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Non-Farm Payrolls Rise By More Than Expected 252K, But Hourly Earnings Plunge Most In At Least 8 Years
On the surface, the December jobs report was good, with 252K jobs added, higher than the 240K expected, leading to a fresh cycle low unemployment rate of 5.6%, down from 5.8% and below the 5.7% expected, and with the November data revised to a whopping 353K from 321K, a net change of 50K including the October revision.
However it was the average hourly earnings where the real details were hid, and it was here that Wall Street was expecting a 0.2% increase. Intead the BLS reported a whoppping 0.2% decline in average hourly earnings, with the last month's 0.4% jump revised lower by half to 0.2%.This was the biggest crash in hours earnings since the data series began in 2006.
Which means one thing: the waiter, bartender, retail worker recovery continues.
Total nonfarm payroll employment increased by 252,000 in December. In 2014, job growth averaged 246,000 per month, compared with an average monthly gain of 194,000 in 2013. In December, employment increased in professional and business services, construction, food services and drinking places, health care, and manufacturing. (See table B-1.)
Employment in professional and business services rose by 52,000 in December. Monthly job gains in the industry averaged 61,000 in 2014. In December, employment increased in administrative and waste services (+35,000), computer systems design and related services (+9,000), and architectural and engineering services (+5,000). Employment in accounting and bookkeeping services declined (-14,000), offsetting an increase of the same amount in November.
Construction added 48,000 jobs in December, well above the employment gains in recent months. Specialty trade contractors added jobs in December (+26,000), with the gain about equally split between residential and nonresidential contractors. Employment also increased in heavy and civil engineering construction (+12,000)
and in nonresidential building (+10,000).
In December, employment in food services and drinking places increased by 44,000. The industry added an average of 30,000 jobs per month in 2014.
Health care added 34,000 jobs in December. Job gains occurred in ambulatory health care services (+16,000), nursing and residential care facilities (+11,000), and hospitals (+7,000). Employment growth in health care averaged 26,000 per month in 2014 and 17,000 per month in 2013.
In December, manufacturing employment increased by 17,000, with durable goods (+13,000) accounting for most of the gain. Manufacturing added an average of 16,000 jobs per month in 2014, compared with an average gain of 7,000 jobs per month in 2013.
Employment in wholesale trade and in financial activities continued to trend up in December.
Employment in retail trade changed little in December, following a large gain in November. Employment in other major industries, including mining and logging, transportation and warehousing, information, and government, changed little in December.
The average workweek for all employees on private nonfarm payrolls was unchanged at 34.6 hours in December. The manufacturing workweek edged down by 0.1 hour to 41.0 hours, and factory overtime edged up by 0.1 hour to 3.6 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls edged up by 0.1 hour to 33.9 hours. (See tables B-2 and B-7.)
In December, average hourly earnings for all employees on private nonfarm payrolls decreased by 5 cents to $24.57, following an increase of 6 cents in November. Over the year, average hourly earnings have risen by 1.7 percent. In December, average hourly earnings of private-sector production and nonsupervisory employees decreased by 6 cents to $20.68. (See tables B-3 and B-8.)
The change in total nonfarm payroll employment for October was revised from +243,000 to +261,000, and the change for November was revised from +321,000 to +353,000. With these revisions, employment gains in October and November were 50,000 higher than previously reported.
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Average Hourly Earnings fall most on record:
http://www.bls.gov/news.release/empsit.nr0.htm
http://www.forexfactory.com/#detail=54453
Looks like all those 252k jobs that were “created” are part-time.
Welcome to your future…
Just another day in this Recovery
Layoff / Closing List: http://www.dailyjobcuts.com
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RAISE THE FUCKING INTEREST RATES JEW YELLEN!
Average Hourly Earnings fall most on record:
Just pay the fine....who can afford Obamacare?
Can you smell the recovery? oh wait, nevermind, the new kid in the back office shit his pants with glee.
PS: Tyler, the data series goes back at least to January 2000:
http://www.forexfactory.com/#graph=54453
Everything is awesome.
uNEXPECTEDLY aWZZZOME WITH extra super greeen shoots on top.Its the "Ongoing Recovery" thats why interest rates are zero percent and 55 million people are on food stamps. Cause we doing so fucking great. Its a recovery cause we said its a recovery.
Awesome!!!! like a turd blossom.
Obama can fix this he will just do an executive order mandating 30% tips, it's only fair.
Godamn parasitic Jews all in parasitic sectors of economy such as banking, just like money lending in the Temple 2000 years ago!
Things never change.
Truth I like the way you speak the truth... Lets not leave anything for interpretation. lol
Apparently the Fed's owners want to raise rates pretty badly, because these numbers have been beyond pie-in-the-sky for several months now. A looooootttt of people are going to be shocked and caught with their pants down when they start raising rates. What they intend to accomplish by raising rates is beyond me. It will almost certainly tank stocks.
If they raise rates I will support them. At least they are following the RECOVERY theme.
