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Only 74K Jobs Added In December, Huge Miss To Expectations Of 197K: Weather Blamed
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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Layoff / Closing List: http://www.dailyjobcuts.com
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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
Not so fast! it means nobody knows WTF the Dec jobs numbers will be revised to so there's much more uncertainty now.
Jobless rate falls to 6.7%...
hmmm...
Can I ask for a pay rise now?
This is the holiday jobs hiring?
Economic recovery?
This doesn't jive.
Dark_Horse
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....
"Bad weather" has sprung on MSNBC, NPR, CNN...the usual suspects. It's as if they have ESP
So that's why Ag just gapped up 2%?!?
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 ;-)
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.
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
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....
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.
PMs gap up, Janet must be sleeping in this morning. First smackdown will commence in 3,2,1......
Sum Ting Wong
Wi Tu Cold
Mei Dik Bwu
Bang Ding Ow
UE at 6.7% pixie dust and unicorns for everyone.....lit up some weed...it's all good
Me-no Job.
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.
it was too sunny then it was to snowy...it was horrable
cold weather forced ice cream shop in maryland to cut back hiring.
Weh Tu Lo!
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.
bullish, no tapering
WTF! How can so many be so wrong.
Still drinking the Koolaid on Wall Street.
Those are annual salaries at those banks, not to be confused with jobs numbers.
Best comment today!
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.
They should all cease to exist and be jobless too.
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.......
Obamacare has arrived.....they had plenty of notice.
This can't be right....this can't be right......how can this be right?
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
g) It's all going according to plan. Pass the Dom Perignon, Randolph.
It was better when they had the sequester.....these live numbers are bad....
It is funny that the countries that allowed austerity to take place seem to be experiencing the most growth.
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.
Polar Vortex'd!!!
***participation rate sucking sound***
U6 down to 6.7% fed mainly by drop in participation rate. Thats down to 36 year low.
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?
Who could have foreseen cold weather in December?
74K? HAHAHAHAHA *Wheeze* HAhahahahaha
Oh, what a tangled web we weave......
Unemployment rate falls to 6.7%. Everything is fine.
hahaha, we just got to stop counting a few more people,
Ban all calculators and counting devises of any kind!
UNTAPER... Bitchez Boo fukin Ya.
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).
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.
House Bill 1024 to ban all weather!!! Passes the house...NOT endorsed by the BLS.
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 :-)
lulz
And gold is off to the races, smash down in 3..2...1...
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.
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
Haha. That's cute. I have one position to fill....work on filling my 2nd accordion folder of 1-2 page resumes.....
haha not even close.
Last Knee Jerk Rally on TSYs before ultimate SHORT TREASURIES BITCHEZ!
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.
Silversurfer just left the building...... flyyy
LMAO! These lying bastards always have some excuse! propaganda bullshit.
All of these people are disappearing from the workforce. Is it the fucking rapture?
shrodinger's economy ..
thank you sir my I have another
can't blame BB NOW
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
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...
It appears that some economists are just noticing the payroll/labor data is a total clusterfuck.
LOL.
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.
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.
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.
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.
Participation rate drops substantially ( not seasonally adjusted). Wait until January's when all those EUC participants drop out.
74?! 74!?
74,000 jobs added; unemployment rate falls to 6.7%.
My call: 220,000.
235,000.
Somebody dial the FED Totus.
6.5% unemployment by next month. What is a Yellen to doooooooooooo!
Get to work Mr. Yellen, er Ms. Yellen.
Global Warming.
Yes! Although were jobs added for rescuing those global warming scientists who got stuck in the ice in Antarctica?
Those were Chinese jobs...
Delay cutting back defence spending we've got more jobs coming in at McDonalds.
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...
It was the weather; there has been a constant downpour of bullshit over the last 12 months
They are really messing up with these fake numbers estimates
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.
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
Great job Hussien!
Healthcare was down 6,000, far off from its 2013 average of adding 17,000 jobs.
Obamacare bitches, GET SOME.
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.
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...
Can someone tell my why the S&P futures are up??? Alcoa misses, Jobs Miss Badly........ really???
i don't know, i think some goverment is manipulating it, for national security reasons
mass psychosis does not lend itself to a rational explanation.
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
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.
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.
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.
Must be global warming.
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!!!!
Ok I give up me and the fam just got back from our December Hawaiian vacation. Now back to work.
Just say no to 'Geoengineering
Maybe that 6.7% number is now the percent of people actually employeed instead of unemployed...
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