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Only 74K Jobs Added In December, Huge Miss To Expectations Of 197K: Weather Blamed

Tyler Durden's picture





 

So much for the recovery. Moments ago December nonfarms were revealed at just 74,000 a huge miss to expectations of 197,000 - the biggest miss Since December 2009. The drop from last month's revised 226K was the largest since December 2010. Other notables: the change in private payrolls was a tiny 87K vs expectations of 200K. Mfg payrolls added just 9K vs 15K expected and down from 31K. Average hourly earnings for all employees rose 0.1% vs. Expected 0.2%. The good news: the unemployment rate plunged to 6.7% from 7.0%... For all the wrong reasons - the number of people not in the labor force rose to a record 91,808,000. As a reason for the plunge the BLS says there was a major weather effect seen on the forced part-time series, and notes the decline in healthcare which is rare and part of the sector slowing. Thank you Obamacare. And now bring on the Untaper.

Some of the highlights from the report:

The number of unemployed persons declined by 490,000 to 10.4 million  in December, and the unemployment rate declined by 0.3 percentage point  to 6.7 percent. Over the year, the number of unemployed persons and the  unemployment rate were down by 1.9 million and 1.2 percentage points,  respectively. (See table A-1.)

 

Among the major worker groups, the unemployment rates for adult men (6.3 percent) and whites (5.9 percent) declined in December. The rates for adult  women (6.0 percent), teenagers (20.2 percent), blacks (11.9 percent), and  Hispanics (8.3 percent) showed little change. The jobless rate for Asians  was 4.1 percent (not seasonally adjusted), down by 2.5 percentage points  over the year. (See tables A-1, A-2, and A-3.)

 

Among the unemployed, the number of job losers and persons who completed temporary jobs decreased by 365,000 in December to 5.4 million. The number of long-term unemployed (those jobless for 27 weeks or more), at 3.9 million, showed little change; these individuals accounted for 37.7 percent of the unemployed. The number of long-term unemployed has declined by 894,000 over the year. (See tables A-11 and A-12.)

 

The civilian labor force participation rate declined by 0.2 percentage point to 62.8 percent in December, offsetting a change of the same magnitude in November. In December, the employment-population ratio was unchanged at 58.6 percent. The labor force participation rate declined by 0.8 percentage point over the year, while the employment-population ratio was unchanged. (See table A-1.)

 

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged at 7.8 million in December. These individuals were working part time because their hours had been cut back or because they were unable to find full-time work. (See table A-8.)

 

In December, 2.4 million persons were marginally attached to the labor force, little changed 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 917,000 discouraged workers in December, down by 151,000 from a year earlier. Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.5 million persons marginally attached to the labor force in December had not searched for work for reasons such as school attendance or family responsibilities. (See table A-16.)

And the funniest part when one considers the surge in construction workers in the ADP report:

Construction employment edged down in December (-16,000).  However, in 2013, the industry added an average of 10,000 jobs per month. Employment in nonresidential specialty trade contractors declined by 13,000 in December, possibly reflecting unusually cold weather in parts of the country.

So construction workers both surged and plunged due to the weather.

 


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Fri, 01/10/2014 - 09:32 | Link to Comment Shocker
Shocker's picture

No Comment needed.

Layoff / Closing List: http://www.dailyjobcuts.com
.

Fri, 01/10/2014 - 09:36 | Link to Comment Obchelli
Obchelli's picture

Taper Off 

MoFos

Zandi you F88g idiot? now this is BS? IT wa BS all along u Moron...

It weill be revised my A$$ up...

Ignore number... Gulsby

Held futures up so much that even horrible number didn't take it negative

 

Fri, 01/10/2014 - 09:44 | Link to Comment Headbanger
Headbanger's picture

Not so fast!   it means nobody knows WTF the Dec jobs numbers will be revised to so there's much more uncertainty now. 

Fri, 01/10/2014 - 09:50 | Link to Comment Occident Mortal
Occident Mortal's picture

Jobless rate falls to 6.7%...

 

hmmm...

