It's Official: The US Created Less Jobs In 2013 Than 2012

Tyler Durden's picture


The Fed spent over $1 trillion in 2013 (to push the stock market to all time highs) and all we got was... less jobs created than in 2012?

Establishment survey 2012 vs 2013 job change:

And Household survey 2012 vs 2013 job change:

Source: BLS

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Fri, 01/10/2014 - 10:35 | 4319227 LawsofPhysics
LawsofPhysics's picture

Rally/taper on!

(why? because there is no market/spoon)

hedge accordingly.

Fri, 01/10/2014 - 10:45 | 4319270 Boris Alatovkrap
Boris Alatovkrap's picture

In other news, chocolate ration is increase from 5g per day to 20g per week. Also, severe cold weather is persist, provide proof of global warming.

Fri, 01/10/2014 - 11:22 | 4319391 AlaricBalth
AlaricBalth's picture

If you use the Household Survey, it comes to $743,378 per job. Assuming an average pay of $50,000 per job and an average tax rate of 25%, it will take almost 60 years for the government/Fed to recoup their "investment".


Fri, 01/10/2014 - 11:36 | 4319445 Spitzers Black Socks
Spitzers Black Socks's picture

You're forgetting to use the multiplier, which is surely up to 2 or 3 bucks of real growth for every dollar of phony money printed. 

Fri, 01/10/2014 - 15:43 | 4320615 MisterMousePotato
MisterMousePotato's picture

"Fewer," not "less."

Fri, 01/10/2014 - 16:16 | 4320732 Boris Alatovkrap
Boris Alatovkrap's picture


There, Boris is fix that!

Fri, 01/10/2014 - 10:52 | 4319289 Duke of Earl
Duke of Earl's picture

But...but their expectations were so high!

Fri, 01/10/2014 - 11:00 | 4319320 Boris Alatovkrap
Boris Alatovkrap's picture

Once again, idiot celebrity economist is surprise.

Fri, 01/10/2014 - 10:37 | 4319231 Caveman93
Caveman93's picture


Fri, 01/10/2014 - 10:38 | 4319236 Musashi Miyamoto
Musashi Miyamoto's picture

At least I've got my twitter shares to keep me warm at night.

Fri, 01/10/2014 - 10:38 | 4319237 fooshorter
fooshorter's picture

QE was never meant to create jobs. It's public front was to spew rhetoric to the sheep.

QE was and is made to facilitate the greatest wealth transfer in modern history.

The sooner you come to terms that you are willingly becoming a debt slave, the sooner you can get out while you still can.

Fri, 01/10/2014 - 10:45 | 4319272 101 years and c...
101 years and counting's picture

um, everyone here already knows that.  whats your next grand statement?  maybe you can tell everyone that it snows during the winter or that obama is not a white man?

Fri, 01/10/2014 - 11:03 | 4319329 AmericasCicero
AmericasCicero's picture

He's black!?!?

Fri, 01/10/2014 - 12:28 | 4319673 ronaldawg
ronaldawg's picture

Obama is noble and he keeps his promises to the American people.

Fri, 01/10/2014 - 16:51 | 4320849 smoot27
smoot27's picture

Using the CNN George Zimmerman race formula he is a white African American.

Fri, 01/10/2014 - 16:50 | 4320850 smoot27
smoot27's picture

Using the CNN George Zimmerman race formula he is a white African American.

Fri, 01/10/2014 - 10:38 | 4319240 MFLTucson
MFLTucson's picture

The recovery that never was.  

Fri, 01/10/2014 - 10:39 | 4319244 SoilMyselfRotten
SoilMyselfRotten's picture

Isn't this what the recovery is supposed to look like?

Fri, 01/10/2014 - 10:43 | 4319264 Agent P
Agent P's picture

According to a recent survey taken in Greenwich, Connecticut....yes! 

Fri, 01/10/2014 - 10:39 | 4319245 overmedicatedun...
overmedicatedundersexed's picture

this can't be right, can it? banks are doing fine..but at my local m%t bank, all the old tellers are gone, the new multi cultural hires don't even say hello, just glare at you.

Fri, 01/10/2014 - 10:42 | 4319256 ejmoosa
ejmoosa's picture

Gotta be BankofAmerica...

Fri, 01/10/2014 - 13:42 | 4320070 Ying-Yang
Ying-Yang's picture

"the new multi cultural hires don't even say hello, just glare at you."

Do they speak English?

