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US Adds 214K Jobs In October, Below Expectations, Unemployment Rate Drops To 5.8%
Following the gross distortions of the ISM Services Employment index, which printed at a seasonally adjusted near record high, the whisper number for today's NFP was well above the official consensus estimate of 235K. Instead what happened was, naturally, what nobody expected: a miss, with the headline print coming in at 214K, well below the 235K expected, and down substantially from last month's upward revised 256K. Looks like the momentum is stalling fast. And just to complete the farce, the unemployment rate of the nation that just threw out democrats in protest over the economy.... dropped to 5.8%
From the report:
Establishment Survey Data
Total nonfarm payroll employment increased by 214,000 in October, in line with the average monthly gain of 222,000 over the prior 12 months. In October, job
growth occurred in food services and drinking places, retail trade, and health care. (See table B-1.)
Food services and drinking places added 42,000 jobs in October, compared with an average gain of 26,000 jobs per month over the prior 12 months.
Employment in retail trade rose by 27,000 in October. Within the industry, employment grew in general merchandise stores (+12,000) and automobile dealers (+4,000). Retail trade has added 249,000 jobs over the past year.
Health care added 25,000 jobs in October, about in line with the prior 12-month average gain of 21,000 jobs per month. In October, employment rose in ambulatory health care services (+19,000).
Employment in professional and business services continued to trend up over the month (+37,000). Over the prior 12 months, job gains averaged 56,000 per month. In October, employment continued to trend up in temporary help services (+15,000) and in computer systems design and related services (+7,000).
In October, manufacturing employment continued on an upward trend (+15,000). Within the industry, job gains occurred in machinery (+5,000), furniture and related products (+4,000), and semiconductors and electronic components (+2,000). Over the year, manufacturing has added 170,000 jobs, largely in durable goods.
Employment also continued to trend up in transportation and warehousing (+13,000) and construction (+12,000).
Employment in other major industries, including mining and logging, wholesale trade, information, financial activities, and government, showed little change over the month.
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Recovery....Year 4
Layoff / Closing List: http://www.dailyjobcuts.com
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Bullshit!
Why are they soft peddling the numbers?
There were a net gain of 887,578 high wage, full time jobs created in October!
If this worse-than-expected NFP report is even semi-accurate, cut the FOMC rate to -275% BernYellen!
Even by the FedGov's skewed reckoning, the percentage of workers who have had to take a second job increased by 10% over the last 12 months.
http://stats.bls.gov/news.release/empsit.t16.htm
Edit: a close look at the numbers reveals that this equates to 700,000 new jobs taken that did not employ a single previously unemployed person. Take those 700,000 jobs out of the past year and the number of new jobs for the unemployed is almost cut in half.
My balls! My fuckin balls, 5.8%!!!!
Interesting, gold pop to $15 then dropped like Buster Douglas
FULL EMPLOYMENT BITCHEZ. CAN YOU FEEL IT???
/s
I for one can't wait to see the day the unemployment rate prints 0% as labor force participation rate is under 50%.
What? Another jew in obama's cabinet telling us things are fuckin swell?
Jason furman, chairman of obama's council of economic advisors saying this employment growth is unprecedented in the history of the usa? wow how many of these koshered rats are at the top of this obama administration? The desperation of the tribe to hold on to this power is mindboggling. This could only happen in a country like the usa.
No petro dollar soon. Fuck the parasites.
5423179 TruthInSunshine
I say print will be 890,000 high wage jobs created.
Abercrombie will merge with Sears/Kmart + JC Penney and the new company will have "synergies" and the stock will be a 10 bagger w/in a year.
I wouldn't count that 10 bag till it's hatched.
lol it is amazing that anyone takes the numbers serious anymore. These bad numbers will probably be adjusted even lower next month
what do you mean "nobody expected"?! I said yesterday it would miss in order to keep the santa rally and QE4 in the minds of traders. The next one will be far better than expected because they got what they wanted from this report. this is getting too easy.
5.8% if you exclude all the people on welfare... *cough
...
All US futures bright green and at ATH's, now time to smash that Gold and Silver spike back down
Your wish is their command
3 MORE YEARS LIKE THIS AND THE US WILL BE AT FULL EMPLOYMENT!!!
NO WONDER OBAMA IS UPSET THAT YOU UNGREATFULL BASTARDS HAVEN'T CARVED HIS HEAD IN MOUNT RUSHMORE!
Is burying his head in Mt Rushmore an option?
The dead don't carve. They only vote.