 

Can I ask for a pay rise now?

Fri, 01/10/2014 - 13:11 | Link to Comment Dark_Horse
Dark_Horse's picture

This is the holiday jobs hiring?

Economic recovery?

This doesn't jive.

Dark_Horse

Fri, 01/10/2014 - 09:55 | Link to Comment knukles
knukles's picture

The bad weather didn't start until January, FFS
And what's the tell?
Healthcare laying off people.
Uh huh

Obiecare gonna take care your ass.
You'll be dead waitin' for the doc.
Make Bridge-Gate NJ look like child's play with everybody gettin' their very own Eugenics Program

Maybe even call it T2 or sumptin' like that?
Oh, that name is already taken?

 

OK, nuff for today.  Party's over.  Time to go get a prostate massage

Just think of this being your signature legacy....

Fri, 01/10/2014 - 16:52 | Link to Comment czardas
czardas's picture

"Bad weather" has sprung on MSNBC, NPR, CNN...the usual suspects.  It's as if they have ESP

Fri, 01/10/2014 - 09:44 | Link to Comment TeamDepends
TeamDepends's picture

So that's why Ag just gapped up 2%?!?

Fri, 01/10/2014 - 10:11 | Link to Comment Save_America1st
Save_America1st's picture

and Au jumped up as well...you can see how the cabal monkey-hammered the PM's ahead of the jobs release.  They knew it was going to be a bad print, so they slammed the metals in anticipation of the spike that the bad jobs numbers was going to cause.  Fuck them!  I can't wait for the Crimex to go tits up and implode.  Fucking criminals.

But at the same time, they're criminal manipulation has provided a nice long stacking period at below cost of production prices.  Idiots...just to protect their almighty fiat dollar. 

Keep stackin' that phyzz as long as these assholes keep the paper prices on deep discount values.  Their day will come when they are out of business and PM's will rule...for a while at least ;-)

 

Fri, 01/10/2014 - 09:44 | Link to Comment LawsofPhysics
LawsofPhysics's picture

I doubt it, bad news is now good news, rally on!

The scale and scope of the money printing will be simply hidden from the unwashed masses (more so than usual).

hedge accordingly.

Fri, 01/10/2014 - 09:45 | Link to Comment Lewshine
Lewshine's picture

Watch how fast the Fed KILLS this pop in precious metals. Silver currently at 20.10  - It will be at 19.98 in 3...2...1

Fri, 01/10/2014 - 09:49 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

yeah thats normally how they do it...

i nibbled yesterday expecting an phony paper price attack overnight leading in to the "no jobs" number...

its ok though...still debt coupon dollar averagin...

until its in triple digits its grossly undervalued...

FUCK U BERNANKE AND U 2 O'LE YELLEN....

Fri, 01/10/2014 - 09:41 | Link to Comment Supernova Born
Supernova Born's picture

Don't need holiday optimism, no election, money printing must continue.

Good time for a big miss.

Hilarious that you aren't considered "unemployed" if you aren't looking for a job. Like not being considered "fat" if you aren't dieting.

Fri, 01/10/2014 - 09:44 | Link to Comment SoilMyselfRotten
SoilMyselfRotten's picture

PMs gap up, Janet must be sleeping in this morning. First smackdown will commence in 3,2,1......

Fri, 01/10/2014 - 09:32 | Link to Comment ZippyBananaPants
ZippyBananaPants's picture

Sum Ting Wong

Fri, 01/10/2014 - 09:33 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

Wi Tu Cold

Fri, 01/10/2014 - 09:47 | Link to Comment kralizec
kralizec's picture

Mei Dik Bwu

Fri, 01/10/2014 - 09:34 | Link to Comment Shrapnel
Shrapnel's picture

Bang Ding Ow

Fri, 01/10/2014 - 09:36 | Link to Comment max2205
max2205's picture

UE at 6.7%    pixie dust and unicorns for everyone.....lit up some weed...it's all good

Fri, 01/10/2014 - 09:40 | Link to Comment Mae Kadoodie
Mae Kadoodie's picture

Me-no Job.

