This page has been archived and commenting is disabled.

August Jobs Tumble To Only 142K, Lowest Monthly Print Of 2014 And Below Lowest Forecast; Unemployment Rate 6.1%

Tyler Durden's picture




 

So much for the latest recovery: with not a single analyst expecting a NFP print below 190K, the BLS just reported that August payrolls tumbled from a revised 212K to only 142K, which was not only below the lowest Wall Street estimate of 190K, but it was also the the lowest monthly jobs print in all of 2014 and the biggest miss to expectations since the "polar vortex"! The Unemployment rate dripped modestly from 6.2% to 6.1% confirming yet again it has become a completely meaningless metric.

 

The visual data breakdown:

From the report:

In August, both the unemployment rate (6.1 percent) and the number of unemployed persons (9.6 million) changed little. Over the year, the unemployment rate and the number of unemployed persons were down by 1.1 percentage points and 1.7 million, respectively. (See table A-1.)

 

Among the major worker groups, the unemployment rates in August showed little or no change for adult men (5.7 percent), adult women (5.7 percent), teenagers (19.6 percent), whites (5.3 percent), blacks (11.4 percent), and Hispanics (7.5 percent). The jobless rate for Asians was 4.5 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

 

The number of long-term unemployed (those jobless for 27 weeks or more) declined by 192,000 to 3.0 million in August. These individuals accounted for 31.2 percent of the unemployed. Over the past 12 months, the number of long-term unemployed has declined by 1.3 million. (See table A-12.)

 

The civilian labor force participation rate, at 62.8 percent, changed little in August and has been essentially unchanged since April. In August, the employment-population ratio was 59.0 percent for the third consecutive month but is up by 0.4 percentage point from a year earlier. (See table A-1.)

 

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed in August at 7.3 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

 

In August, 2.1 million persons were marginally attached to the labor force, down by 201,000 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 775,000 discouraged workers in August, little changed from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.4 million persons marginally attached to the labor force in August had not searched for work for reasons such as school attendance or family responsibilities.

But while the above is largely meaningless, the most important data point for the Yellen Fed, hourly earnings, came in line, at a 2.1% increase Y/Y, and with 34.5 hours worked on average by all employees suggesting that contrary to the market's reaction, there will be no change in the rate hike calendar (at least based on today's update).

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 09/05/2014 - 08:36 | 5183729 So Close
So Close's picture

Is bad news bad or good again?   I can't remember.

Fri, 09/05/2014 - 08:36 | 5183740 wallstreetapost...
wallstreetaposteriori's picture

Apparently so... All asset classes must rally.  Market wants moar YOLO QE

Fri, 09/05/2014 - 08:38 | 5183758 So Close
So Close's picture

Apple loving the news... eveidently less jobs means more buyers... uhh... wait...

Fri, 09/05/2014 - 08:41 | 5183786 Atlas_shrugging
Atlas_shrugging's picture

Tack on yet another de-de-escalation to ramp futures in 3...2...1

Fri, 09/05/2014 - 08:46 | 5183818 Divided States ...
Divided States of America's picture

Bad news is bad for 1 minute after the release...and then its forgotten and the drop is 10x inversely recovered to the upside throughout the day

Fri, 09/05/2014 - 08:49 | 5183844 john39
john39's picture

dow 18,000, here we come...

Fri, 09/05/2014 - 08:55 | 5183872 GetZeeGold
GetZeeGold's picture

 

 

Below Lowest Forecast;

 

Damn.....couldn't even hit the propaganda.

 

Don't these guys realize we've got elections coming up?

Fri, 09/05/2014 - 08:59 | 5183905 dontgoforit
dontgoforit's picture

We are so being set up.  When the end of this BS comes it's gonna wipe us all out financially - count on it.

Fri, 09/05/2014 - 09:58 | 5184212 rcintc
rcintc's picture

Well, you know, we've had terrible weather.....

 

Sarc/ off

Fri, 09/05/2014 - 08:51 | 5183850 philipat
philipat's picture

So now we know why Gold was smacked down so muuch in advance?  We can't have Gold responding higher from a high level now can we?? Fucking criminals...

Fri, 09/05/2014 - 08:57 | 5183883 GetZeeGold
GetZeeGold's picture

 

 

Fucking criminals...

 

Yes......pretty much.

Fri, 09/05/2014 - 09:55 | 5184194 asteroids
asteroids's picture

Up here in Canada, we lost 11,000 jobs. The boyz had a stroke last month when it was announced that a whole 200 jobs were created. A week later the "revised" number was many thousands higher. With a loss this month, I wonder what the hell they will do.

