 - 09:40 | Link to Comment pachanguero
pachanguero's picture

I call bullshit!

Fri, 12/06/2013 - 09:42 | Link to Comment MFLTucson
MFLTucson's picture

The labor force participation rate changed little (63.0 percent) in November. Total employment as measured by the household survey increased by 818,000 over the month, following a decline of 735,000 in the prior month. This over-the-month increase in employment partly reflected the return to work of furloughed federal government employees. 

 

HERE IS THE REPORT IN A NUTSHELL!  MORE DECEPTION AND FRAUD IN THE NATIONAL HEADLINES AS EXPECTED! LOOKS LIKE WIEMAR II IS GONNA TRY A LITTLE TAPER TO HELP THE COLLAPSE ALONG!

Fri, 12/06/2013 - 10:32 | Link to Comment merizobeach
merizobeach's picture

Maybe it's dyslexia, but I keep wanting to read it as 'forced labor participation rate'..

Fri, 12/06/2013 - 09:41 | Link to Comment Pig Circus
Pig Circus's picture

The number could have came in 100K higher or lower I still wouldn't believe it.

Fri, 12/06/2013 - 09:40 | Link to Comment The worst trader
The worst trader's picture

Good news is better news ! ramp the market and slam the VXX. Same ole song. FUCK YOU BEN!

Fri, 12/06/2013 - 11:19 | Link to Comment Doubleth1nker
Doubleth1nker's picture

Any news is good news when the market wants to blow up the shorts (again) (and again)

Fri, 12/06/2013 - 09:41 | Link to Comment sunny
sunny's picture

The Fed will taper shortly after the Vatican announces that the Pope is pregnant.

sunny

Fri, 12/06/2013 - 09:43 | Link to Comment Oldwood
Oldwood's picture

Can I get seasonal adjustments to my income? It seems that these employment numbers are adjusted positively more than negatively

Fri, 12/06/2013 - 09:44 | Link to Comment jtz5
jtz5's picture

The biggest potential gain for Wall Street now is to the downside, not the upside.  My guess is that we get a December taper of 10 billion, stocks sell off 20% in next month or so, then Fed comes back to the rescue.  That gives Wall St 20% to the downside, then 25% to the upside to get back to where we are now.  Easy money.

Fri, 12/06/2013 - 09:45 | Link to Comment derek_vineyard
derek_vineyard's picture

818,000 new jobs last month.  labor force up 600K ........  this economy is humming.  but i havent got a raise in 5 years.....and i still do the work of those laid off in 2008.

Fri, 12/06/2013 - 09:45 | Link to Comment youngman
youngman's picture

You would think with the good numbers that inflation is on the way and should be good for gold....all those jobs create spending....and spending creates inflation....I used to think that...I think gold is down because there is not any in the Comex for delivery.....they are scrambling to find metal to deliver I think...so they take it down with paper...

Fri, 12/06/2013 - 09:44 | Link to Comment Non Passaran
Non Passaran's picture

Gold smacked, so taper on?

Fri, 12/06/2013 - 09:45 | Link to Comment orangegeek
orangegeek's picture

unemployment goes down (through whatever means) and an end to POMO gets nearer

 

here comes the market tanking - economy should tank a few months thereafter

 

getting my ORVILLE REDENBACHER

Fri, 12/06/2013 - 09:44 | Link to Comment Tsar Pointless
Tsar Pointless's picture

Over 91.5 million out of the 300+ million we have in this country aren't even considered to be in the labor force.

Participation rate still at 62.9%, hovering at 35-year lows.

Fri, 12/06/2013 - 09:44 | Link to Comment ejmoosa
ejmoosa's picture

15% fewer jobs than November 2012.

Fri, 12/06/2013 - 09:55 | Link to Comment adr
adr's picture

Shhhh, we don't talk about facts anymore.

 

Fri, 12/06/2013 - 10:12 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

The unemployment rate is going down.....that's all that matters here....just in time for Chris Matthew's softball interview with el Presidente.

Fri, 12/06/2013 - 10:30 | Link to Comment 10PastMidnight
10PastMidnight's picture

ahahahahahahahahahahahahaha

 

that's all i can find within me that speaks the truth.