Fri, 01/10/2014 - 11:14 | Link to Comment Meat Hammer
Meat Hammer's picture

Hey, we just forecasted our outlook for 2014 and we're ready to bring on hundreds of new qualified staff members, ideally college graduates with degrees in our field and a desire to take our company to the next level in this economic climate, which is ripe and ready for exponential growth.  Let's walk down to Starbucks and discuss it more.

Opens door....whoooooooosssshhhhh.  Blast of cold air.

Brrr.  Holy fucking monkey balls it's cold.  Never mind.  Fuck growth and profits!  Where's my Snuggie?

Kinda like that?  Sure, I believe it.

Fri, 01/10/2014 - 09:32 | Link to Comment the not so migh...
the not so mighty maximiza's picture

it was too sunny then it was to snowy...it was horrable

Fri, 01/10/2014 - 09:38 | Link to Comment augustusgloop
augustusgloop's picture

cold weather forced ice cream shop in maryland to cut back hiring. 

Fri, 01/10/2014 - 09:32 | Link to Comment replaceme
replaceme's picture

Weh Tu Lo!

Fri, 01/10/2014 - 09:46 | Link to Comment ejmoosa
ejmoosa's picture

They had to give some of those 332k in jobs added last February at some point....still bogus numbers, however.

 

BTW...

 

Jobs per month 2012:  205

Jobs per monty 2013:  182

That's a drop of more than 11% in US job growth....

 

And to nix that things are getting stronger argument...

Fewer jobs added in the second half of 2013 than 2012.

Fewer jobs added in the last quarter of 2013 than 2012.

Fri, 01/10/2014 - 09:33 | Link to Comment PontifexMaximus
PontifexMaximus's picture

bullish, no tapering

Fri, 01/10/2014 - 09:33 | Link to Comment JethroTull
JethroTull's picture

WTF! How can so many be so wrong.

  • Citigroup 165K
  • Barclays 175K
  • UBS 185K
  • HSBC 191K
  • Goldman Sachs 200K
  • JP Morgan 215K
  • Bank of America 220K
  • Deutsche Bank 250K
Fri, 01/10/2014 - 09:36 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Still drinking the Koolaid on Wall Street.

Fri, 01/10/2014 - 09:37 | Link to Comment Belrev
Belrev's picture

Those are annual salaries at those banks, not to be confused with jobs numbers.

Fri, 01/10/2014 - 09:46 | Link to Comment EuropeanBankster
EuropeanBankster's picture

Best comment today!

Fri, 01/10/2014 - 09:46 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Exactly, now please remind me, what product of real value do all those paper-pushers actually creat again?

roll the motherfucking guillotines, nothing changes otherwise.

Fri, 01/10/2014 - 09:43 | Link to Comment Pee Wee
Pee Wee's picture

They should all cease to exist and be jobless too.

Fri, 01/10/2014 - 09:39 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

CNBS already saying "this number is so out of whack it cant be right..."

laughing my mother fucking ass off...

bunch of wall st. banker owned ASSHOLES.......

Fri, 01/10/2014 - 09:53 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Obamacare has arrived.....they had plenty of notice.

 

This can't be right....this can't be right......how can this be right?

Fri, 01/10/2014 - 10:03 | Link to Comment RealityCheque
RealityCheque's picture

Answer

a) because they are drunk

b) because they are dumb

c) because they are on class A drugs

d) because they are corrupted

e) because they don't want to contemplate the reality that they have created

f) ALL OF THE ABOVE

Fri, 01/10/2014 - 11:25 | Link to Comment Meat Hammer
Meat Hammer's picture

g) It's all going according to plan.  Pass the Dom Perignon, Randolph.

Fri, 01/10/2014 - 09:33 | Link to Comment youngman
youngman's picture

It was better when they had the sequester.....these live numbers are bad....

Fri, 01/10/2014 - 09:39 | Link to Comment Bobbyrib
Bobbyrib's picture

It is funny that the countries that allowed austerity to take place seem to be experiencing the most growth.