Fri, 01/10/2014 - 11:46 | 4319485 RobD
RobD's picture

Before I transferred to a credit union I was with Wells. All the tellers at the branch I used were hot and kept there blouses unbuttoned to show off the goods. Nice view but not worth the fees.

Fri, 01/10/2014 - 10:41 | 4319251 Rainman
Rainman's picture

If you like your Disguised Depression you can keep your Disguised Depression.

Fri, 01/10/2014 - 10:41 | 4319253 Agent P
Agent P's picture

Well, yeah.  Because, you know, the recovery is so strong you would expect the rate of job growth to slow, because, you know, everyone is working.


Because Obama!

Fri, 01/10/2014 - 10:41 | 4319255 B2u
B2u's picture

I think Obama is lying....I saw him speaking...

Fri, 01/10/2014 - 11:04 | 4319332 Hal n back
Hal n back's picture

He is a lawyer--whats that lawyer joke?


Fri, 01/10/2014 - 12:06 | 4319577 Joe Davola
Joe Davola's picture

Something about backing up and running over them again.

Fri, 01/10/2014 - 10:42 | 4319257 JailBank
JailBank's picture

No, no this is bullish becuase now ...... aw fuck it. Can't wait to see if anyone asks Jay Carney to see what he has to say.

Fri, 01/10/2014 - 10:42 | 4319260 I Am Not a Copp...
I Am Not a Copper Top's picture

Top graph just a LITTLE misleading

Fri, 01/10/2014 - 10:56 | 4319307 ProtectiveFather
ProtectiveFather's picture

Well...sure, the numbers show a .3% decline, but the spirit of the decline is 50%. Yeah, that must be it.

Fri, 01/10/2014 - 10:50 | 4319285 madbraz
madbraz's picture

Don't forget that to push the SP500 up 1% becomes more expensive every day and the players who are manipulating it higher through the help of the NY Fed are not one cent richer than they were when this scheme started - the paper gains help sustain the leverage, but they are not real until someone sells, when obviously it all disappears and the leverage brings about even more selling.


If the NY Fed had a reverse repo where they took "cash" and lent you stocks for free (instead of treasuries), would you short stocks or buy stocks?  The answer is short.   You wouldn't need to buy stocks in the market to cover your margin account with your broker because it would appear that you "own" stocks and are "good" for it - when in fact they were loaned to you and you never owned them.


Better yet, you could be a $2 billion market money market fund and the NY Fed out of the blue would announce (like they did) that they extended your credit line with them from $1 billion to $3 billion!!!  WOW, three times as much credit exposure to ALL NY FED clients!  If that's not the most relaxed credit standard in the world, I don't know what is.   


But, but, the NY Fed takes "cash" from their clients - so it's riskless, right?  Ask them for a definition of "cash", particularly when it comes to money market funds!


That's what the NY Fed wanted in the first place when they created reverse repos and claimed it was an exercise of "liquidity draining". 

Fri, 01/10/2014 - 11:06 | 4319338 Hal n back
Hal n back's picture

Have to be buying equities here--no lose situation for equities--if economy good stocks wil do well, if bad we always can hyperinflate teh stock market.


now that the companies are using mark to fantasy and non gaap earnings they need a new accounting gimmick to propel earnings growth.

Fri, 01/10/2014 - 10:53 | 4319291 tallen
tallen's picture

Tyler, I want to know how Goldman's short volatility in gold miners trade is going! :)

Fri, 01/10/2014 - 10:55 | 4319302 Skin666
Fri, 01/10/2014 - 10:57 | 4319309 firstdivision
firstdivision's picture

That damned diminishing returns thing can really screw up a plan, no?

Fri, 01/10/2014 - 11:00 | 4319321 starman
starman's picture

It seems 50% of the large retailers and manufacturers will be and are already started cutting 20% of production costs! In English that's laying off 20% of their work force.

Fri, 01/10/2014 - 11:17 | 4319372 Save_America1st
Save_America1st's picture

well, ya see...obama had to deal with some issues with the IRS (no problems now...swept under the rug), Benghazi (no problem now...swept under the rug), Fast and Furious (no problem now...swept under the rug), vacation, vacation, vacation (from all that sweeping he's been doing, phew!), golf, golf, golf, speech (lies), speech (lies), speech (more lies), sweep, sweep, more sweeping...

well, mean, hey, this president gig is a full time job of cleaning up messes and sweeping lies under all these rugs, man...they really tie the room together too!