Fri, 12/06/2013 - 09:46 | Link to Comment disabledvet
disabledvet's picture

labor participation still at 1970's levels...still stuck in first gear. the talk is nGDP targeting...not taper. the clowns shorting treasuries while pounding the table of "phantom taper" in the financial media are only going to make the correction (lower yields/higher price) that much worse. i love it how "it's all the London Whale's fault" that hedging is going the way of the doe-doe bird for the Banks. These clowns are congenital liars who only see truth in the bankruptcy of their institutions and the State that for some insane reason continues to throw good money after bad at them. We'll see if Chicago "survives the fire" so to speak. That would easily be the biggest debt failure since the Russian default crisis of 1998...and quite honestly I see nothing stopping it now.

Fri, 12/06/2013 - 09:48 | Link to Comment The worst trader
The worst trader's picture

Drop it like it's hot like its hot like its hot. FUCK YOU BEN BERNANKE

Fri, 12/06/2013 - 09:47 | Link to Comment wisehiney
wisehiney's picture

I love it when you go down on me TLT.

Fri, 12/06/2013 - 09:49 | Link to Comment d edwards
d edwards's picture

Yet another f-ing 0bama lie. 7%? Tell that to the MILLIONS of unemployed/underemployed people!

Fri, 12/06/2013 - 09:48 | Link to Comment papaswamp
papaswamp's picture

Government shutdown rebound with part time holiday employment added. Notice civ participation rate stayed the same but employment to pop ratio rose ( a number that is influenced by gov workers). Not bad numbers but still stagnant considering the time of year. December and especially January could be ugly.

Fri, 12/06/2013 - 09:52 | Link to Comment maneco
maneco's picture

If the economy is doing so great how come the Fed is still printing money and the target for the Fed Funds rate is still stuck at zero? Ben has created a monster! I dread to think what the Fed would need to do if the economy came to a screeching halt (on a official basis of course).

Fri, 12/06/2013 - 09:53 | Link to Comment adr
adr's picture

People that never actually lost their job get added when they go back to work. Awesome.

Hey, when I go on vacation for a week does that count as me losing my job?

So is this number positive or negative? Or are we at full Goldilocks where nothing matters because everything is just right? You can just ignore the fact you went to sleep in a house owned by vicious bears.

At least the bears will never go hungry when they finally do come home. Goldilocks came and brought lots of friends. They've fattened themselves up so much that they won't even be able to move.

Fri, 12/06/2013 - 09:53 | Link to Comment Sizzurp
Sizzurp's picture

The economy is addicted to the Feds drugs.  Taper? No way, unless capital fleeing out of EU and Japan allows them to briefly cut back.  Our system has been so abused by the Fed that QE will be in the cards until we are reduced to barter.

Fri, 12/06/2013 - 09:54 | Link to Comment Stonedog
Stonedog's picture

Wow - the Bureau of Propaganda and Lies has really pulled one out of their ass this time

Fri, 12/06/2013 - 10:25 | Link to Comment falak pema
falak pema's picture

Well this sets up the scenario for 2014 year of the BULL...

Markets should strut into the new year, unless negative correlation already shows it ugly head, saying this P/E is already too high and resultant COMPLACENCY is now the raging bull out of the pen.

Take your pick : raging complacent bull or fearsome negative correlation obsessed bear? 

Note this follows up official statistics of 3.6 % GDP third quarter growth; and 4th Q will be crucial to see if the channel stuffing theory is valid on that spike. Also, as for TAPERING Yellen has come out with her theory of Optimal COntrol model for FED (what that means will be explained by Houdini). Hey Presto! 

Wildcat Blues by Sidney Bechet in my ears.

? SIDNEY BECHET MEMORY - Wild Cat Blues - YouTube

Fri, 12/06/2013 - 09:59 | Link to Comment miker
miker's picture

This is all a grand orchestration by the Fed and Treasury.  The economy is not doing well, but numbers are pumped to make it appear so.  Why?  The Fed has to give the impression that is will end QE; even though it knows it can't.  So a very mild taper (10B) may be in the cards.  Meanwhile, gold is slammed down hard as this is the greatest threat (asset) to fiat.  And the stock market will NOT tank.  It is controlled also so don't expect any great crash.

All in all, they will succeed in continuing to make people question gold by keeping the price suppressed.  They will modestly taper QE.  Stocks will stay up.  But in the long run, the economy is doomed.  Structurally it cannot survive in current form and nothing is being done to change that.