Fri, 09/05/2014 - 08:54 | 5183878 Stoploss
Stoploss's picture

Manufacturing has dropped to 0 from a year ago.

If there is a way to achieve a negative manufacturing number, it's coming. NIL is rising along with pop. Dat not good.

Fri, 09/05/2014 - 09:07 | 5183948 onewayticket2
onewayticket2's picture

this means there will be about 40-60k+ jobs added into Oct or Nov's release.....immediately prior to the election.

Fri, 09/05/2014 - 08:41 | 5183791 gmak
gmak's picture

Means more people waiting in line early = bullish!

Fri, 09/05/2014 - 08:39 | 5183768 Jlasoon
Jlasoon's picture

Commence operation "incinerate-a-city"  

Fri, 09/05/2014 - 08:42 | 5183806 fockewulf190
fockewulf190's picture

"I don´t believe the numbers!  I just don´t believe them!  They´ll  be revised higher by 40-50 thousand!" CNBS talking shitheads. 

The house is on fire, but they refuse to see the flames.

Fri, 09/05/2014 - 08:47 | 5183821 CrimsonAvenger
CrimsonAvenger's picture

"It is difficult to get a man to understand something when his job depends on not understanding it."

-Upton Sinclair

Fri, 09/05/2014 - 08:49 | 5183839 Jlasoon
Jlasoon's picture

Who's fucking hiring? These assholes need to take a walk down main street USA. And no I'm not talking about the Disneyland version.

Fri, 09/05/2014 - 09:02 | 5183924 CheapBastard
CheapBastard's picture

All you have to do is talk to any store manager and hear the bleak sales numbers and plunging foot traffic. Or read the forecasts of the CEO of top brands like Walmart, Dollar Store, McDs … they all say the same thing … “dismal outlook … broke consumers.”

It’s all part of the destroyed Middle Class. No surprise here to anyone reading non-MSM factual news.

Fri, 09/05/2014 - 09:06 | 5183939 GetZeeGold
GetZeeGold's picture

 

 

These assholes need to take a walk down main street USA

 

If that's too much trouble you can just send them to my local mall.....that place is a freakin ghost town.

Fri, 09/05/2014 - 09:45 | 5184151 Jlasoon
Jlasoon's picture

Just got an e-mail from Norwegian Cruise Line, 4 days $109pp. Port charges and taxes $128pp. These guys can't even give their rooms away. 

Fri, 09/05/2014 - 09:01 | 5183920 dontgoforit
dontgoforit's picture

Yep - but they're gonna die choking on the obvious smoke.

Fri, 09/05/2014 - 08:36 | 5183744 mayhem_korner
mayhem_korner's picture

 

 

Yes.

Fri, 09/05/2014 - 08:37 | 5183745 kliguy38
kliguy38's picture

not important. jobs are so 2013 just BTFD

Fri, 09/05/2014 - 08:41 | 5183794 gmak
gmak's picture

We'll make up for it on volume.

Fri, 09/05/2014 - 09:01 | 5183911 GetZeeGold
GetZeeGold's picture

 

 

Yahoo came out with a propaganda piece yesterday about how Obamacare wasn't affecting the jobs market. They removed it in about 30 minutes.

 

I was laughing so hard....the comments were just absolutely brutal.....geez that was fun to watch.

Fri, 09/05/2014 - 09:04 | 5183930 dontgoforit
dontgoforit's picture

Saw that.  Yeah, they couldn't call 'liar' loud enough.  The media is an administration piece.  I've never seen anything like it in my 64 years.  The media moguls must all be whacked out - or they all work for Putin, like our POTUS.

Fri, 09/05/2014 - 08:36 | 5183747 Eyeroller
Eyeroller's picture

Good news.  Futures rapidly recovering since the miss in job creation gives hope the Fed will put off raising interest rates.

Fri, 09/05/2014 - 08:42 | 5183796 Jlasoon
Jlasoon's picture

You can't make this shit up.

Fri, 09/05/2014 - 08:51 | 5183855 HardlyZero
HardlyZero's picture

Images of Mario and Janet walking around in togas at a buffet together.  Trying to decide...what to eat next, and asking what is fresh and available.

Fri, 09/05/2014 - 08:38 | 5183759 NOTW777
NOTW777's picture

hilarious and all the MSM touting return to "full" employment - cant wait to see reuters spin

Fri, 09/05/2014 - 08:39 | 5183762 ArkansasAngie
ArkansasAngie's picture

but ... But ... BUT ... you told me everything was fine.