How is he supposed to create jobs when he's gotta do all that other stuff.  Besides, the Fed is supposed to create the jobs, man...and like, they were pretty busy printing the money up and pressing CTRL-P all the time.  They were busy too, man...

We just need more sweepers and rug cleaners in this country...and if we just raise the minimum wage to 25 Bernero's an hour and supply the Free Shit Army with all the GMO food, obama phones, EBT cards, free rent, free gas, and free vaccination shots, well then the few people left working will still be 100% employed, man.


Fri, 01/10/2014 - 11:17 | 4319374 t0mmyBerg
t0mmyBerg's picture

<rant>For a fine site like ZeroHedge the least you could fucking do is get the English Language shit right.  Less jobs?  Really?   Here, let me edit it for you

It's Official: The US Created Fewer Jobs In 2013 Than 2012

There we go.  It is a plural kind of thing so you need to use the word fewer.  The word less is used in a context where the thing being modified by the adjective is an indistinguishable mass, like say the gasoline that will soon likely be used in Molotov cocktails against the government (fewer for molotov cocktails but less for gasoline) or piss.  So, for instance, "Obama Slings Less Piss on the Constitution" might be a valid headline.  The idea is that piss is not something where you can identify individual members of the set.  Its all a mixed up jumble, so you use the word less.  But with jobs, you could theoretically count each individual job and write its characteristics on individual pieces of paper, so you use the word fewer in that context, not the word less.  rant off</rant>

Fri, 01/10/2014 - 13:27 | 4319981 LetThemEatCake
LetThemEatCake's picture

Zerohedge is a fine site, but the incorrect usage of "less" and "fewer" hurts my ears, too (and I am not even a native speaker, but no one ever fucks up "little" and "few" in the same way). Now, if you would like to join me on my crusade against incorrect usage of adverbials, I shall name you a fine fellow, sir.

Fri, 01/10/2014 - 16:16 | 4320639 nightshiftsucks
nightshiftsucks's picture

Wow, nitpicking over words.Maybe he was distracted or didn't sleep well. You are obviously so smart that you're FUCKING STUPID,why read anything dickhead you already know it all. You are the perfect assholes.

Fri, 01/10/2014 - 11:20 | 4319381 Seasmoke
Seasmoke's picture

Job well done Bernanke. Thank you for your service.

Fri, 01/10/2014 - 11:22 | 4319397 Rising Sun
Rising Sun's picture

good job Barry you fucking reprobate

Fri, 01/10/2014 - 11:44 | 4319473 all-priced-in
all-priced-in's picture

If I hear some ass-hat economist say "counter-factual" one more time I am going to scream.



Fri, 01/10/2014 - 11:55 | 4319523 Mrgab4444
Mrgab4444's picture

Is your company on the list to replace it's US citizen workers with illegal invaders?

If your a working class black,or gay or white or Asian or Latino 'US CITIZEN', any US citizen, you'd better read this:

Elections 2014, throw out the RINOs and libs:

Google: Obamacare Loophole Provides Incentive For Employers To Hire Illegal Aliens Over US Citizens.

The letter is available online. Listed here are the names of the companies, their traitorous corporate CEO's are lobbying for 'illegal invasion':

Google: Cheesecake Factory, Hallmark, Disney, and Others Now Pushing ...   Sep 12, 2013 DO YOU OR ANYBODY YOU KNOW WORK AT ONE OF THESE COMPANIES? Look what your company's CEO intends to do to your job. Contact them, boycott them WHEN YOU CAN, share this list. Show this list to your buyers and purchasing dept. Show this list to your co-workers going out for lunch. Put this list on your bulletin board at school and work. ... The participating companies mentioned in this article, must be put on notice for their treasonous intentions.

Illegal immigration is also about Obamacare.

Fri, 01/10/2014 - 12:11 | 4319601 mick_richfield
mick_richfield's picture


Not 'less'.  'Fewer'.



Fri, 01/10/2014 - 12:33 | 4319687 mr.n3utr0n
mr.n3utr0n's picture

Yes, even basic grammar is in decline.

Fri, 01/10/2014 - 12:36 | 4319705 mick_richfield
mick_richfield's picture

Your right !

Fri, 01/10/2014 - 13:57 | 4320146 Black Warrior W...
Black Warrior Waterdog's picture

It's a mute point!

Fri, 01/10/2014 - 15:26 | 4320544 Dr Brown
Dr Brown's picture


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