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Payrolls Disaster: Only 142K Jobs Added In September With Zero Wage Growth; August Revised Much Lower
And so the "most important payrolls number" at least until the October FOMC meeting when the Fed will once again do nothing because suddenly the US is staring recession in the face, is in the history books, and as previewed earlier today, at 142K it was a total disaster, 60K below the consensus and below the lowest estimate.
Just as bad, the August print was also revised far lower from 173K to 136K. And while it is less followed, the household survey was an unmitigated disaster, with 236,000 jobs lost in September.
Putting it into perspective, in 2015 job growth has averaged 198,000 per month, compared with an average monthly gain of 260,000 in 2014. The recession is almost here.
As noted above, the headline jobs print was below the lowest wall street estimate. In other words 96 out of 96 economisseds did what they do best.

The unemployment rate came in at 5.1% as expected but everyone will be focusing on the disaster headline print.
And worst of all, average hourly wages stayed flat at 0.0%, also below the expected 0.2%. Actually, if one zooms in, the change was not 0.0%, it was negative, while weekly earnings actually declined from $868.46 to $865.61.

Finally, not only were workers paid less, they worked less, as the average hourly weekweek declined from 34.6 hours to 34.5, suggesting an imminent collapse in economic output.
From the report:
Total nonfarm payroll employment increased by 142,000 in September. Thus far in 2015, job growth has averaged 198,000 per month, compared with an average monthly gain of 260,000 in 2014. In September, job gains occurred in health care and information, while employment in mining continued to decline. (See table B-1.)
Health care added 34,000 jobs in September, in line with the average increase of 38,000 jobs per month over the prior 12 months. Hospitals accounted for 16,000 of the jobs gained in September, and employment in ambulatory health care services continued to trend up (+13,000).
Employment in information increased by 12,000 in September and has increased by 44,000 over the year.
Employment in professional and business services continued to trend up in September (+31,000). Job growth has averaged 45,000 per month thus far in 2015, compared with an average monthly gain of 59,000 in 2014. In September, job gains occurred in computer systems design and related services (+7,000) and in legal services (+5,000).
Retail trade employment trended up in September (+24,000), in line with its average monthly gain over the prior 12 months (+27,000). In September, employment rose in general merchandise stores (+10,000) and automobile dealers (+5,000).
Employment in food services and drinking places continued on an upward trend in September (+21,000). Over the year, this industry has added 349,000 jobs.
Employment in mining continued to decline in September (-10,000), with losses concentrated in support activities for mining (-7,000). Mining employment has declined by 102,000 since reaching a peak in December 2014.
Employment in other major industries, including construction, manufacturing, wholesale trade, transportation and warehousing, financial activities, and government, showed little or no change over the month.
Following all this, the December rate hike odds just tumbled to a record low 32%. It was not immediately clear what the December negative rate odds were as of this writing.
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Suck my balls Bernanke
The Current Job Situation is still very weak
Full Layoff List: http://www.dailyjobcuts.com
-
<- Rate hike in +100 years
<- Rate hike this year
PMs vertical, works for us.
Yes, but vertical to a point they were already at a few days ago and from a base pushed lower even after the Options expiries. When that happens, it is ALWAYS the case that the jobs number is going to come in below expectations. Another trading tip....These Guys are SO blatant these days that you can make easy money trading with them.
PS. Nanex Hunsader remarked yesterday that "An Algo" was so obviously manipulating the price of Gold down that it was embarassing. I wonder who that could have been? Definitely not Citadel?
Did the FED pay warren Buffet to Buy IBM stocks?
So the Oracle Of Omaha is still buying IBM after losing 200 million dollars on it this year?
chump change
Come on Janet.
I dare you to raise rates.