They are trying to flush money out of competing currencies to support the dollar and bond buying, IMO. They've pushed QE so far that foreigners are looking for alternatives. Also, banks will make more money on higher spreads. When the stock market finally crashes they will then use that as excuse for more counterfeiting, after China's economy has crashed enough to stop gold buying.
green shoots!
Bullshit...
https://www.youtube.com/watch?v=7Pq-S557XQU&feature=youtu.be
So QE 4 is coming soon. This time at $125 billion/month.
QE has to increase each time. More drugs to get the same affect.
Double up on the Federal Reserve balance sheet. $9 trillion.
Debt soars to over $20 trillion to attempt to stimulate.
Fed is threatening and teasing with witdrawal so the urge to shoot up again is even more for QE4.
We are at Full employment. Happy days are here again. Guess Shadow Stats and their ilk had it all wrong. Robust my friends.
Yet 0 interest rates, scratching my head now. Oh that is because why pay interest when no one else does.
Just handed back my Santa Clause outfit today; Feet up, that's me done for another year!
I'm retired and had to sit down from dizziness trying to understand how you maintain that whirlwind schedule.
Your posts should come with a warning.
and a cup of warm cocoa and some soft furry slippers.
MOAR lower paying jobs for the "win".
We are a nation of part time jobs....that is the new economy....get used to it...
part time
low paying
no benefits
jobs
one step away from slavery
land of the free
home of the
brave?
employment increased in ... drinking places. go figure
doh!
The unemployment rate fell to 5.6% and full time employment up. 251,000 jobs were created 2014 best year Since 1999
Evans jaw boning that 5.25 is full employment...what da fuck
just bring all on stage and sing all is well !!! fucking assholes !!!
More bullshit from the Bureau of Lies & Statistics [BLS] as the "Hope & Change" crowd infects every segment of guberment. While the country rots, hiring of illegal aliens is probably going gangusters, and with "free" college offered by Emperor Goebbels, what can possibly go wrong? New all-time highs in SP500 [and every other index] within minutes.
www.traderzoo.mobi
We have a Presidential cycle underway.
Am I expecting this to be an issue? Not really I guess...
Looks like it's all going in the intended direction. Increase in part time workers equal more need for gubmint services aka "free suff" Big nanny to the rescue.
Socilists love a depndent population. Knowing full well the dependents will line up and vote for less freedom and more gubmint intervention.
It all ends the same way though... with a lot of misery.
Webster's Dictionary -
Recovery: ***the word you searched is constantly being redefined, please comeback at a later date***
I work in the tech side of a large E&P company. We have laid off probably 30 of the salt and pepper crowd this week. A few people under age 35 were let go but mostly the senior employees. And we eliminated one of our VP positions as well. If oil goes lower we will probably have to start cutting products. Mgt is already monitoring work output day-to-day in an effort to root out ineffeciency [and then probably fire them]. Life sucks but it beats being unemployed I guess.
Jobs now a days are often a temporary and unprofitable nuisance!
So, the FED can start raising interest rates?
Higher demand for employees brings lower wages for all?
It's time to take a few more steps back here and look at the even bigger picture.
TBTB are fundamentally transforming the American economy into something that we cannot even recognize.
The corporate fascist powers are growing.
anybody remember the words to "everythings coming up roses"?
It's gonna come true baby
They think that we're through, but baby
You'll be swell, you'll be great
Gonna have the whole world on a plate
Starting here, starting now
Honey everything's coming up roses
Clear the decks, clear the tracks
You've got nothing to do but relax
Blow a kiss, take a bow
Honey everything's coming up roses
Now's your inning, stand the world on it's ear
Set it spinning, that'll be just the beginning
Curtain up, light the lights
You got nothing to hit but the heights
You'll be swell, you'll be great
I can tell, just you wait
That lucky star I talk about is due
Honey everything's coming up roses for me and for you
You can do it, all you need is a hand
We can do it, mama is gonna see to it
Curtain up, light the lights
We got nothing to hit but the heights
I can tell, wait and see
There's the bell, follow me
And nothing's gonna stop us 'til we're through
Honey everything's coming up roses and daffodils
Everything's coming up sunshine and Santa Claus
Everything's gonna be bright lights and lollipops
Everything's coming up roses for me and for you & Obama & Yellen & Goldman & Boehner & Pelosi & Reid & McConnell & Drone manufacturers & The NSA.....
Riight, nothing manipulated here, because construction firms generally start a metric shitton of new projects in December...amirite ???
The good news is, Labour is getting less expensive.
This is just basic market action. If you want a job, you'll have to be content to eat dog food (ie accept lower wages if you want a job). It's really that simple. And for God's sake get out of the way when one of the masters is driving his Maserati down the road. I can assure you he doesn't eat dog food.
Who cares what the headline consensus is... Both the Nonfarm and Private nonfarm numbers were 100k lower this print.
I can't wait to hear the participation rate spin from MSM, but we all saw the over 54 chart last week and it was moving up from the left to right axis. (meaning older workers are NOT retiring)