Fri, 09/05/2014 - 08:43 | 5183805 HardlyZero
HardlyZero's picture

Just sit back and relax, as the rising minimum wages and Ocare settles into the system.  There will be less of moar.

What could go wrong ?

Fri, 09/05/2014 - 08:39 | 5183763 eclectic syncretist
eclectic syncretist's picture

Tyler, the unemployment rate is not a completely meaningless metric to the Fed, whose owners oversee manipulation of the number.  In this case they are making it way artificially low so that they can provide a based on smoke and mirrors rationale for raising interest rates.  Why?  who the fuck knows.  But raise them they will.

Fri, 09/05/2014 - 08:43 | 5183799 Winston Churchill
Winston Churchill's picture

To try defending the petrodollar.

Everything is about the petrodollar now, whatever else they might say.

About $12Tn too late IMO.

Fri, 09/05/2014 - 08:49 | 5183833 eclectic syncretist
eclectic syncretist's picture

Sounds like a good possibility.  I try to think about it from the perspective of the Fed's owners.  They probably have quite a bit of their assets denominated in petrodollars, and with us screwing rich russian petrodollar holders and Putin taking measures to bring about the end of the petrodollar monopoly, the Fed owners might be somewhat locked into petrodollars and see a need to protect its value, to hell with what happens to everyone else.  Interest rates,,,,,,going up.

Fri, 09/05/2014 - 09:42 | 5184149 drdolittle
drdolittle's picture

Raising rates to cause Soros' puts to pay off and cash out for 50% downdraft in market next to be repeated in 2021 with DOW at 20k? Or is this the big one to be followed by world war like 1929?

Fri, 09/05/2014 - 09:02 | 5183919 RaceToTheBottom
RaceToTheBottom's picture

Yep, commence early signup for turkey dinner for the unemployed and homeless!

Fri, 09/05/2014 - 08:43 | 5183801 Pig Circus
Pig Circus's picture

And the Russel screams. Man what a bunch of bullshit. Fuck I hate this market.

Fri, 09/05/2014 - 09:05 | 5183938 lester1
lester1's picture

30+ years of Reagonomics/consumerism has failed !! Call it for what it is..

Fri, 09/05/2014 - 08:35 | 5183733 Squid Viscous
Squid Viscous's picture

get to work, Mr. Yellen!

Fri, 09/05/2014 - 08:35 | 5183734 holdbuysell
holdbuysell's picture

Aaaand the market just hockeysticked.

Fri, 09/05/2014 - 08:35 | 5183735 mayhem_korner
mayhem_korner's picture

 

 

These aren't the jobs you're looking for.  Move along.

Fri, 09/05/2014 - 08:35 | 5183736 Cursive
Cursive's picture

Reality.  It bites.

Fri, 09/05/2014 - 08:37 | 5183748 wallstreetapost...
wallstreetaposteriori's picture

it does, but lets pretend like the rest of the world that bad things dont count.

Fri, 09/05/2014 - 08:43 | 5183809 Cursive
Cursive's picture

@wallstreetapostate

 

LOl.  You sarcasticlly channeled Mark Zandi and he delivered!

Fri, 09/05/2014 - 08:40 | 5183776 Cursive
Cursive's picture

Does Mark Sandi also not believe the so-called "Stock market?"

 

Fri, 09/05/2014 - 08:36 | 5183737 sheikurbootie
sheikurbootie's picture

From my vantage point, the economy is going to get much worse.  EVERYONE I know is noticing now.  It's fucking scary out here.

Fri, 09/05/2014 - 08:40 | 5183778 pods
pods's picture

We've personally gone full stop.  Fuck em.

pods

Fri, 09/05/2014 - 09:08 | 5183961 dontgoforit
dontgoforit's picture

Brace & prepare.  This train is about to be shot to the moon with a 1/2-full tank of fuel.

Fri, 09/05/2014 - 12:15 | 5185009 roadhazard
roadhazard's picture

My pick up truck mileage went from 12K miles a year in 08' to 3,300 last year. That's a lot of "no sales" in town.

Fri, 09/05/2014 - 08:37 | 5183741 Jlasoon
Jlasoon's picture

Well this should be fun.

Fri, 09/05/2014 - 08:37 | 5183742 madbraz
madbraz's picture

"When you fudge numbers consistently, at some point you have to reverse course, otherwise you set up for an even bigger fall if the next numbers don't come your way.  It's basic fudging 101."