Fri, 01/10/2014 - 09:47 | Link to Comment onewayticket2
onewayticket2's picture

youngman is right.  confidence took a(nother) body blow last month with the unSequester...and when confidence takes a hit, hiring pauses, investment slows, growth gets hurt.

 

Fri, 01/10/2014 - 09:34 | Link to Comment Lord Maximus
Lord Maximus's picture

Polar Vortex'd!!!

***participation rate sucking sound***

 

Fri, 01/10/2014 - 09:33 | Link to Comment trillion_dollar...
trillion_dollar_deficit's picture

U6 down to 6.7% fed mainly by drop in participation rate. Thats down to 36 year low.

Fri, 01/10/2014 - 09:40 | Link to Comment GeezerGeek
GeezerGeek's picture

If they reinstitute extended unemployment benefits will the unemployment rate rise? And why weren't there more jobs created? After all, the massive snowfall surely created numerous snow-shovel-ready jobs now, didn't it? 

Fri, 01/10/2014 - 09:34 | Link to Comment hankwil74
hankwil74's picture

Who could have foreseen cold weather in December?

Fri, 01/10/2014 - 09:34 | Link to Comment tallen
tallen's picture

74K? HAHAHAHAHA *Wheeze* HAhahahahaha

Fri, 01/10/2014 - 09:34 | Link to Comment Wm the Shrubber
Wm the Shrubber's picture

Oh, what a tangled web we weave......

Fri, 01/10/2014 - 09:35 | Link to Comment JustObserving
JustObserving's picture

Unemployment rate falls to 6.7%.  Everything is fine.

Fri, 01/10/2014 - 09:36 | Link to Comment the not so migh...
the not so mighty maximiza's picture

hahaha, we just got to stop counting a few more people,

Fri, 01/10/2014 - 09:38 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Ban all calculators and counting devises of any kind!

Fri, 01/10/2014 - 09:37 | Link to Comment El Hosel
El Hosel's picture

UNTAPER... Bitchez   Boo fukin Ya.

Fri, 01/10/2014 - 09:41 | Link to Comment Bobbyrib
Bobbyrib's picture

They can't untaper too quickly or Bernanke will look like he had no clue what he was doing the whole time (which he didn't).

Fri, 01/10/2014 - 09:42 | Link to Comment Oldballplayer
Oldballplayer's picture

Dearest leader will come out and say, "Another month of job growth.  We are the fucking bomb!"  Then he will drop the mic and walk off the stage.

What a maroon.

Fri, 01/10/2014 - 09:36 | Link to Comment kill switch
kill switch's picture

House Bill 1024 to ban all weather!!! Passes the house...NOT endorsed by the BLS.

Fri, 01/10/2014 - 09:36 | Link to Comment Quintus
Quintus's picture

4 minutes since the release and still the article only says 'More shortly'

I know of journalists that could have a 1,000 word commentary on a data release written by now :-)

Fri, 01/10/2014 - 09:36 | Link to Comment iLiquid
iLiquid's picture

lulz

Fri, 01/10/2014 - 09:37 | Link to Comment Alpha Monkey
Alpha Monkey's picture

And gold is off to the races, smash down in 3..2...1...

Fri, 01/10/2014 - 09:38 | Link to Comment Dr. Engali
Dr. Engali's picture

Of course it's blamed on the weather. It can never be blamed on the fact that we have a situation where 1,300 people apply for 36 jobs making ice cream. Should be bullish for moar QE.

Fri, 01/10/2014 - 09:43 | Link to Comment JustObserving
JustObserving's picture

It was 1600 people.  To quote ZH:

1,600 applicants (and counting) "a deluge" - 44 applicants for every position - or nearly three times more difficult than getting into Harvard to get a simple job

Fri, 01/10/2014 - 13:56 | Link to Comment jerry_theking_lawler
jerry_theking_lawler's picture

Haha. That's cute. I have one position to fill....work on filling my 2nd accordion folder of 1-2 page resumes.....