Fri, 12/06/2013 - 10:01 | Link to Comment SystemOfaDrown
SystemOfaDrown's picture

IGNORE THE [FED] MAN BEHIND THE CURTIAN! - OZ

Fri, 12/06/2013 - 10:01 | Link to Comment Frostfan1
Frostfan1's picture

So if the numbers are so great, why are holiday sales down so far this year?

Fri, 12/06/2013 - 10:02 | Link to Comment Cortez
Cortez's picture

If your unemployment benefits run out and you are still looking for work, are you counted as unemployed?

Fri, 12/06/2013 - 10:06 | Link to Comment Disenchanted
Disenchanted's picture

no

Fri, 12/06/2013 - 10:05 | Link to Comment ejmoosa
ejmoosa's picture

One year ago, after the first month of QE3, there were 247k in jobs.

This year, afer 13 months of QE3, there were 203k jobs added.

How's that for efficiency?

Fri, 12/06/2013 - 10:06 | Link to Comment ColoQ
ColoQ's picture

QEInfinity start date: September 12, 2013:

Gold Price: $1731.00, Dow Jones: 13,539.86.

Today:

Gold Price: $1240.90, Dow Jones 15821.51

Taper priced-in?  Well, in gold we are still waiting for QEinfinity to be priced.  For gold holders, taper started the day they started printing... lol. 

Fri, 12/06/2013 - 10:09 | Link to Comment El Hosel
El Hosel's picture

Bury your face in a pile of Fairy Dust and Buy The All Time High.

Fri, 12/06/2013 - 10:06 | Link to Comment Drifter
Drifter's picture

I really don't understand why ZH keeps reporting govt stats and charts they have said numerous times are completely bogus.  Ditto for opinions and predictions from TBTF banks well known to be criminal enterprises.

 

Fri, 12/06/2013 - 10:09 | Link to Comment ColoQ
ColoQ's picture

Bingo.  They should just look at the market action and pull some numbers out of the air.  They would probably be closer to the truth than the reports anyways!

Fri, 12/06/2013 - 11:02 | Link to Comment Vidar
Vidar's picture

Know your enemy.

Fri, 12/06/2013 - 10:08 | Link to Comment maskone909
maskone909's picture

No fucking taper retards the fed said even if goes to 6.5 they still might not do it

Fri, 12/06/2013 - 10:08 | Link to Comment Manipuflation
Manipuflation's picture

Fuck that.  It's -9F here right now and -20F windchill.  Good thing it is warming up a bit.  Count me out of the labor force for today.  I am getting too old for this shit weather because it happened too fast and too hard.  It takes a couple of days to acclimate.  20F would be OK with me but not this shitshow of rain followed by snow and then subzero temps.  Why do I live here again? 

I am sick of those Alaska "we have it harder than anyone else" TV shows by the way.  Half of Alaska is tropical compared to this god forsaken wind tunnel of a state.

On the other hand, Minnesota has a 1.08 billion dollar tax rip-off surplus.  Hmm, perhaps tax rates are too high here?  How can we piss that away I wonder?  I have already heard that over 250 million will go to the public fool system.  More stadiums?  A gigantic phallic monument to the DFL?  That ought to create some MOAR jobs.

  http://www.twincities.com/localnews/ci_24660207/minnesota-forecasts-1-1-billion-budget-surplus

Fri, 12/06/2013 - 10:18 | Link to Comment wisehiney
wisehiney's picture

It is record breaking warm and breezy here in Caroline. But my fucking head is thumping. And I gotta get to work. If you are gonna be stupid, you gotta be tough.

Fri, 12/06/2013 - 10:36 | Link to Comment Manipuflation
Manipuflation's picture

It won't be warm for long. 

Fri, 12/06/2013 - 10:10 | Link to Comment madcows
madcows's picture

Gallup has it at 8.6%. 

I ask you, who do you believe, the Government or the paid pollster?

Fri, 12/06/2013 - 10:12 | Link to Comment FrankDrakman
FrankDrakman's picture

while the labor force rose from 153.8K to 155.3K

 

There are only 155,300 ("K" means "thousands" to any one with a smattering of science knowledge) workers in the US? No wonder you all look so tired...

Fri, 12/06/2013 - 10:31 | Link to Comment CharlieMike
CharlieMike's picture

Yeah, I wondered about that too for a minute.  Then I realized the numbers are all bullshit anyway so who cares.