- Larry Summers (aka The Fudger)

Fri, 09/05/2014 - 08:37 | 5183756 Australian Economist
Australian Economist's picture

They've fudged up big time

Fri, 09/05/2014 - 08:38 | 5183761 SpanishGoop
SpanishGoop's picture

Better, they will bite you in the ass....

 

Fri, 09/05/2014 - 08:39 | 5183772 Squid Viscous
Squid Viscous's picture

Fudgie the Whale

Fri, 09/05/2014 - 08:44 | 5183810 pods
pods's picture

Nice.

Fri, 09/05/2014 - 08:39 | 5183774 mayhem_korner
mayhem_korner's picture

 

 

"Basic Fudging 101" is:

1)  Intro course at culinary school

2)  Intro course at BLS .gov school for the mathematically challenged

3)  Intro course at The Barney Frank School

Fri, 09/05/2014 - 08:39 | 5183749 ekm1
ekm1's picture

Propaganda:

Do QE in order to create jobs

 

Reality:

QE is killing jobs and will continue to do so.

 

Even official data can no longer come up with 200K+ jobs

 

As I've been saying over and over and over, QE was designed to harm the economy ON PURPOSE, and it is achieving its goal daily.

It will get worse and worse and worse.

Fri, 09/05/2014 - 08:43 | 5183795 ekm1
ekm1's picture

For you people to understand how it works:

 

Real Economy = productive capital and output

 

Finance = CLAIMS on the real economy

 

It is an absolute impossibility to improve real economy by........INCREASING MULTIPLE CLAIMS on the same real assets and output

 

It is that simple

 

Multiple claims on same output and assets need to be destroyed, not added for the economy to rebound

Fri, 09/05/2014 - 08:49 | 5183841 replaceme
replaceme's picture

I'm going to get that tattooed on my back.  Coincidentally, that would help the real economy more than QE.

Fri, 09/05/2014 - 08:49 | 5183842 replaceme
replaceme's picture

I'm going to get that tattooed on my back.  Coincidentally, that would help the real economy more than QE.

Fri, 09/05/2014 - 09:04 | 5183908 ekm1
ekm1's picture

My rule of thumb:

Each employment report has at least 100k fake jobs added by white house order.

Fri, 09/05/2014 - 09:13 | 5183988 dontgoforit
dontgoforit's picture

HOW to create the ONE WORLD GOVERNMENT, ONE WORLD BANK and sink everyone in the process?  Make everyone dependent on the government.  Become self-sufficient, folks - in the end it's the only way to keep from being a government junkie.

Derivatives my ass.  Pocket-picking on a vast scale.

Fri, 09/05/2014 - 09:16 | 5184026 ekm1
ekm1's picture

One world government is absolutely impossible. Humans do not get along that well, to create a world government.

That's why I say that SDRs are in impossibility

 

Humans never get along

Fri, 09/05/2014 - 09:02 | 5183926 medium giraffe
medium giraffe's picture

"It is an absolute impossibility to improve real economy by........INCREASING MULTIPLE CLAIMS on the same real assets and output"

Nailed it.

Fri, 09/05/2014 - 09:04 | 5183936 eclectic syncretist
eclectic syncretist's picture

The Feds owners want you to believe that they can counterfeit prosperity for everyone indefinitely.  They are now coming face to face with the realization that they can not even counterfeit prosperity for themselves indefinitely, and with their sociopathic obsessions with power they are mostly too stupid to go away quietly when the jig is up.  They will cause a lot of death and destruction before they lose their power.

Fri, 09/05/2014 - 08:44 | 5183802 holdbuysell
holdbuysell's picture

EKM1,

Have you seen JC Collins' take on what's going on at the moment vis a vis the SDR and the current crisis? I'm interested in your (and the ZH's community's) take on this view. I find it interesting and quite plausible.

Credit goes to The Burning Platform for alerting me to this series of articles. TBP has posted a couple of the articles in the series so far, but I decided to go to the source to read all ten. Quick reads:

http://philosophyofmetrics.com/category/sdrs-and-the-new-bretton-woods-2/

Fri, 09/05/2014 - 08:46 | 5183820 ekm1
ekm1's picture

There will never ever ever be any SDR for wide use.

Humans do not get along that well.

 

Only missiles and warships decide what is going to happen, not consensus. 

Fri, 09/05/2014 - 08:47 | 5183831 Winston Churchill
Winston Churchill's picture

I like Collins work.Intelectually very pure. I'm sure he is right about TPTB plan.

The real world just doesn't work that way in my experience.

Or as Mike Tyson put it,"everybody has a plan,until they get punched in the mouth".