Dispite the catastrophizing on Zerohedge, this number is yet another positive NFP result in a winning streak that has lasted for over four years. When you have jobs increasing every month for almost five years in a row, it's safe to say that you're in a recovery. This recovery is only getting started - you haven't seennothing yet. When aggregate demand picks up, and more green shoots beging to appear, we are going to see an exponential increase in economic activity. The only thing that worries me is that if we fail to raise rates soon, the recovery will turn into a bubble and we will be back to the boom and bust days. We simply have to put an end to boom and bust, and lay out a sustainable plan for out economy.
http://www.msn.com/en-us/money/topstories/dunkin%E2%80%99-donuts-is-clos...
When Mericans cant afford a friggin donut and coffee....
Now that's sad.
Dunkin Donuts sucks, that is why they are losing money.
As for this:
I think this was part of the "deal" with the bankers: we give you free money, you use some of it to prop up flailing "legacy" American companies who barcoded Jews in the Holocaust like they were iPhones.
You're national treasure MDB.
Given the up arrows, I would say that people are finally understaning the sublime irony of MDB's posts.
"The only thing that worries me is that if we fail to raise rates soon, the recovery will turn into a bubble and we will be back to the boom and bust days."
That made me laugh, only because I know some people that believe this. Thas was one of MDB's better posts in this past year.
Don't worry, the Fed ended boom and bust LMAO
Payrolls are a lagging indicator, that's one hell of a recovery you're expreiencing.
If we keep thinking positive things, we will all be millionaires! Channel that inner self-love (not porn love) and be sure to keep *liking* everyone you see on farcebook. a honda civic may cost 2.2 million dollars soon, but we will all be millionaires, so be happy...the FED says so.
Small price to pay for the $T given to him.
I wonder how the white house is going to spin this one
Giant right-wing conspiracy!
By tweeting that the unemployment rate is the lowest since 2008. Yes, they really did that.
They are just numbers, they don't count. Americans have their aspirations set too high, we all need to work for the state and such. I have been on hold with them for 2 hours, disconnected once... and i am still number two in line. They are nickel and diming us to death...fleece and flogging until we all accept that if we are anything other than wait staff we should be thrilled, pay our 60%, and make sure sundays are included as workdays so we get 75+ hours a week.
DISCONNECTED TWICE...these public shitheads need to be eliminated...they serve NO PURPOSE!!! Best government our long hard hours of work can buy so 95 million of us "don't want jobs" 80 million can't work and the rest of us take it in the pooper all year long. POS government...all of it.
I see it now. They ramped the Dow to stick the landing with these numbers at 16,000... again. The manipulation will just add up. The more they do it, the worse the final break.
They keep getting away with it, so watch and learn. You can make money trading their deceptions if you understand what is really going on. The thing is this. When "The Game" is controlled by The Fed and TBTF's using HFT's, they truly can control it for a very long time. So the trick is to identify what is their least expensive way to control it? The new normal. They do actually have methods and limits.
Why didn't they lower expectations so they could beat them? Idiots.
You're not looking at THEIR big picture. They pushed Gold down in anticipation that it would rise again but pushing down jobs expectations in advance would push Equities down. That would cost a lot more for the PPT to retrieve the damage compared to just pushing Gold down in advance and retrieving Equities AFTER the news?
Headlines just 5 days ago:
US Fed Chair Janet Yellen hints at rate hike in 2015
Bait and switch, baby!
<- QE IV begins next week
<- QE IV discussions are planned soon
It is all postponement of the inevitable.
The government and Federal Reserve constantly lie with their numbers. Why would they produce something closer to the truth then? As the Tylers stated, no rate hike. IMHO, not now, not ever.
If the collapse happens I expect the Federal Reserve not to be done away with , but actually will be more powerful. They may even amend the Federal Reserve act to give them additional powers.
Fed ChinaTM will hike overnight rates,.and make Our Leadership look stupid.
Seems a common theme this week.
Any failure of the feds only makes them stronger. Society DEMANDS that the feds must act!
Like the bite of a zombie, the "Army" only gets larger. The "infected" never actually die, they live on to infect others.
The employment problem is more of an issue with our open trade deals allowing capital to flow out of the country freely to cheap labor countries, thus gutting the consumers. Blame corporate lobbyists on this one.
but, but, but we just had our 7th summer of recovery........Joe " the next prez" Biden
no
You just created a job
The Fed is an epic failure.