5.8% unemployment and 50 million people on SNAP. Forward bitchez!
Harry Reid: I don't understand what just happened Nancy.
Nancy Pelosi: Don't know Harry, It's a mystery to me.
Regurlarly unexpected.
The unemployment rate is such a farce that it won't be a surprise if it goes negative. Here are some alternate unemployment charts which have not been processed by the BLS:
http://www.shadowstats.com/alternate_data/unemployment-charts
The FedGovs numbers just don't add up.
http://www.youtube.com/watch?v=epEqsCfRxLA
So what the "Market" is saying is we need more QE. Get to work Grandma.
Participation down - people have mega stock portfolios
Participation down - people on govmint assistance
I see food services and drinking places are doing well. Manufacturing... not so much. Banana republic economy. Wonder which category strip clubs and brothels fall under?
Emerging markets?
Support services for Banking and Politics?
Hobby and recreation?
"If 'ya want your QE, you can keep your QE".
Congratulations to the 214K 'Mericans who got a 2nd job to pay for the non-existant food inflation
Does this include those first 100 customers at Chicka Filla?
Pretty much a blah Japanese 20 year flat line number....good for another 13 years or so....
Futures going full retard green, looks like S&P 2100 by close....quick buy hand over fist muppets!
Take "fairy dust"assumptions + a complicit Bureau of Lies & Statisitcs hacks + nothing can ever make President Goebbels look bad = a worthless bullshit number nobody believes but the HFT's trade off of anyway. WTF.
www.traderzoo.mobi
Seasoned BS
Gold firms plan drastic cuts as bullion sinks
Bring on the bankruptcies!
That Gold and Silver spike getting the treatment now
Black market participation is inversely tracking the labor force participation...
same as it ever was.
What good is manipulated data if it won't get you re-elected?
I hate both parties, or should I say "the party", but I sure am happy to see these dems get hammered with the backdrop of a "much stronger economy". It just exposes the farce, that is our current system, even further.
who the fuck believes in these numbers let alone in the system
We are all slaves BITCHEZ
Dow 20K by Jan 1, mark your calendars. If tanks in Ukraine, protests in France and Belgium, lunacy in Japan and an imminent collapse in China, Argentina, Spain, Italy and Greece don't register with the markets, then Dow 20K will come with QE in Europe. No question.
I'm unemployed and it sucks , cut back on everything it I will say this I will make sure my daughter has a great Christmas as she's 9 and still believes in Santa....
We have a wonderful daughter that is straight A principles list student and if we get 1 more Christmas with her in innocent still a kid that can't wait till Santa comes
I am charging it !!!!
So feed up with bullshit in America 44 and fucking either over qualified or under qualified middle class
"Hopes down the fucking drain"
-Teddy KGB
Good luck brother.....where are you at and what do you do?
Here is one company in particular that is taking it on the chin in the face of lower oil prices:
Transocean Takes $2.76 Billion Charge Amid Rig Glut
By Will Kennedy and David Wethe
Nov 7, 2014
http://www.bloomberg.com/news/2014-11-07/transocean-delays-results-after...
excerpt:
The company will delay posting third-quarter results after saying earnings would be hit by $2.76 billion in charges from a decline in the value of its contracts drilling business and a drop in rig-use fees, the Vernier, Switzerland-based company said in a statement today. Transocean, which had been scheduled to report earnings today, fell 7.9 percent to $27.55 at 8:10 a.m. in New York before regular trading began.
Oil’s decline to a four-year low in recent months has caused companies to consider spending cuts, reducing demand for rigs and the rates it can get for leasing them to explorers. Rig contractors had responded to rising demand during the past few years with the biggest batch of construction orders for rigs since the advent of deep-water drilling in the 1970s. Almost 100 floating vessels are on order for delivery by the end of 2017, according to a June estimate from IHS Energy Inc.
“Ouch,” analysts from Tudor Pickering Holt & Co. wrote in a note to investors. The announcement “reflects the reality of this oversupplied floater rig market globally.”
Chicago Fed presiden , Charles Evans, had an S&P traget of 2200.
He said that's where it should be by year-end.
A Federal Reserve engineered stock and bond market.
Would you like a grande bold with your fries sir?
Where are all those seasonal holiday part-time hires? WTF gives? MoarQE! All I want for Xmas is a digital laserjet.
strange that gold is up 20+ - paper gold buying? ZHers celebrate, good time is here again!
When there's nobody left to be unemployed we'll all be out of work at home with the unemployment rate at zero? Useful statistics, eh?