Fri, 01/10/2014 - 09:38 | Link to Comment Fiat Burner
Fiat Burner's picture

haha not even close. 

Fri, 01/10/2014 - 09:38 | Link to Comment realWhiteNight123129
realWhiteNight123129's picture

Last Knee Jerk Rally on TSYs before ultimate SHORT TREASURIES BITCHEZ!

 

Fri, 01/10/2014 - 09:38 | Link to Comment Conflict of Interest
Conflict of Interest's picture

According to MarketWatch, "The U.S. ended the year adding roughly the same number of workers as it did in 2012, based on the preliminary numbers."  Good thing we didn't add any workers during that time.

Fri, 01/10/2014 - 09:38 | Link to Comment highcapacity
highcapacity's picture

Silversurfer just left the building...... flyyy

Fri, 01/10/2014 - 09:40 | Link to Comment d edwards
d edwards's picture

LMAO! These lying bastards always have some excuse! propaganda bullshit.

Fri, 01/10/2014 - 09:39 | Link to Comment Oldballplayer
Oldballplayer's picture

All of these people are disappearing from the workforce.  Is it the fucking rapture?

Fri, 01/10/2014 - 09:39 | Link to Comment pragmatic hobo
pragmatic hobo's picture

shrodinger's economy ..

Fri, 01/10/2014 - 09:40 | Link to Comment enloe creek
enloe creek's picture

thank you sir my I have another
can't blame BB NOW

Fri, 01/10/2014 - 09:40 | Link to Comment Musashi Miyamoto
Musashi Miyamoto's picture

There are some really good "Atlas Shrugged" quotes I want to add here... I can't find them.. the book's too long... give me a moment

Fri, 01/10/2014 - 09:50 | Link to Comment Musashi Miyamoto
Musashi Miyamoto's picture

Here it is: CHAPTER V

Winter had come early, in the last days of November. People said that it was the hardest winter on record and that no one could be blamed for the unusual severity of the snowstorms. They did not care to remember that there had been a time when snowstorms did not sweep, unresisted, down unlighted roads and upon the roofs of unheated houses, did not stop the movement of trains, did not leave a wake of corpses counted by the hundreds.
The first time that Danagger Coal was late in delivering fuel to Taggart Transcontinental, in the last week of December, Danagger's cousin explained that he could not help it...

don't worry its not our fault... it was the weather.. it can't be helped...

Fri, 01/10/2014 - 09:40 | Link to Comment Bosch
Bosch's picture

It appears that some economists are just noticing the payroll/labor data is a total clusterfuck. 

 

LOL.

Fri, 01/10/2014 - 09:41 | Link to Comment disabledvet
disabledvet's picture

Ummmm...."this ain't goonna be the. 90's where bad news is good news." You stuck all you super profitable securities firms...save not only one...but the only one left on EARTH btw...inside "all your zombie banks." What did Shinzen say? "I was made from your blood. If you were me you would be doing EXACTLY what I am now." Too bad the movie didn't dwell on this theory actually. "Picard...the military variant of Clint Eastwood." A more..."artful" expression would be one of "self doubt"...and "anger management issues." These securities guys aren't goonna stick around a bunch cheapskate bankers talking "theoretical constructs" while some kid in California is launching moon rockets and making billions.

Fri, 01/10/2014 - 09:43 | Link to Comment TheSkipper1967
TheSkipper1967's picture

There are no jobs.  I am in a med size city 400k+ people.  I have 15 yrs experience in Corp Finance with a Finance and MBA degree.  My last job i was at $75k as a Sr Finanial Analyst.  I have been looking since Sept last yr.  I am now applying to similar job in the $60-65k range and it still is a fight to get an interview.  Oh and I am 46 and not a sociopath or psycopth so I am screwed. 

Fri, 01/10/2014 - 10:12 | Link to Comment Clever Name
Clever Name's picture

Sorry sir, you note here that "You are not a sociopath or psycopth(sic)" but our records show that you are a member and commenter at ZeroHedge, which clearly indicates that you are at least one of those.

