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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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Clearly the QE whispers are beginning and those calls for a rate hike are gone.
RAISE THOSE RATES MOTHERFUCKERS..........
oh wait....is that a hissing sound..............?
And to think these are the lying, manipulated numbers....
I just bought property in China near the Great Wall- On the GOOD side!
The OUT side?
how could we have such weak jobs numbers, well that's the plan, funny listening to MSM, it's like they think the plan was to have a strong american jobs economy..laughable, when every move by fed and .gov is to restrict job growth, ship jobs off shore, import low wage workers by the millions, and tax and regulate business to death...
for those who think this economic outcome is because of bad policy and stupid people, you are sadly mistaken..this is the nwo plan for america.
There is a simple reason for the low numbers...it was so obvious I wonder why the experts missed the estimates....in a nutshell...it's the weather, stupid! It has been raining alot in the eastern part of the country..would you go look for a job when it is raining outside? watch those numbers explode to the upside in the next few months..well unless mother winter comes in early this year..
They will jawbone. They will do nothing.
How much do the now-closed coal plants contribute to the bad jobs numbers? We heard things were bad in Appalachia. Must be unbelievable these days. Haven't heard much mention of it on CNN or CNBC or anywhere else.
More retail death on the horizon.
Instead of black friday, have going out of business sales.
Walmart must be laundering dirty money to stay alive.
And the S&P has been steadily rising all morning.
Of course. Just what the markets needed so free money continues. ZIRP forever.
We just put out a directive in our company to cut payroll 10% across the board and already seeing results. I'm sure we're the only company doing that...
I for one am shocked that the internet can't fix this.
As soon as I saw the numbers, I had to go to Twitter to see how Joe LaVorgna was going to spin this.
It is getting to expensive to work now days, they take taxes out, child care services, need more food for expending to much energy.
Gas in my car, need more over priced insurance for my car, my home, my kids, my wife, nut-jobs in traffic, lunch now cost 10$+ if you go out, coffee 3$ a cup, tax here, tax this, tax that, HELL....it is cheaper to stay at home.
This model has priced it self out of existence, i will hang in the basement for a bit and see if anything actually changes in the working mans favor.
If not I will go to the land live low and cheap and get new self supporting skills. good luck to all of the rest of the working stiffs.
You may be a little late with that move but anything is an improvement
I have removed myself from the system...having been making healthy six-figure salary for better part of last decade and a half.
I finally decided that it wasn't worth the effort after .gov strip-mined my paycheck and the balance went to various other obligations.
I now have more time with my family and am enjoying suckling the tit rather than being the tit...
*As an added bonus, I got to cash out all my investments and put them into productive physical assets and physical pm's.
What a fucking shitshow. Hedge 'em up, boyz.
break out the fertilizer(bullshit) we need some green shoots!
New normal. The can-do spirit of America has successfully been broken and replaced with the gimmedat mentality...as planned.
The funny thing is the defense of all the markets throughout the world, and every one of them are still just treading water or falling.
Hey CBs. You are losing.
Clinton's [hillary's too] NAFTA [cafta/wto]
create jobs in mexico and canada and keep american jobs solvent -- but along comes Clinton's 'Repeal of the 1933 Glass-Steagall Act, voted overwhelmingly by both houses. nov/99 106th congress
what this had done was to give the commercial banks and investment banks total integration once again [ignoring the causes of the great depression!?!] the wherewithal [international ussa investment banks back'd by the full-faith of the US Gov't commercial [let us not forget our ???corporate??? banking system the FRBs] to funnel monies covert?ly from ussa corporate infrastracture under the guise of free trade & wto a covert estranged laison via lower-wage manufacturing EM's with the usa surrogate IMF & wholly-owned [soe] WB! Gramm [wifey as corporate insiderider]-Leach [CITI Group Louis b. Kaden]-Bliley [Century Foundation/ Starr Foundation & The Committee on Capital Markets Regulation]
http://news.muckety.com/2010/01/08/six-degrees-of-phil-gramm/23671?plink
You are absolutely right. It doesn't even require collusion, just greed to gut America and her people.
Going to be a profitable Christmas (I mean the PC holiday season) sarc.
Think I will buy Yellen new batteries for her toy - not
Buy as little as possible this year and let us end this shit show before the pain gets much worse.
the numbers go negative when you back out greenenergy jobs, how those working out Germany? Ready for MOAR green energy debt?
Green energy debt rollover loan?