… Who’da thunk?
Not for the rich its not!
The FED is a smashing success. They have kept their money system going for 100+ years and now the FED is on its way to becoming the chief creditor in the nation.
They might have failed US, but that was not why the FED was founded.
pods
Yes, it has performed almost flawlessly. It has enriched its owners and driven everyone else to near slavery levels. Back to fuedal times without people realizing it...yet.
Shemitaahhhhhh time!!!
HP stocks surging! The Feds just put in a huge order of ink and printers!
Very Bullsih for retail sales. Profit margins will take a bloodbath. Sears may not survive this time around.
AMD announced they are laying off 5% of their workforce.
Sprint will be furloughing a portion too.
USA, USA, USA!
Very "exceptional!"
Time for another seasonal adjustment.
nope. they want to take the pain now....so that next October the numbers look AWESOME...right before the election.
Note: August and July revised well down....so the good headlines start in July....and have a low bar all the way through Sept (so far)
Wouldn’t it be terrible if at the end of his term, The Wizard of Obama turned out to be nothing but a two-bit fakir in a worn-out suit!
Hard for Biden or Clinton to argue (4 more years of THIS) if "this" is a terrible jobs story.
They'll just blame the Repugs since they now control both houses of Congress. They'll say "See what happens when Repubs take over?... 0zer0 had everything going great until the Tea Baggers took over, and now the economy is tanking". Too easy. And the Rhino Repugs will wimper and cave, just like always.
Let's make it a double
Recovery!
It's one of the robustest jobless recoveries I have ever seen!
Robustest?…
Don’t you mean: robustyest?
"We roBUSTed some folks."
Some BLS folks are going to be seasonally adjusted.
Goldman's the contrarian indicator this time as well. 0.3 stddev not as much.
Dow Futures still rockin' and a'rollin'! Haha!
https://youtu.be/YpZcJzEcfjo
Clearly, hiking rates at this point is a non starter. Unless you are insane.
We've already established the fact that they are insane, So, who knows wtf they will do, especially considering that their owners have an agenda.
"If you don't take out a loan, Uncle Janet will drown this puppy."
New slogan running around the FED halls.
pods
They have the advantage of the easy sell. Nothing they have to offer promises pain, only "relief", like all good narcotics. Only those who fear dependency offer resistance, and they (we) are simply being buried. The principles that we adhere for our own survival are being turned against us. Savers, those who refuse to pin their future security on the feds, are now the enemy. We are to blame for this failing economy as we refuse to SPEND our security. So, in response, they will vilify us and simultaneously dissipate the value of what we have "saved".
And best of all, when all is gone and our strategy has clearly failed we will be further denigrated for suckling up to the federal tit, in conflict with our precious principles....just as is done with Ayn Rand every day.
If Chinese money starts flooding in they will have to move FAST, its a very difficult game they are playing, massaging the news to "explain" something mostly now out of their control, ie Chinese timing. Let's see...indicators: when you don't hear any English on the streets of SanFran, when the shops in Chicago advertise for Chinese speakers, When you can't get into the Grand Canyon during Chinese New Years week. But I suspect we are still a way's off, as we say in Appalachia. I predict the Chinese will re-nationalize Macau first, and then all hell will break loose, because you know THAT is the real money machine. Most of the princelings now have the family funds outside, so it's coming. They may be waiting for the old man, to expire.
Remember the Election.
the best way to have a great next year is to have a terrible this year. Election Headlines are one year away
Negative number coming soon. The big 'R' is on the way.
Time for another Lie.
Relax, they will be all over the news and expect one of the Fed pupets to begin the rate hike chant today too.
Not a disaster. It’s refreshing to get a dose of reality. Hopefully it will wake the people up to what this group has done to America!!
… I haven’t seen YOU since 1965!
Almighty the coordinates are 09264712, kaboom QE 4
Average hourly raised remained flat? We can't be having that. Time to raise rates to slow this juggernaut down and crush the proles paychecks.
