This page has been archived and commenting is disabled.
June Payrolls Surge 288K, Above Expectations, Unemployment Rate Tumbles To 6.1%
For once the ADP was actually spot on: in June the US economy added 288K nonfarm payrolls, far above the 215K expected, and above the upward revised 224K from June. Further, May jobs were revised from 282K to 204K. This was the fifth consecutive month of job gains over 200K. The unemployment rate tumbled to 6.1%, well below the 6.3% expected. The brth/death adjustment added 121K jobs, compared to 205K previously, and a total of 452K so far in 2014.
Private Payrolls rose 262K, above the 215K expected. Average hourly earnings rose as expected 0.2% from June and 2.0% from a year ago, marginally higher than the 1.9% expected. Finally the weekly hours worked for all employees was 34.5%, same as expected and the same as last month.
But perhaps far more importantly, average weekly earnings rose just 2.0% Y/Y, down from 2.1% in May, and effectively declining once again on a real basis, which means that for three months in a row now US workers have seen their wages drop adjusted for inflation.
From the report:
Total nonfarm payroll employment rose by 288,000 in June. Over the past 3 months, job growth has averaged 272,000 per month. In June, employment growth was widespread, led by gains in professional and business services, retail trade, food services and drinking places, and health care. (See table B-1.)
Employment in professional and business services rose by 67,000 in June and had averaged 53,000 per month over the prior 12 months. In June, employment within the industry increased in management and technical consulting services (+8,000), architectural and engineering services (+7,000), and computer systems design and related services (+7,000). Employment continued to trend up in temporary help services.
Retail trade employment increased by 40,000 in June. Over the prior 12 months, employment in this industry had grown by an average of 26,000 per month. In June, job growth in the industry occurred in motor vehicle and parts dealers (+12,000), building material and garden supply stores (+8,000), and electronics and appliance stores (+7,000).
Employment in food services and drinking places rose by 33,000 in June and has increased by 314,000 over the past year.
Health care employment increased by 21,000 in June, about in line with the prior 12-month average gain of 18,000 per month. Within health care, employment continued to trend up in ambulatory health care services (+13,000) and in nursing and residential care facilities (+6,000).
Transportation and warehousing employment increased by 17,000 in June. Over the prior 12 months, this industry had added an average of 11,000 jobs per month. In June, couriers and messengers added 6,000 jobs.
Financial activities added 17,000 jobs in June, with a gain of 9,000 in insurance carriers and related activities. Employment in real estate and rental and leasing continued to trend up in June (+9,000). Financial activities had added an average of 5,000 jobs per month over the prior 12 months.
Manufacturing added 16,000 jobs in June, with all of the increase in durable goods manufacturing. Within durable goods, employment increased in motor vehicles and parts (+6,000) and in computer and peripheral equipment (+3,000).
Wholesale trade added 15,000 jobs over the month and has added 140,000 jobs over the year.
Employment changed little over the month in other major industries, including mining and logging, construction, information, and government.
»
- 17196 reads
- Printer-friendly version
- Send to friend
- advertisements -
birth/death? anyone?
Does not matter. All bull shit anyways.
Maybe the NSA should break in and interrupt ALL the calls it monitors and ask "Are you working?"
Green shoots...
When there is inflation it makes it cheaper to hire…in the short run.
Everything is being manipulated into place for raising interest rates.
Bingo!! Fed must do all it can now to save the U.S. dollar from becoming worthless as it ceases to be the world currency.
I'm calling bullshit, just like every other economic indicator during the Obowelmovement
I had an Obowelmovement earlier.
The explosive diarrhea nearly lifted me of the toilet seat.
They want the sheeple to spend, spend, spend this summer. These numbers will be revised down to equal expectations in a couple of months. I believe the same thing was done last year but I am too lazy to look up the reports from September.
Hi Ignatius it is your favorite person. I'm curious where is the site you people are going pertaining to me? Ya I'm that guy. I'm just wondering where the hackers posted it all.
unwashedmass, the birth/death adjustment is a calculation by the BLS, estimating the number of new jobs created by new businesses (birth), versus the number of jobs destroyed by businesses closing (death).