Don't call us, we'll call you. Have a nice day.

Fri, 01/10/2014 - 13:48 | Link to Comment Colonel Walter ...
Colonel Walter E Kurtz's picture

That sounds about right.

5 years ago our construction company located in a medium size city had to cut labor costs by about 20% just to try to even remain remotely competitive with the firms using miss classified/cash workers. Have not been able to give out raises since then and layoffs occur now on a yearly basis. The cheating competitors were just able to cut their labor costs more since they do not even try to abide by all the government regulations and we find ourselves in this new normal economy.

We are not purchasing anything not needed (i.e. advertising, promotional products, computers, copiers, construction equipment, etc...) and keep cutting all costs. Obviously the workers also have been cutting all their personal expenses also over time. This is a slow death spiral that is impacting everyone in the country except the big money types that have access to Wall Street funding. They are able to purchase labor (i.e. you at lower costs) and assets/buildings/land at below market prices in this environment. 

It is not you that is just screwed...we all are.

Good luck.

 

 

Fri, 01/10/2014 - 09:44 | Link to Comment papaswamp
papaswamp's picture

Participation rate drops substantially ( not seasonally adjusted). Wait until January's when all those EUC participants drop out.

Fri, 01/10/2014 - 09:52 | Link to Comment Bosch
Bosch's picture













    • How funny is this:












    • 8:30 am
    • 74?!

    74?! 74!?

    • 8:30 am
    • Numbers Are Out

    74,000 jobs added; unemployment rate falls to 6.7%. 

    • 8:28 am
    • 220K

    My call: 220,000. 

    • 8:28 am
    • Going High

    235,000.

Fri, 01/10/2014 - 09:44 | Link to Comment q99x2
q99x2's picture

Somebody dial the FED Totus.

Fri, 01/10/2014 - 09:45 | Link to Comment bubblemania
bubblemania's picture

6.5% unemployment by next month. What is a Yellen to doooooooooooo!

Fri, 01/10/2014 - 10:03 | Link to Comment Jack of All Trades
Jack of All Trades's picture

Get to work Mr. Yellen, er Ms. Yellen.

Fri, 01/10/2014 - 09:45 | Link to Comment Son of Loki
Son of Loki's picture

Global Warming.

Fri, 01/10/2014 - 09:57 | Link to Comment Jack of All Trades
Jack of All Trades's picture

Yes!  Although were jobs added for rescuing those global warming scientists who got stuck in the ice in Antarctica?

Fri, 01/10/2014 - 11:58 | Link to Comment CuttingEdge
CuttingEdge's picture

Those were Chinese jobs...

Fri, 01/10/2014 - 09:45 | Link to Comment Herdee
Herdee's picture

Delay cutting back defence spending we've got more jobs coming in at McDonalds.

Fri, 01/10/2014 - 09:49 | Link to Comment ziggy59
ziggy59's picture

IDK..Seems to me there is one letter too many in BLS...
http://www.accuweather.com/en/us/new-york-ny/10007/month/349727?monyr=12...

Fri, 01/10/2014 - 09:48 | Link to Comment Shizzmoney
Shizzmoney's picture

It was the weather; there has been a constant downpour of bullshit over the last 12 months

Fri, 01/10/2014 - 09:48 | Link to Comment Racer
Racer's picture

They are really messing up with these fake numbers estimates

Fri, 01/10/2014 - 09:50 | Link to Comment Dr. Engali
Dr. Engali's picture

Whoa....whoa....what's that red stuff on my screen? It's all better now. The markets confused...does this or dosen't it mean more QE? 6.7% unemployment rate is fucking with the bots heads.

Fri, 01/10/2014 - 09:49 | Link to Comment Bosch
Bosch's picture

If things were even quasi-normal this would lead to a 500 point DOW smashdown.  

 

But of course, I'll take +213 in our ZH pool

Fri, 01/10/2014 - 09:49 | Link to Comment MFLTucson
MFLTucson's picture

Great job Hussien!