Fri, 09/05/2014 - 09:09 | 5183971 holdbuysell
holdbuysell's picture

Agreed. As EKM points out consistently, JC's work doesn't touch on the MIC in this, as such an outcome would not be in its interests and certainly wouldn't be its status quo. Thus, the MIC may be the fly in the ointment that derails said plan.

Fri, 09/05/2014 - 09:16 | 5184034 ekm1
ekm1's picture

Nothing is more convincing than a loaded gun on one's head.

Whoever has military backing, ends up ruling

Military makes and breaks

Fri, 09/05/2014 - 08:59 | 5183904 john_connor
john_connor's picture

correct

Fri, 09/05/2014 - 08:38 | 5183753 firstdivision
firstdivision's picture

I'm sure that some sort of program, where by the Federal Reserve gives lots and lots of free money to banks, will help lift the jobs situation. 

Fri, 09/05/2014 - 08:37 | 5183754 IronShield
IronShield's picture

All I cares about is me $15/hour wage rate.  I deserve that, at the least.

LAUNCH.COPTERS.NOW!

Fri, 09/05/2014 - 08:40 | 5183755 Kaiser Sousa
Kaiser Sousa's picture

Zandi on CNBS said "I just dont believe it....
Jerk on GOONberg said, "i dont know what i could have missed"

cats and dogs living together in harmony...
the Destroyer cometh...
hilarious....

Fri, 09/05/2014 - 08:38 | 5183764 buzzsaw99
buzzsaw99's picture

there shall be MOAR

Fri, 09/05/2014 - 08:38 | 5183765 MountainsRoam
MountainsRoam's picture

BUY BUY BUY more AAPL now, they have a new Iphone 6 coming out, with no security!!

Fri, 09/05/2014 - 08:45 | 5183817 pods
pods's picture

Gotta toss in free photography lessons for most of those chicks though.

pods

Fri, 09/05/2014 - 08:39 | 5183770 LoneStarHog
LoneStarHog's picture

Gold & silver were beaten down so bad that it was obvious the NFP Report would be disasterous.

Fri, 09/05/2014 - 08:42 | 5183798 SpanishGoop
SpanishGoop's picture

And euro going down even further ?

 

Fri, 09/05/2014 - 08:40 | 5183777 thismarketisrigged
thismarketisrigged's picture

what a fucking joke.

 

futures come all the way back to green on the shittiest of shit data.

 

of course everyone on cnbc aside from rick santeli is defending the number saying how ignore the number, yet when the number is right what they want, its never to be ignored.

Fri, 09/05/2014 - 08:40 | 5183779 digitlman
digitlman's picture

Fucking WEATHER!

Fri, 09/05/2014 - 09:41 | 5184141 overmedicatedun...
overmedicatedundersexed's picture

for those "free trade" countries like ol USSA, this is the result of 40 yrs of off shoring, and yet there are many still saying no no it's not free trade that killed the economy! idiots you deserve a slow death, free trade was the shot to the heart of the middle class..and not one pol in DC dares bring up tariff the word economic profs cannot say or spell. bastards all, blood suckers draining the life blood of ussa economy.

Fri, 09/05/2014 - 08:41 | 5183781 TabakLover
TabakLover's picture

This is why Apple was split.................. no job?  No problem, just buy Apple.

Fri, 09/05/2014 - 08:41 | 5183783 RealityCheque
RealityCheque's picture

This is why they call it "a web of lies". Eventually those that spin it, can't escape it.

Fri, 09/05/2014 - 08:40 | 5183785 Ness.
Ness.'s picture

S&P futures explode higher on this fantastic news.  Thanks CB's trading desks.

Fri, 09/05/2014 - 08:41 | 5183788 SpanishGoop
SpanishGoop's picture

But aren't they going to be revised because some old software wasn't working properly ??

 

Fri, 09/05/2014 - 09:01 | 5183915 Jlasoon
Jlasoon's picture

Sure, June was revised down 298,000 ---> 267,000

Obviously a glitch in the software.

Fri, 09/05/2014 - 08:40 | 5183789 BiteMeBO
BiteMeBO's picture

Sing it Barry!  "..the number of jobs added shows a continuing improvement in the labor market and overall economic recovery..."

Fri, 09/05/2014 - 08:40 | 5183790 IronShield
IronShield's picture

It's up, it's down, wait up again.

Market Algos; does not compute, does not compute.

Fri, 09/05/2014 - 08:43 | 5183808 SpanishGoop
SpanishGoop's picture

Danger, danger, danger Will Robinson.