IMO, the numbers are a complete fabrication, and often are responsible for more than half (as was the case this month) or almost all (last month) of total job "growth."
I now present my new version of the Lord's Prayer, updated as the "Yellen Shriek:"
Our fiat,
Which art in dollars,
hollow be thy worth.
Thy stocks go up,
thy vix be down
on CBOE as it is on Wall Street.
Give plebes this day their daily crumb of bread
and deliver us thy dividends,
as we distribute to the one percent.
And lead us not into recession,
but deliver us more POMO,
for the kingdom and the power.
and the glory resides at the Fed.
Amen.
brilliant!
Birth death and the other adjustments are completely controlled by .GOV and are how you get a glimpse behind the curtain. The translation of today's number is "No QE for you!". At least not until the crash brings it back, temporarily, like they temporarily suspended the gold standard.
It won't be long when so many people drop out of the work force and aren't being counted that we'll have 0.0% unemployment. Ya gotta love common core math and the way it has helped the BLS.
/s
Time to end QE, then! No more. Finis.
JOB WELL DONE! UP TO THE NEXT!
RAISE RATES TO 7%!
I challenge you to put a negative spin on that...
I can create a few jobs too if you let me borrow $4 trillion at 0%.
At the onset of inflation people want to buy stuff now instead of later.
Angling for a network job, are ya?
Ive heard enough, Id say he is qualified for CNBS. Primetime, bitches
Indeed I am Ignatius. Funny how stuff I type on my own computer ends up being read by others funny how that works. You're one of those who like to watch, mind linking me the site where all the data mined info is?
What is with these people coming out of the wood work?
Are you trying to impune cockroaches and rodents?
You need to look at the bigger picture there numnut.
Challenge accepted.
This will put pressure on the Fed to hasten the pace of tapering and possibly move up the timeframe for an interest rate increase. Which could be VERY bad for the markets.
The fed will continue to manipulate employment and inflation data, so that it can raise interest rates and thereby purposefully crash the markets and take the blame for it, claiming excessive speculation exacerbated their policy. In this way the fed will reassert their power over the economy in the public conciousness for the foreseeable future, while pouring ever more lucre into banster coffers.
You think the Fed will "take the blame" for a crash (whether they caused it or not)? I doubt that very seriously.
They might even start increasing interest rates, because we know that the employment to population ratio is correlated to the interest rates and it's improving. You shouldn't be afraid of rate hikes.
http://katchum.blogspot.be/2013/09/federal-funds-rate-vs-unemployment.html
challenge accepted...
It's all manipulated and full of lies, spin, and "mope".
MOPE: Management of Perspective Economics. The foolish idea that if The Fed and the media create the image of growth and the belief that things are getting better, then the economy will actually grow and things will actually get better.
the Fed believes in the law of attraction (positive thinking can create life-changing results), which is probably more scientific than the idiotic 'economic laws' it uses to guide its decisions.
"if you believe hard enough, anything you want will happen"
http://en.wikipedia.org/wiki/The_Secret_%28book%29
Enjoy your cool aid
http://www.zerohedge.com/news/2014-07-03/people-not-labor-force-rise-new...
QE is $65,000,000,000 a month. That means that each month you could hire 1.3 million people at $50k a year. In other words, employment has to increase by 1.3 million jobs a month to keep pace with the Fed's balance sheet.
yeah...and from 2009 until something like 2015 or 2016, the U.S. needed to add minimum 250,000 REAL jobs per month, every single month in order to get out of the shitter from the collapse of 2008.
That's 250,000 per month for somewhere around 84 to 96 months straight!
Has that been achieved for real even a handful of months total in the last 60 months?
Not....even....close.
Game over for U.S. It's not happening because they don't want it to happen. They don't want actual, meaniful, manufacuring-type job growth.
They are purposfully deindustrializing America and moving everything offshore while they also purposely collapse our monetary system. All for the great reset and the move to a fully militarized, authoritarian America plunged into chaos to bring in the NWO rulers.
It's going to take a very bloody fight to ever have a slight chance of getting outta this mess.
SPY 2000 today. get your bud light and bubba burgers, it's party time.
not in bizarro world it isn't. from wiki: Is big crime to make anything perfect on Bizarro World!" In one episode, for example, a salesman is doing a brisk trade selling Bizarro bonds: "Guaranteed to lose money for you"...