Fri, 12/06/2013 - 10:14 | Link to Comment semperfi
semperfi's picture

"Some hedge fund managers and bank analysts have come forward to share their privileged information from contacts deep within the USFed system, whether regional bank presidents or economists within the USFed marbled offices on Weimar Street. THE REALITY IS THE USFED IS MONETIZING AT LEAST $200 BILLION PER MONTH, MORE THAN DOUBLE THE OFFICIAL VOLUME STATED AND ADMITTED. The USFed is monetizing much more than basic USTreasurys and USAgency bonds to cover the USGovt deficits, their rollover refunding, and the raft of mortgage bonds. The USFed is monetizing a small mountain of Fannie Mae bonds and collateralized debt obligations with a mortgage core, which went bad, turned worthless. The USFed is monetizing a large mountain of interest rate derivatives that went deeply in the red in the last year, especially this past summer during the self-inflicted Taper Talk disaster. The mortgage debt and its leverage toxic vat amounts to a few $trillion yet to be fully monetized. Furthermore, the interest rate derivatives amount to hundreds of $trillion yet to be fully monetized."

Fri, 12/06/2013 - 10:38 | Link to Comment Drifter
Drifter's picture

Somewhere in 2009 - 2010 I heard Fed committed to bailing out derivative losses of TBTF banks, which could be hundreds of trillions possibly.

Seems Fed looks for any possible way to print money and give it to TBTF banks.  They just need some type of "security" to buy and put on the asset side to keep the books in balance.  It can be nearly worthless, totally worthless, doesn't matter, Fed pays full price for it plus broker fees and commissions.

Wall Street banks have $700 trillion of derivatives?   And Fed has committed to bailing out all of it?

Can we say "currency collapse"?

Fri, 12/06/2013 - 11:10 | Link to Comment SKY85hawk
SKY85hawk's picture

Can you share your source?  The dbl quotes suggest this was posted somwhere.  .    .

Fri, 12/06/2013 - 10:22 | Link to Comment Sixdeuce062
Sixdeuce062's picture

Ha like i am going to believe any number that come out of the BLS that has been proven that they have been fudging the numbers since BO re-election and what its surposed to move the FAKE stock market and make the FED taper to try and "inspire" what few moron investors are left to throw moar fiat into the system please i think i will go long food, ammo, guns, and Galts Space Fortress where the krugman faires cant get me

Fri, 12/06/2013 - 10:25 | Link to Comment BullyBearish
BullyBearish's picture

$5B POMO today, NFP up, taper expectations up, market up...with huge POMO on 12/19 this is shaping up for TAPER this month.  However, I'll believe it (and bet on its consequences) when I see it

Fri, 12/06/2013 - 10:24 | Link to Comment Tabarnaque
Tabarnaque's picture

Curious to see what the non adjusted figure is. The 7% number definately looks corrupt. If the total active population went up then 203,000 new jobs isn't enough to bring the unemployement rate down from 7.3% to 7%. It seems to me that they can not even make sens in their own lies.  

Fri, 12/06/2013 - 10:26 | Link to Comment SheepDog-One
SheepDog-One's picture

Markets now drunk on Christmas cheer! Party on!

Fri, 12/06/2013 - 10:27 | Link to Comment semperfi
semperfi's picture

All numbers coming out of the govt and banksters are lies - propaganda - not reality. 

Why do we even remotely pretend they are?  Why do we not begin each headline/title with, eg, "THE LATEST PACK OF LIES:  November Payrolls Rise By 203K..."

Fri, 12/06/2013 - 10:34 | Link to Comment Quinvarius
Quinvarius's picture

I seriously doubt they will ever come out and say Obamacare cost jobs, or that there is no real recovery.   At this point they need to have a counter explaination to the Zim-Weimar stock market rising on money printing as much as anything else. 

Fri, 12/06/2013 - 10:32 | Link to Comment thismarketisrigged
thismarketisrigged's picture

no matter what the number was, we all knew that the market was going to be up a shit load today.

 

1. its a friday. when was the last time the market was red on a friday? ( last friday was a short day, so i am not counting that, but go back and look, it will be hard to find)

 

2. markets are red for the week. there is zero chance they will ruin the streak of consecutive weeks of markets being up for the week. right now we r at 8, at the open, they should wipe out all losses to make it a positive week and then we get the pump at days end, we will end green for week of course.