Fri, 01/10/2014 - 09:51 | Link to Comment Bosch
Bosch's picture

Healthcare was down 6,000, far off from its 2013 average of adding 17,000 jobs. 

 

Obamacare bitches, GET SOME. 

Fri, 01/10/2014 - 09:57 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Who can afford that crap?

Thankfully hardly anyone can log on to the website to see the prices.

 

I'm well aware it's the law....I just can't afford it is all.

Fri, 01/10/2014 - 09:52 | Link to Comment Tsar Pointless
Tsar Pointless's picture

Over 800k added to the rolls of the "not in labor force", to over 92.3 million!

The ranks of the unemployed dropped by 300k, but the number of employed also fell by roughly the same amount.

Unadjusted, participation rate plunges to level not seen since May 1978! Now at 62.6%. When President Obama took office in January 2009, this number was 65.4%. That 2.8% added to the unadjusted U-3 rate would imply a U-3 of 9.3%.

I know. Figures lie...

Fri, 01/10/2014 - 09:53 | Link to Comment ms8172
ms8172's picture

Can someone tell my why the S&P futures are up???  Alcoa misses, Jobs Miss Badly........ really???

Fri, 01/10/2014 - 09:57 | Link to Comment the not so migh...
the not so mighty maximiza's picture

i don't know, i think some goverment is manipulating it, for national security reasons

Fri, 01/10/2014 - 09:57 | Link to Comment spellbound
spellbound's picture

mass psychosis does not lend itself to a rational explanation.

Fri, 01/10/2014 - 10:01 | Link to Comment foxmuldar
foxmuldar's picture

Were living in the Obama world where everytime there is bad news the market rises and drops on good news. Bad news means the Fed will continue pumping up the market longer. Fed stimulus is the only reason the market had soared to new highs. At some point the bubble is going to burst. 

Peter Schiff is the only one I know that got it right the last time and he sees another even bigger bubble on the horizon. 

http://foxmuldar-conservative-thinker.blogspot.com/2013/12/peter-schiff-was-right-2006-2007-edition.html

Fri, 01/10/2014 - 09:53 | Link to Comment Jack of All Trades
Jack of All Trades's picture

We need to change the number to jobs created or saved.  Then it can be whatever they want it to be like the unemployment number.

Fri, 01/10/2014 - 10:11 | Link to Comment gatorengineer
gatorengineer's picture

Come on folks..... People here on the hedge are smarter than this.  Follow the money.

 

The re-instatement of extended benefits was stuck in the Senate. This is just Kabuki theater to unstick it, brought to you by the ministry of truth.  Nothing to see here.  Move along.  Will be revised up next month to 150, or better.

Fri, 01/10/2014 - 10:13 | Link to Comment foxmuldar
foxmuldar's picture

Whatever happened to Hope and Change? Seems a lot of folks have given up Hope and all their left with is a little change in their pockets.

Fri, 01/10/2014 - 10:29 | Link to Comment viator
viator's picture

Must be global warming.

Fri, 01/10/2014 - 10:42 | Link to Comment vote_libertaria...
vote_libertarian_party's picture

So this is the thinking of a hiring manager:

 

Business is picking up a little.  I need to hire somebody...wait....is that snowflakes outside?  FORGET IT!!!!  I AIN'T HIRING ANYBODY!!!!

Fri, 01/10/2014 - 10:48 | Link to Comment starman
starman's picture

Ok I give up me and the fam just got back from our December Hawaiian vacation. Now back to work.

Fri, 01/10/2014 - 10:51 | Link to Comment Cult of Criminality
Cult of Criminality's picture

Just say no to 'Geoengineering

Fri, 01/10/2014 - 11:06 | Link to Comment BudFox2012
BudFox2012's picture

Maybe that 6.7% number is now the percent of people actually employeed instead of unemployed...

Sat, 01/11/2014 - 07:37 | Link to Comment theprofromdover
theprofromdover's picture

Major design flaw.

They are going to have to start dropping hints (about what the number will be) to the banks that make up the 'anticipated' numbers

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