They're called JGBs.
Bernoulli ftw
@ Tyler
May jobs were revised from 282K to 204K
should be 304K
I know....get so used to these 2's that a BS 3 throws everyone off.
Let the circus begin!
Not my circus, not my monkeys....
Nice headline for the MSM as Johnny Lunchbucket buys his hot dogs on the way home.
Taper on. Look at the 10 year!
http://www.marketwatch.com/investing/bond/10_year
that's what they wanted...something over 2.65 or so. And bingo...they always get what they want. For now...but those days may be coming to an end one day soon enough.
Once again as clockwork the usual 8am smash in PM's occurs. But notice the effects these days last only minutes rather than hours and days. Paper silver has rebounded nicely back above 21 already.
Personally, I'd like to see one more prolonged smash down under 20 so we can all scoop up another big dip opportunity. But the rebounds just seem to be too strong these days to make their attacks last very long. They would need successive days for about a week or more of constant monkey hammering to get it back into the high 19's.
Keep some of your dry powder at the ready, bitchez. There still may be one more nice BTFD opportunity for phyzz before the end of July. Then it may be off to the races to 25 before we see another extended pull-back into the 21's again for the next phyzz buying opportunity.
They'll be tightly managing the incline from there on out as best as they can until we break back into the 40's next year. The bull should be on a rampage by then and nearly impossible to control at that point.
TBT!!!
http://www.marketwatch.com/investing/bond/TMUBMUSD10Y?countrycode=BX
Unemployment at only 6.1%!!!
These are the good times, boys. I'll make it a point to share this statistic with the 80% of unemployed college grads, class of '14.
Yep, these are the salad days. Except salad now costs $4 for an 8 oz bag.
Yup. This is freakin' GREAT news. For all practical purposes, 6.1% is basically FULL employment (or close enough).
Exactly what the terroist needed to get his poll numbers up!
Revision in 3 ... 2... No, better Friday after the market closes on Page 9
6.1% really? Does anyone believe these numbers? But as long as gold and silver hammered, job well done Yellen.
http://www.shadowstats.com/alternate_data/unemployment-charts
Zandy looks like he just fucked the prom queen on cnbc. What a DB
i'm pretty sure he always had his eye on the prom king
Or Burger King? http://tinypic.com/r/23mlgck/8
LOL
Mission Accomplished!
there, I said it.
Yep..its time to raise the rates....lets go Fed..do your job...that is if these numbers are to be believed
hahah yeah right, they should rasise rates if things are soo good
#MissionAccomplished. So they can end QE, right?
yeah, no
http://www.youtube.com/watch?v=MtaUHMWQpiI
wadda buncha bullshit!
imaginary numbers go up or down, giving the markets news to react to. a few more poor souls wake up and say that can't be right, my cousins just got layed off, uncle mike can't find work..why am I and my family not benefiting ?? where are these jobs?...of course if your one of these poor souls, you have no equity to invest so fuck off.
love this economy. Everybody is doing great and if you're not then obviously you have a problem. Gotta love it.
When they revise the numbers it will be a hurricane downturn.
There was no chance they were allowing people to gather at BBQs on a long holiday weekend and discuss how expensive things are and how atrocious the economy is truly.
Anyone else notice the smack in Oil the past we hours down to 103...They are in the lying stage when it comes to data now that it cannot be massaged...so here is a 121K Borth Death Model...poof..presto = 6.1%?
You better believe they are running this motherfucker green today before the 4th of July.
There will be a 4th of a july one day when unemployemnt is 0% and the dow is 50,000 but people will still "discuss how expensive things are and how atrocious the economy is truly."
The way they manipulate the figures, one day they will report a negative unemployment rate!
Only the machines believe these fake figures, but they are the only ones in this fake 'market' now
I can appreciate that my employees only work 34.5% of the time...yup, that's about right.
Yet the Dems keep begging the Repubs to extend unemployment insurance to infinity. Hmmm.
Watch the interest rates. If the FED moves too slow things could get out of control very fast.