You want jobs? Vote Donald Trump. You want middle class destruction to continue? Vote another establishment candidate.
I want higher standard of living and to be rich without jobs. Trump will tarriff all goods and create inflation. Rand Paul is a better choice.
If you want just jobs, borrow and tax to pay people to dig ditches and then fill them in. And don't give them shovels, give them spoons. Lots of jobs to be had, but very poor society.
Yes he can ? If Trump is elected it means he is another scam.
… I’m afraid he’ll abdicate, pry the “TRUMP” sign off the White House and abandon the US in bankruptcy court.
Gold just had a boner.
Sombody forgot to club Silver. The day is short.
Bartender hirings lower than projected.
… we’ve been reduced to drinking at home.
Recession now and QE4 next year.
Yellen will have another stroke.
… she was just dehydrated, and it won’t happen again ’cause she’s drinking a lot more now.
'president' el bozo's terrible, awful, horribible week......
10y yield....
I'd say that Joaquin struck Wall Street early!!
Job growth on track to be worse than 2014. And yet somehow, the talking heads still see a silver lining.
QE~ anyone?
Yes I'll take four thanks.
< Rate Hike this year
< Rate Hike in a 95 year olds pants
MONDIS! THIS IS GREAT NEWS!
http://iamsully.com/?p=15110
BUT BUT BUT THE UNEMPLOYMENT RATE IS NEAR ALL TIME LOWS AT 5.1 PERCENT.
WE HAVE FULL EMPLOYMENT, SO WHY ARE STAWKS GOING DOWN?
THANK GOD THE ''MARKET'' CAME ALL THE WAY BACK FROM ITS LOWS YESTERDAY BECAUSE THEN WE WOULD BE UNDER 15.800 TODAY ON THE DOW.
FUCK U YELLEN U STUPID CUNT, AND FUCK U MR MUSLIM OBAMA, STOP FUCKING TOUTING HOW GREAT THE ECOMOMY IS UNDER YOUR WATCH YOU RACIST PIECE OF SHIT WHEN WE HAVE NOT BEEN ABLE TO FUCKING RAISE RATES BY .25 BASIS POINTS.
Another rigged number in jobs report?The Fed wants to lower the USD so the Emerging Countries can get a break with a lower USD.
Good news for the Globalist. After Deflation this year, comes hyperinflation. Don't look for your pensions to be paid. Your savings will be worthless as will all those paper currencies or digital ones. A fine kettle of fish!
But isn't this what is wanted? Cull the human race and allow only the billionaires to live. This is their plan.
Not a plan so much as the way things are headed. But yes they do plan on being the ones left standing. I promise you, they will not be happy. Nobody is going to be happy.
ZIRP forever, QE4, another Operation Twist,etc. NO FISCAL POLICY to address job creation - only wars, MIC, intelligence industry, Homeland Security, etc. While MONETARY POLICY serves Wall Street and the .01-1%.
The (leadership) in all quarters of this now-joke country is a disgrace to humankind.
They know there won't be anyone from today around to abuse them for their subterfuge. Cry havok.
I just listened to Steve Liesman say that all is not so bad, look at all the cars sold last month. Have to give Tyler his credit, he cited all the Manufacturing data as a big reason the number would be so bad, but the awful revisions to August as well? Recession time.
Who would win a battle of wits between Steve LIESman and Dennis Gartner? I mean, brain measurement stuff?
maybe a WS Rally on war talk could turn this all around...maybe?
We could turn all this around if we sent Wall St TO the war zone.
When the Dow got back up to 14k, the Fed should have stopped ... but they kept the punchbowl full too long
they have lost control, their theories are bull shit, they have encouraged overproduction and inefficeincy and asset misallocationss
Mises and Hayek and Stockman are correct, the academicians are dead wrong.
Clearly MOAR double seasonally residual adjustments must occur!!!
Damn it slaves!!!!
Labor force participation down too, from 62.6% to 62.4%. "Recovery" churns forward.