 

3.  there is no such thing as good news is bad news, and vice versa. the fucking ponzi scheme that this is, it makes up its own rules. if the number reported was 150,000 they would have said that no taper so that is the reason, and now good number is good, even though this fucking number sucks.

 

we used to get 300,000 plus jobs pre crisis , now 200,000 is considered fucking godly.

 

amazing.

 

also, not that he is really tolerable on other days, but cramer is unlistenable to today. the fucker thinks everything is great now, but all it takes is 1 down day and this asshole will be saying how a correction is good, things r not as good as once thought, etc

Fri, 12/06/2013 - 10:32 | Link to Comment venturen
venturen's picture

Today's annoucement that 50000 teaparty activists will be shot to lower the unemployment rate. Also more opening in the off book employment will lower unemployment by allowing people to not exists. We are going to get to negative unemployement with a particapation rate of 25%...all located in Washington. 

Fri, 12/06/2013 - 10:43 | Link to Comment semperfi
semperfi's picture

All numbers coming out of the govt and banksters are lies - propaganda - not reality. 

Why do we even remotely pretend they are?  Why do we not begin each headline/title with, eg, "THE LATEST PACK OF LIES:  November Payrolls Rise By 203K..."

Fri, 12/06/2013 - 10:47 | Link to Comment CaptainSpaulding
CaptainSpaulding's picture

I bet my left nut the next post will be titled ,  "About those job numbers"

Fri, 12/06/2013 - 10:48 | Link to Comment Hugh Jorgan
Hugh Jorgan's picture

Pssssst  hey buddy, see that bridge over there, you wanna buy it?   

Fri, 12/06/2013 - 10:56 | Link to Comment jtz5
jtz5's picture

At this point, it wouldn't surprise me if the Fed tapers on the 18th and the stock market rallies because it "shows the strength of this economy."  Nothing makes sense anymore.

Fri, 12/06/2013 - 10:57 | Link to Comment PR Guy
PR Guy's picture

 

 

In Ireland, they count 16yo's in the employed figures but exclude them from the unemployed figures as part of the whitewash. They also forget to mention all the 'self employed' who haven't found any work in months and are part of the 20% who have defaulted on their mortgages (higher figure than that on the buy to let defaults), the huge numbers who have left the country, the huge numbers who have stayed in full time eduction/gone back to it, etc. etc. Then they crow because the official unemployment figure has come down to 13% - you couldn't make it up (er, actually, they do make it up).

Here's some Friday afternoon fun for you - Death tells us about his hobby - Nelson Mandela will undoubtedly be talking to Death today too.

http://www.youtube.com/watch?v=VTD4zBKbX7Q

 

 

Fri, 12/06/2013 - 11:21 | Link to Comment papaswamp
papaswamp's picture

Interesting divergence by BLS from Gallups tracking poll.

http://www.gallup.com/poll/163358/unemployment-seasonally-adjusted.aspx

Fri, 12/06/2013 - 11:33 | Link to Comment lynnybee
lynnybee's picture

I JUST WANT TO KNOW HOW THEY GET AWAY WITH THIS !  (the lady next door to me is a nurse, her hours are being cut, she has 3 kids & isn't bringing in enough to cover her bills no matter how much belt-tightening she does.   & she is scared, damn scared.  she took out a loan to 'job retrain' thinking that if she became a nurse she could earn enough to support her family.   (everyone remembers that scam, right ?   lose your job & we'll all just job retrain!  so popular under BUSH 1 & CLINTON.)  I tried to tell her that Wall St. & the Gov't are now going to do to the medical field what they did to the auto industry, drive wages down & slave drive the few remaining workers to death.   Just cause of this now i'm really not gonna shop at any big corporate store.   i'm giving a small gift of food baskets to her 3 teenage kids.  

Fri, 12/06/2013 - 11:42 | Link to Comment ManWithaPlan
ManWithaPlan's picture

Look I dont understand what everyone is so upset about. The economy is fixed. Jobs are back, the stock market is soaring, we won't have to worrry about healthcare anymore, our foreign relations have never been better...Obam's fixed everything, you can go back to watching tv and eating unhealthy foods. Now if we could just do something about all this global warming and get a carbon tax going...

Fri, 12/06/2013 - 11:58 | Link to Comment starman
starman's picture

Did they count the Santas front of all the department stores?

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