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 | 4318930 Shocker
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No Comment needed.

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

Fri, 01/10/2014 - 09:36 | 4318962 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 | 4319006 Headbanger
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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 | 4319039 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 | 4319901 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 | 4319050 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 | 4320855 czardas
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"Bad weather" has sprung on MSNBC, NPR, CNN...the usual suspects.  It's as if they have ESP

Fri, 01/10/2014 - 09:44 | 4319013 TeamDepends
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So that's why Ag just gapped up 2%?!?

Fri, 01/10/2014 - 10:11 | 4319142 Save_America1st
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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 | 4319014 LawsofPhysics
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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 | 4319016 Lewshine
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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 | 4319034 Kaiser Sousa
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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 | 4318969 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 | 4319004 SoilMyselfRotten
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PMs gap up, Janet must be sleeping in this morning. First smackdown will commence in 3,2,1......

Fri, 01/10/2014 - 09:32 | 4318931 ZippyBananaPants
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Sum Ting Wong

Fri, 01/10/2014 - 09:33 | 4318936 Buckaroo Banzai
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Wi Tu Cold

Fri, 01/10/2014 - 09:47 | 4319027 kralizec
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Mei Dik Bwu

Fri, 01/10/2014 - 09:34 | 4318953 Shrapnel
Shrapnel's picture

Bang Ding Ow

Fri, 01/10/2014 - 09:36 | 4318967 max2205
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UE at 6.7%    pixie dust and unicorns for everyone.....lit up some weed...it's all good

Fri, 01/10/2014 - 09:40 | 4318991 Mae Kadoodie
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Me-no Job.

Fri, 01/10/2014 - 11:14 | 4319361 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 | 4318933 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 | 4318982 augustusgloop
augustusgloop's picture

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

Fri, 01/10/2014 - 09:32 | 4318934 replaceme
replaceme's picture

Weh Tu Lo!

Fri, 01/10/2014 - 09:46 | 4318939 ejmoosa
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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 | 4318941 PontifexMaximus
PontifexMaximus's picture

bullish, no tapering

Fri, 01/10/2014 - 09:33 | 4318942 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 | 4318965 GetZeeGold
GetZeeGold's picture

 

 

Still drinking the Koolaid on Wall Street.

Fri, 01/10/2014 - 09:37 | 4318968 Belrev
Belrev's picture

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

Fri, 01/10/2014 - 09:46 | 4319021 EuropeanBankster
EuropeanBankster's picture

Best comment today!

Fri, 01/10/2014 - 09:46 | 4319022 LawsofPhysics
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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 | 4318975 Pee Wee
Pee Wee's picture

They should all cease to exist and be jobless too.

Fri, 01/10/2014 - 09:39 | 4318985 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 | 4319046 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 | 4319113 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 | 4319401 Meat Hammer
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g) It's all going according to plan.  Pass the Dom Perignon, Randolph.

Fri, 01/10/2014 - 09:33 | 4318943 youngman
youngman's picture

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

Fri, 01/10/2014 - 09:39 | 4318989 Bobbyrib
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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 | 4319024 onewayticket2
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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 | 4318944 Lord Maximus
Lord Maximus's picture

Polar Vortex'd!!!

***participation rate sucking sound***

 

Fri, 01/10/2014 - 09:33 | 4318945 trillion_dollar...
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U6 down to 6.7% fed mainly by drop in participation rate. Thats down to 36 year low.

Fri, 01/10/2014 - 09:40 | 4318990 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 | 4318948 hankwil74
hankwil74's picture

Who could have foreseen cold weather in December?

Fri, 01/10/2014 - 09:34 | 4318951 tallen
tallen's picture

74K? HAHAHAHAHA *Wheeze* HAhahahahaha

Fri, 01/10/2014 - 09:34 | 4318954 Wm the Shrubber
Wm the Shrubber's picture

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

Fri, 01/10/2014 - 09:35 | 4318957 JustObserving
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Unemployment rate falls to 6.7%.  Everything is fine.

Fri, 01/10/2014 - 09:36 | 4318961 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 | 4318978 GetZeeGold
GetZeeGold's picture

 

 

Ban all calculators and counting devises of any kind!

Fri, 01/10/2014 - 09:37 | 4318966 El Hosel
El Hosel's picture

UNTAPER... Bitchez   Boo fukin Ya.

Fri, 01/10/2014 - 09:41 | 4318999 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).

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