 

Fri, 09/05/2014 - 08:41 | 5183793 PerkyPooper
PerkyPooper's picture

BREAKING NEWS: Quickymart in Ferguson MO is hiring!

Fri, 09/05/2014 - 09:02 | 5183923 Jlasoon
Jlasoon's picture

Ill only get shot at for 15/hr and Obamacare. 

Fri, 09/05/2014 - 09:29 | 5184044 GetZeeGold
GetZeeGold's picture

 

 

You can work as many 29.5 hr/wk jobs as you like in Fergy.....bring your own body armor.

Fri, 09/05/2014 - 08:42 | 5183797 ebworthen
ebworthen's picture

So...back to $85 Billion per month of FED gravy for the Banks?

Fri, 09/05/2014 - 08:48 | 5183828 yogibear
yogibear's picture

The taper was a lie anyway.

They'll conger up another money printing scheme to transfer more wealth to the banksters.

Keep trying to create infinite debt. It's already gone exponential.  We go from $17.7 to $25 trillion quicker. 

Fri, 09/05/2014 - 08:52 | 5183861 ebworthen
ebworthen's picture

You're probably right.

If you're at $17 unpayable Trillion, what's another $17 Trillion?

Fri, 09/05/2014 - 09:15 | 5184018 dontgoforit
dontgoforit's picture

Belgian buying?

Fri, 09/05/2014 - 08:42 | 5183803 Squid Viscous
Squid Viscous's picture

just what the doctor ordered for a vix -smashing- ten- point -ES rally

Fri, 09/05/2014 - 08:42 | 5183804 yogibear
yogibear's picture

If your a bankster your making loads of money. They could care less about anyone else.

On to the next Federal Reserve program to transfer more wealth to the 1%

Fri, 09/05/2014 - 08:43 | 5183807 Bill of Rights
Bill of Rights's picture

Must keep jobless rate below the voters threshold. My how fake all this has become lol

Fri, 09/05/2014 - 08:43 | 5183811 Sudden Debt
Sudden Debt's picture

EVERYBODY DESERVES A LONG VACATION!!!

oh yeah... and students are now looking for jobs after graduation... not that you'll find them in any graphs or something...

Fri, 09/05/2014 - 08:44 | 5183812 Tsar Pointless
Tsar Pointless's picture

http://www.bls.gov/news.release/empsit.t01.htm

Participation rate tumbles to 63% (the lowest print for an August since 1976) and the employment-population ratio drops to 59.1%.

The unemployment rate is meaningless. The two metrics I detailed, however, are not.

Fri, 09/05/2014 - 08:45 | 5183813 himaroid
himaroid's picture

This will make the huge upward revision just before the election easier.

Anyhow they are treating me good this morning. TD, use this contribution I am sending today to buy yourself some drinks.

Fri, 09/05/2014 - 08:47 | 5183824 JailBank
JailBank's picture

Well these D-Bags are bringing Ebola to the Heartland today. Omaha, NE will be getting their first ebola patient. Maybe by Christmas there will be a few million openings.

Fri, 09/05/2014 - 08:49 | 5183835 HardlyZero
HardlyZero's picture

Avoid Ebolian Doctors.

Fri, 09/05/2014 - 09:02 | 5183917 youngman
youngman's picture

Like I said before...these hospitals that built these units for extreme diseases just cant wait to get to use them....and show the world how great they are...you cant spend 5 million on an isolation unit and just let it sit there....it has to be on TV....

Fri, 09/05/2014 - 08:47 | 5183825 john_connor
john_connor's picture

they are just managing the numbers to print moar.  see latest martin armstrong column.

this is a command and control economy. 

Fri, 09/05/2014 - 08:47 | 5183826 HardlyZero
HardlyZero's picture

No jobs.  So everyone is relaxing and stretching out their already 5 year extended Summer Vacation holiday.

Fri, 09/05/2014 - 08:47 | 5183830 Racer
Racer's picture

What dreadful news, the HFTs will be delighted and be BTFATH

Fri, 09/05/2014 - 08:53 | 5183868 d edwards
d edwards's picture

Ha! I'd almost forgot about the "polar vortex!"

 

The Farmers Almanac is predicting a RECORD cold winer, and they are @ 80% correct on their predictions. And you thought LAST winter was cold, with Niagra Falls freezing, the Great Lakes doing the same. yikes!

Fri, 09/05/2014 - 08:49 | 5183832 TabakLover
TabakLover's picture

Ahhhh, should have know.............. Gartman.