Here are some more UGLY FACTS:
http://michaelekelley.com/2015/09/27/vix-predicts-pits-while-pundits-have-fits/
http://www.zerohedge.com/news/2015-07-27/when-will-we-ever-learn/
http://michaelekelley.com/2015/05/29/mergers-and-acquisitions-set-record/
http://michaelekelley.com/2015/02/20/fed-warns-of-two-bubbles/
http://michaelekelley.com/2015/02/24/would-you-pay-39-more-than-asked/
Here is how to prepare.
http://michaelekelley.com/2014/10/16/8-things-to-do-when-recession-happens/
Ahh, bad news is good news as all three indexes crossed over the positive line. Isn't the symmetry among indexes beautiful?
The Fed / big banks are propping up the stock market with fake trades.
As we see the economic new get shittier and shittier on each economic report, it seems the market cannot go below 16,000.
Today with the huge miss on jobs and the news that thousands of layoffs are in the works, the market plunges and then comes back with a vengence to positive territory, on what good news? Really?
This is very mysterious. It would seem that the fed and the big banks they are using are trying everything they can to not let the stock market crash.
It is as if someone is using fake money or digital software to manipulate the stock market each time it gets near a chance of falling below 16,000, because who in there right mind would want to risk billions and even trillions of dollars at this point investing in an economy by all measures is going down in flames?
So it just stands to reason that the markets are being manipulated on two fronts.
#1 - The propaganda machine that tries to talk up the economy when all the economic news is dismal at best. And after a while anyone with any economic sense can see they are lying about things in the economy. Then to top it off all the numbers are rigged to look good so if the numbers are fabricated to look good and even the fabricated numbers stink, then the real numbers must look like a dooms day scenario. All the big market players know the numbers are rigged to look good, they know things are in actuality much worse, so there is no way they would be risking their own cash to buy up this market. This leads to #2.
#2 - So if the big kids aren't willing to risk losing their fortunes by buying a sack of shit, and mom and pop and the retirement fund guys aren't willing to risk losing their little nest egg, then how can a total loser market keep floating up after every big miss on the economic news?
It just stands to reason that the fed and the big banks are printing fake trades to prop up the markets, just like they use the fake digits to print cash. Any computer program can be altered by someone and in this case I will guarantee you that someone is pushing a button to make it seem as if shares are being bought, though they really aren't, these are make believe trades to make it look as if people want to buy this shitty market. You'll hear them say, you better get in now because next month things are going to ramp up and you're going to miss out. The stock market is just another manipulated tool of the global government to make it seem as if the markets are resilient, when the fact is, like everything else the government criminals are involved with, it is a scam, but this time on epic proportions.
Of course nobody has said this, and my guess is that nobody would think the government would be so bold as to do this, of course this is in collusion with the fed and the big banks and probably even some giant corporations. All you have to do is look back when the gov put restrictions on shorting stocks, then they put in the downward automatic stops and this and that, then look back a couple of weeks ago when apple stocks sunk and that day they were propped right back up, they've put in every obstacle to keep the markets from going down, and why would they need to do this if the system were honest and sound and the economy was awesome and great as they have been saying, so it stands to reason, something is very, very fishy and if the criminal powers that be will use digital digits to spend trillions to prop up their interest, then it surely isn't above them to use a computer program that can be plugged into the stock market to save the day using fake trades and ect. It is obvious that this market should probably be down around 12,000 or lower but we see the struggle to keep it above 16,000 at all cost. There are a lot of people that are going to get burned when the house of cards comes crashing down, everything is being rigged to epic proportions. The criminals control everything, we are living in a false reality that cannot go on forever.
Hard to be The Bear today :(
With Gold and Bonds holding their gains VIX and ES manipulation is proven.
Worst Presidency in the history of America..excellent legacy of accomplishment to be displayed in the "Presidential Library" in Illinois...in Chicago suburbs
Worst Presidency in the history of America..excellent legacy of accomplishment to be displayed in the "Presidential Library" in Illinois...in Chicago suburbs
<<<<I have a job
<<<<<<<<I don't have a job.
Just wait, all the big banks will be upgraded next week.
A quandary for Dems; Do they drag out the debt ceiling talks to make a government shutdown look like its the Republicans fault, do they go back in and revise jobs numbers higher to show things aren't so bad, or do they revise everything lower and blame it on the Republicans lack of willingness to pass their next stimulus measure. Hmmm, what to do? They can't blame Yellen yet as she hasn't raised rates, yet.....
What they should do is reconcile with the job layoffs that month and post that number after. I'm sure it's countable on 1 hands or less.
So is the global slowdown hampering US employment or is it the fact that US employment and wages are down which causes the global slowdown?