FUK U BERNANK!
Everyone has to know that this is not just some random series of events and that it is all happening to someone's plan.
There was never any intent to create more employment. There was never any intent to improve the economy. The only apparent intent was to make sure the crony international banks maintained control and that there was no violent overthrow before they were positioned and ready.
Even Machiavelli said that a prince needs the support of the people. The elitists could always be bought and individual trouble makers with followers could be killed, but the people as a whole need to believe in the leader, otherwise there was no hope for the prince to advance his position.
Raising the stock market was the attempt to mollify the people while selling them out at the same time. All of the false flag attacks on the people and the propaganda surrounding them have been aimed to keep the people off balance and to redirect them away from the real cause of their misery. There was never any hope (or most likely intent) to align the people behind the US government and its aims.
Oooooo ... a down vote. Someone is watching.
Lots of ZWO trollers on this site downvoting people telling it like it is. Don't sweat it.
The best means of control is through dependency, something that high employment DOES NOT AFFORD.
http://www.nytimes.com/2009/09/05/business/economy/05jobs.html?_r=0 (Jobless recovery - never computes)
It is called Psyops. "MISO is a vital part of the broad range of diplomatic, informational, military, and economic (DIME) activities used by the U.S. Government...PSYOP Soldiers use information (and disinformation) to influence the behavior of foreign audiences in support of U.S. policy and national objectives."
"Their activities can be used to disseminate information about ongoing programs and to gain support from the local populace."
http://www.sorbrecruiting.com/SORB_PSYOP.html
Fasten your financial seat belt, we are captive passengers on the monetary Titanic, sailing into a global recession with central banks having crushed interest rates to zero - and lower - and having flooded the world with debt.
Maybe, just f*cking maybe, today (10/2/15) might bring about the beginning of a return to fundamentals-based stock market valuations. Maybe there was enough focus on this report to even convince a retard of who ACTUALLY OWNS AND RUNS this f*cked up economy. Maybe (but unlikely). At minimum it should harken the beginning of people actually doing some broad based THINKING.
No and maybe.
all China's fault
Another recovery summer in the books and not even a seasonally adjusted tan to show for it.
Meh, we have Syria and whackjob Mercer to distract off this story. Economy is great, move along, nothing to see here...
Pretty interesting......terrible numbers....its fun to watch them spin it....but how did we sell 18 million cars...they must be no money down and a 8 year loan....
… with a co-signer and a factory rebate.
As I've posted repeatedly: This is what happens when an economy and nation adopts only MONETARY POLICY without any functioning domestic job creating FISCAL POLICY. After all, both are supposed to be the two mechanisms under economic theory.
Back in 2009 & 2010 I hear the most ridiculous statement come from the finanical media; we will have a "jobless" recovery. That never computes.
QUOTE (2009): "Many experts envision a jobless recovery, in which the economy grows but job losses persist" (love the experts and officals junk)
http://www.nytimes.com/2009/09/05/business/economy/05jobs.html?_r=0
Why the truth all of a sudden?
NIRP
Gold just jumped up nearly 2.5%, from $1105 to $1134 and the DOW futures went from positive 66 to negative 166; we are going to see a big sell-off early; I expect the Plunge Protection Team will be out early and often. Looks like a the bull will be squeezed very hard.
Do not make any trades based on emotion; think clearly. Be careful, we are dealing with psychopathic FED's.
Then stop trading.period.
you should understand by now that YOU are their weapon.
Do you drive a car, have a bank account, pay a mortgage, on Social Media? Thanks for the advice.
(1) 5 basis point interest rate increase.
(2) Buying American products would help this number. Americans have to make real effort to buy American, avoiding imported goods when offered in retail stores. Avoid American branded goods made in foreign countries.
(3) We'll have to take our medicine sooner or later.
(4) As President Kennedy said about going to the moon, "We choose to do this because it is hard."
… hard? Hard is snapping yourself an extreme selfie without getting killed!