 

http://www.cnbc.com/id/101973990?trknav=homestack:topnews:3

 

 

Fri, 09/05/2014 - 08:48 | 5183836 Market Rage
Market Rage's picture

This market is totally broken.  They're throwing everything at the futes right now, but it's too late.  These f*ckers should give up already.

Fri, 09/05/2014 - 08:49 | 5183838 Seasmoke
Seasmoke's picture

Relax, Still 15 days left in Summer Recovery 5.0

Fri, 09/05/2014 - 08:49 | 5183840 ebworthen
ebworthen's picture

Unemployment from 6.2% to 6.1%.

This means that the10.8% uncounted unemployed went to 10.9% uncounted.

Fri, 09/05/2014 - 08:50 | 5183845 ms8172
ms8172's picture

Can you imagine what would happen to Gold & Silver when the next Job report sucks!   Buy Physical bitchez!!!

Fri, 09/05/2014 - 08:50 | 5183847 GrinandBearit
GrinandBearit's picture

CNBC's Mark Zandi says he doesn't believe the numbers and everything is fine.

Fri, 09/05/2014 - 08:52 | 5183849 ms8172
ms8172's picture

Everyone on CNBC are complete idiots!!!  They only believe the data they want to believe!   Except Becky.......she is adorable.... you have no idea!

Fri, 09/05/2014 - 08:50 | 5183848 Smegley Wanxalot
Smegley Wanxalot's picture

So I guess that ending QE last week is what caused this drop. 

neeeeeeed ....... MOAR ...... eeeeeeasing.

Fri, 09/05/2014 - 08:50 | 5183852 Ness.
Ness.'s picture

Anyway, did you see that Seahawks game last night?  they looked really good.  I think they might repeat.

 

Go 'Merica!!!  USA USA

Fri, 09/05/2014 - 10:23 | 5183856 djcando
djcando's picture

Plenty of jobs available on the healthcare.gov cyber-security team.

 

http://www.nytimes.com/2014/09/05/us/hackers-breach-security-of-healthca...

Fri, 09/05/2014 - 08:56 | 5183877 hotrod
hotrod's picture

Been wondering when all the layoffs would finally start to show up. My daughter's company NCR has had many layoffs this year and not captured on this list.  So yes there are plenty more unreported or kept quiet.  How about the Casinos and many hospitals have layed off.  In my county many were not layed off just hours cut to 30 or below to employ more but without benefits.  Yes they are counted as EMPLOYED.

General Electric GE 7/19 Microsoft MSFT 7/17 Nordstrom JWN 7/10 CareFusion CFN 6/24 Hewlett-Packard HPQ 5/23 Caterpillar CAT 4/30 GameStop GME 4/22 Family Dollar FDO 4/2 Juniper Networks JNPR 4/2 United Technologies UTX 3/9 Mondelez MDLZ 2/6 Int’l Paper IP 2/4 Kellogg K 2/4 Best Buy BBY 1/30 Darden DRI 1/29 Nike NKE 1/27 Wal-Mart WMT 1/25 Coca-Cola KO 1/24 Starwood Hotels HOT 1/23 Bank of Am. BAC 1/22 Int’l Bus. Mach. IBM 1/22 Pepsico PEP 1/22 Target TGT 1/22 Texas Instruments TXN 1/21 Citigroup C 1/20 Intel INTC 1/18 ExxonMobil XOM 1/17 Alcoa AA 1/15 Ford Motor F 1/15 JPMorgan Chase JPM 1/13 Lockheed Martin LMT 1/9 Macy’s M 1/8 General Motors GM 1/7 Gap GPS 1/3 PNC
Fri, 09/05/2014 - 09:02 | 5183916 yogibear
yogibear's picture

It's called the election in November. Obama and his party want to win. So keep skewing the numbers and printing.

Fri, 09/05/2014 - 10:47 | 5184453 scubapro
scubapro's picture

 

 

markets have to fall first before bad news is reported, when mkts up all news is good, when mkts down news is then bad

Fri, 09/05/2014 - 08:55 | 5183884 jubber
jubber's picture

why are we fucking rallying?

Fri, 09/05/2014 - 09:30 | 5184096 GetZeeGold
GetZeeGold's picture

 

 

The CBs have this....

Fri, 09/05/2014 - 08:57 | 5183898 RaceToTheBottom
RaceToTheBottom's picture

Apparently all the working folk are moving out of the states.  It is the only way to explain the two diametrically opposed metrics.

Expect renunciation of US citizenship to trend upward...

QEn!!!!

Fri, 09/05/2014 - 08:59 | 5183901 yogibear
yogibear's picture

It will be all better once 11 million illegals get amnesty soon by executive order. They'll be able to compete against American workers and belong to the affected class.