I was waiting for DOW 17,000 & 2,000 S&P to sell the final 25% I left invested for the sheep to push higher for me, today the day?
Lavorgna running around naked.... gooooooaaaaaaalllllll!!!!!!
Negative spin? I seem to recall the U.S. requiring approx. 400K+ jobs / month for true growth.
These numbers are essentially pumped up to meet an expectation set by our executive branch of govt. and walstreet. There's another article here on ZH describing the participation rate, etc. - that's a more true indicator of the health of our country... yeah, good times.
9 month period Oct 2013 - Jun 2014
Job Creation: 2.1 million
National Debt Creation: $894 billion
probably covers the number of illegals comming into the country last month. Inflation running hot, close to full employment. No more QE for you.....
Pretty much everyone working part-time to just get by while inflation is eating everyone alive slowly.
I believe unemployment is at 6.1%.
Yeah. Sure. I believe it.
U-6 is still @ 12%. funny how no one mentions that rate of unemployment.
1 million people booted off of unemployment in january would explain the rise in people looking and finding jobs. It does not mean the economy is booming or about to take off. Boot them off in january, see a rise in job participation just in time for elections in the fall.
So it's as easy to find a job now as it was in June 2003. Sure.
Looks like some pretty good jobs data. Hopefully it doesn't crash the stock market.
Practicing for my next job opportunity!
Can I "Supersize" that for you?
Cramer, employment, for God's sake, is NOT a leading indicator for the fucking stock market! Go back and invest at employment rate highs vs lows and let me know when you make money. Invest in 1982 or 1999? Invest in 2007 or 2009? All in in 2014??? Really??? And, BTW, since things are so fucking great, let's immediately immediately set FFR at historical average. What is that, around 4%. Good fucking luck with that!!!
Yes, maybe we can manipulate and artificially "grow" this POS economy some more. More student loans, more sub-prime, more ZIRP, more government guarantees, more defecits, more government fleet vehicle sales, more Blackhawk helicopters, more credit card debt just to pay for food and other daily expenses, more buybacks. But, I could literally argue very successfully that the PE in March 2000 of around 25 was actually a better deal than PE 15 today. Can you imagine what EPS would have been with $10 trillion pumped into the economy over the prior 7 years? Running $500 billion deficits, mortgages at 4%, not 8%? Money market earning 7%, not .1%. LOL
Radio Shack is in better shape than the US economy right now. Give them a printing press and watch as they blow the doors off their numbers. Stocks will fall. 10 YR UST going to give JGB's a run for their money when the dust clears.
with 6.1% unemployment, food stamp useage must be going through the roof
off to my Starbucks barista interview - would you like a regular or non-fat latte - just practicing
ZH will have to change its optical glasses.
The world is on a ROLL and its not just Wall Street. Its the Economia buddies....or so says the statistical music.
Can't argue with facts !
The ball is in your court Tylers!
Who lies and who flies dung?
The ZH portfolio is hurting. However that roll can end in the blink of an eye if interest rates rise too quickly.
How will the FED frame this negatively so they can keep interest rates at zero forever?
Who writes this crap?
275.000 of new jobs were part-time-jobs - as survey also tells.
Not so good as administration wants it to be.
most jobs 'being created' are the division of one f/t job who got some overtime sometimes, into two part time jobs where neither person gets benefits or over-time.
in a healthy labor market recovery, the unemployment rate actually goes back up b/c people re-enter the workforce and/or 'start looking' so they get counted again. the get back into the count b/c they see or hear of others getting a job and then go looking.
the only stat, that exists in real terms via payroll deduction, is the aggregate $ earned in totality vs the working age population. yet this stat isnt publicly available. the closest you can get is to take avg hourly pay times total hours worked. looking at that stat, it is very slight upward slope--but well under the rate of either inflation or population growth.
JOBS by YELLEN = poverty row!!
Bills always come due eventually, bichez. Maybe not for the goobermint, but for the people for sure. Wait until the sub-inflation income and maxed credit hit the fan. Anytime now...
If there anyone that hasn't put it together yet, the reason for this surge is the end of long term unemployment insurance. As soon as all the here-to-for slackers that lived off unemployment for 99 weeks are back to work, the unemployment data will stop "surprising" to the upside.