Maybe at some point the American people will figure out that ZIRP / QE actually drives wages lower and encourages layoffs while creating massive profits / incentives to the 1% / Corp. Executives to financially engineering stocks higher after granting options (insider trading) ahead of stock buybacks. Why employ people when the ones that benefit the most through stock options can rig the game in their favor now, and leave the underlying corpus of their corporations saddles with massive debts, no capex, no r&D, no employees, and eventually no future.
The American people don't even know what Zirp or QE is.
Maybe at some point the American people will figure out that ZIRP / QE actually drives wages lower and encourages layoffs while creating massive profits / incentives to the 1% / Corp. Executives to financially engineering stocks higher after granting options (insider trading) ahead of stock buybacks. Why employ people when the ones that benefit the most through stock options can rig the game in their favor now, and leave the underlying corpus of their corporations saddles with massive debts, no capex, no r&D, no employees, and eventually no future.
That was the basis for the "women's liberation" lie; to get more people in the workforce to collect more taxes, alienate the family, and suppress wages. It worked very well and was created by the very people that the women-libbers hate so much; nothing better than a mom & wife who makes a home a home and raises the next generation through example using good and godly moral character. Since that has been destroyed and demonized; so to has the nation...GOD had it right as always.
As I said when QE3 started here on zerohedge in 2013, then within 2 years economy will drastically decline due to QE and Zirp.
Prediction fulfilled
There is only one way to improve the real economy:
4% interest rates.
Actually the way to make an economy is to produce goods and services that people want in a real market unencumbered by bureaucrats with special interests and a banking system designed to foster such activity and a foreign policy built on trade, not war - for starters.
Really can't figure out what people were expecting. Rest of the world is in the tank and we just keep rolling ahead.at a 250k pace? Two words.
Tax cut.
34.5 hrs a week?
I thought the US workers were some of the most industrious. I've seen reports that you guys do not even take all your Leave or Paternity. How can that number be so low?
Wall Street cunts leaving early to take coke and shag hookers really throws that number off.
Part time employment counts in the participation rate. The ACA and other great programs incentivize replacing a full time job with multiple part time jobs.
Well, let's see the numbers from other countries to compare them with.
How about a porn star puking picture?
Throwing up a rainbow!
Now sit back and watch the presstitutes search for excuses as to why they have been so utterly wrong on everything.
Can't wait to see what kind of bullshit Krugman pulls out of his ass.
Krugman will say... We aren't borrowing and spending enough! More QE, More bridges to nowhere, more taxes and more welfare checks!
Now stop maligning their reputations.
They aren't wrong, the data is.
Of course the reason the data is wrong is that it has been slanted in their direction already and its still major poo-poo.
What we really need right now is a new trade deal that sends more manufacturing and other jobs overseas.
No, wait a sec......... BTDT. OK then how about we all simply go on vacation and wait for demand to build up. National moratoreum on all interest and debt payments for like 30-60 days. Obama be happy. The culmination of the Progressive Agenda. Shut it all down along with this government and send all the pols back home for some indepth public questioning. None of this moderated telephone townhall shit. Face to face. Mano a mano.
The Fed would not have to do QE4 if Congress would put together a package of spending cuts, individual and corporate tax cuts, add some anti-off shore regulations, cut anti-business regulations, and roll back some of Obamacare... Wait now... I'm starting to sound like Trump...
What happened to that cheery ADP number?
Stocks green by the end of the day....
Just saying!
ES traders been playing 'SPX gap fill', that's some funny shit. SO, we win again LOL
Entitlement budgets are going to take a hit.
/bwahahahahaa
On the household data, all of the loss was in the 20-24 age group. All the others posted gains.
lots of chris mercers in the making potentially.........
Buying SS caps from the UK with EBTs certainly produces meaningful economic activity as well as wage growth in important sectors.
The rest of you gears-- get your asses back into alignment with the rest of the great social benefits production machinery.
Busy, busy, busy.
Wait, isn't bad news good news bad news good news??
A FED rate hike is becoming the biggest potential black swan.