Couldn't think of a better way to destroy a country.

 

Maybe another 12 million illegals back-fill the ones that were given amnesty, like what happened last time. Come to the US were you'll get EBTs, an Obama phone, free medical, Section 8 housing and free education through college.

Fri, 09/05/2014 - 09:08 | 5183963 hotrod
hotrod's picture

YOGI

Those illegals will be counted as employed once granted amnesty under the birth death model. Once here it is assumed they will start new busineses which this model will capture.  Then once green carded they will petition to bring their parents and other relatives which the model will assumes start new businesses so immigration good for employment numbers.

Fri, 09/05/2014 - 09:11 | 5183989 Shizzmoney
Shizzmoney's picture

A) I love how the NFP number keeps "missing" yet the UE rates keeps "falling".  I see what you did there, government.

B) Black unemployment at 11.4% with a black president in office.  LOLOLOLOLOLOL

Fri, 09/05/2014 - 09:31 | 5184100 q99x2
q99x2's picture

I'll never work again. Obama goin to take care of me M'Fers.

Fri, 09/05/2014 - 13:39 | 5185463 EBT excepted
EBT excepted's picture

youca' say dat again...

Fri, 09/05/2014 - 09:39 | 5184131 SidKhadak
SidKhadak's picture

Indian Students Sustaining US Economy Since 90s As a consequence of such Porno Economics gullible Indian families in order to finance their childrens American Dream ended up having their entire life savings directly into the pockets of Uncle Sam.

What this means is that India has been sustaining the US economy not since just a few years asBrookings report showed but since even before the 90s. Same as India financed and created Modern Britain through the Industrial Revolution when the East India Company had gone bankrupt. Many of the great American and European fortunes were built on the Opium grown on Indian soil destroying agriculture and leading to 400 years of Indian Holocaust that was used to drug entire Chinese generations into subjugation. It were these Opium smuggler families that laid the foundations of Western Education System.

And now when the American Empire is waiting for it’s death nail, novel bollywood style concepts are introduced into India in the form of Skill India, Jan Dhan Yojna etc through Foreign Direct Investment in India.

What nobody seems to question is how when the West is resorting to colonial tactics invading Syria, Ukraine, Iraq to salvage what is left of it’s bankrupt economies, how on earth could the same bankrupt US EU countries would reform and Shine India through FDI ?

Excerpts from a GreatGameIndia report titled Indians Still Dreaming The American Dream ?

 

Indian Students Sustaining US Economy Since 90s

Fri, 09/05/2014 - 10:14 | 5184299 SMC
SMC's picture

Teeing up for a blockbuster print just before the mid-terms so the turds can say they “increased jobs by xx%”. Reality is large areas of vacant commercial real estate, lines at food banks to supplement EBT handouts, “disability” numbers rising, graduate suicides, etc...

http://www.huffingtonpost.com/c-cryn-johannsen/student-loan-debt-suicide...

“Just Us” killed the real American economy years ago, it just took a while for the carcass to putrefy.

All that is left is cronyism, optics, spin, and bullshit.

Fri, 09/05/2014 - 11:10 | 5184606 Armed Resistance
Armed Resistance's picture

If these were the numbers they were willing to tell us, just imagine what the real data is!

"We just bought property by the Great Wall of China.....on the GOOD SIDE!"

Fri, 09/05/2014 - 11:31 | 5184733 GFORCE
GFORCE's picture

142k jobs ain't that bad.

Fri, 09/05/2014 - 11:50 | 5184855 Kreditanstalt
Kreditanstalt's picture

So in other words, those who never lost their jobs or were never downsized during "the 2008 recession" are still hogging all the jobs and salary and their wages are increasing while most of the rest of us get nothing?

Fri, 09/05/2014 - 13:23 | 5185372 Ban KKiller
Ban KKiller's picture

I blame the lack of nailgun sales and manufacturing. 

I work less because of a lack of debt. Working to pay off debt? That's for suckers! 

Fri, 09/05/2014 - 13:37 | 5185438 EBT excepted
EBT excepted's picture

yeah, yeah, 25% unemployment-18.9% government spin=6.1%...I'm getting weary of this game of hide-the-sausage...and I am a pig...

 

Pigs, party of five... pigs, party of five...your table is ready...

Fri, 09/05/2014 - 14:51 | 5185839 NEOSERF
NEOSERF's picture

IT'S GONNA BE A COLD WINTER IN THE US AND THE EU BITCHEZ!!!

Do NOT follow this link or you will be banned from the site!