December Jobs Soar by 292K, Smash Expectations But Average Wages Post First Drop Since 2014
As we noted in the jobs preview, only a super strong number had any chance of prompting a market reaction, and sure enough, the just announced December print of +292,000 smashed expectations of +200K, surging from last month's upward revised 252K, while October was revised to a massive 307,000, a net addition of 50K over the last two months.
So time for another rate hike, right?
Not so fast: as usual, the fly in the ointment was a well-familiar one: wages simply did not grow, and with Wall Street expecting a 0.2% increase in average hourly wages, in December not only was there no wage growth, but in fact, average hourly earnings posted a tiny decline from $25.25 to $25.24.
From the report:
The number of unemployed persons, at 7.9 million, was essentially unchanged in December, and the unemployment rate was 5.0 percent for the third month in a row. Over the past 12 months, the unemployment rate and the number of unemployed persons were down by 0.6 percentage point and 800,000, respectively. (See table A-1.)
Among the major worker groups, the unemployment rate for blacks declined to 8.3 percent in December, while the rates for adult men (4.7 percent), adult women (4.4 percent), teenagers (16.1 percent), whites (4.5 percent), Asians (4.0 percent), and Hispanics (6.3 percent) showed little or no change. (See tables A-1, A-2, and A-3.)
The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 2.1 million in December and accounted for 26.3 percent of the unemployed. The number of long-term unemployed has shown little movement since June, but was down by 687,000 over the year. (See table A-12.)
The civilian labor force participation rate, at 62.6 percent, was little changed in December and has shown little movement in recent months. In December, the employment- population ratio, at 59.5 percent, changed little. (See table A-1.)
* * *
Total nonfarm payroll employment increased by 292,000 in December. Employment rose in several industries, including professional and business services, construction, health care, and food services and drinking places. Mining employment continued to decline. In 2015, payroll employment growth totaled 2.7 million, compared with 3.1 million in 2014. (See table B-1.)
Employment in professional and business services increased by 73,000 in December, with temporary help services accounting for 34,000 of the gain. In 2015, professional and business services added 605,000 jobs, compared with a gain of 704,000 in 2014.
Construction showed strong job growth for the third consecutive month, gaining 45,000 jobs in December. Job gains occurred among specialty trade contractors (+29,000) and in construction of buildings (+10,000). Over the year, construction added 263,000 jobs, compared with a gain of 338,000 jobs in 2014.
In December, health care employment rose by 39,000, with most of the increase occurring in ambulatory health care services (+23,000) and hospitals (+12,000). Job growth in health care averaged 40,000 per month in 2015, compared with 26,000 per month in 2014.
Food services and drinking places added 37,000 jobs in December. In 2015, the industry added 357,000 jobs.
Employment in transportation and warehousing rose by 23,000 in December, with a gain of 15,000 in couriers and messengers.
Within the information industry, motion pictures and sound recording added 15,000 jobs in December, offsetting a decline of 13,000 in the prior month.
Employment in mining continued to decline in December (-8,000). After adding 41,000 jobs in 2014, mining lost 129,000 jobs in 2015, with most of the loss in support activities for mining.
Manufacturing employment changed little in December, though its nondurable goods component added 14,000 jobs. In 2015, manufacturing employment was little changed (+30,000), following strong growth in 2014 (+215,000).
Employment in other major industries, including wholesale trade, retail trade, financial activities, and government, changed little over the month.
The average workweek for all employees on private nonfarm payrolls was unchanged at 34.5 hours in December. The manufacturing workweek edged down by 0.1 hour to 40.6 hours, and factory overtime edged up by 0.1 hour to 3.3 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours. (See tables B-2 and B-7.)
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Good full time,high paying jobs with bennies I'm sure.
which should mean a major disappointment (layoffs) next month.
"I think thier making this up as they go. When things get serious, you have to lie!"
For sure. Companies hired for Christmas before December. After Christmas their let go.
Know many looking in technology. The last 3 weeks were kinda dead.
They realize Wall Street and the bots feed on these types of releases, so they'll do more.
If the FED can't monkey hammer this shit into the GREEN today, then they are in real trouble.
So - I bet the PPT goes all out. Low volume day, max 50M on DOW.
Expect it to end up GREEN by about 300 points.
(assuming that's what they want)
(because that's how "free" this market is)
The PPT has been going all out this week to keep this pig of a 'market' from rolling over.
Once the markets are stabilized they can revise this report in about two months.
I thought it might be a million...just to make sure the market went positivie...Its just like the construction numbers...pretty fake I think
Yet another twisted report. It didn't take long to hammer gold and silver did it?
It's kinda like the OJ crop report......you gotta be right on it.
Now where the hell is Beeks?
Gold and silver are the two silliest investments on the planet. How are you going to explain to your wife that she's going to have to work another 10 years because her husband made bad investment decisions that landed them in the poor house?
She's not working at all........she's helping me stack.
This is great news for the 4800 being layoff @ Macy's. They should all be able to find 2 part time jobs @ Kmart and Sears. For a job increase of +4800 for February. Winning !
3000 coal miners lost jobs in Ohio/West Virginia in December. Maybe they don't count.!
No, it would be 9600 jobs!
Last I saw, ND had still only laid off 40 people so that should help. Apparently it only takes 1/5 of a man to keep a drilling rig running.
Dear God....such fuckery. Seriously people. I think the desperation has reached a level of stupidity that you can't even comprehend. The farm economy is in the shithole. I farm 1,200 acres in So Illinois. Farmgate prices are at 11 year lows.....we're bleeding red ink. Equipment dealers are in full panic mode with layoffs and soon consolidations as spending dries up due to cash flow Farm Credit employee told me that farm balance sheets are starting to look ugly, and they haven't started marking down fantasy land values and equipment that is sitting on balance sheets. We have several freinds in the trucking business. Their trucks are ALL parked. There is little freight moving, and what is they can't make enough money even with $ 1.78/diesel. The big lie is unfolding right in front of our face and no one one admits it. WTF.
Real unemployment down here is probably close to 45%.....mostly Teachers, burger flippers, state and local govt workers, welfare fatties, and fake disability folks. Unreal.
"The big lie is unfolding right in front of our face and no one one admits it."
As long as it's an "Official lie" it's a fact.
Reality hasn't mattered since 2009.
Just like Obamacare was touted as lowering cost. What happened?
Thanks for posting a real world, front line report. I am in Houston and we are starting to see the same thing, just substitute petrolieum for farm.
The big lie will only be exposed once all of those 401Ks are decimated. Until Obola is safely out of office, the Feral Reserve will do whatever it takes to keep stawks propped up.
I assume you're refusing all the federal farmers' assistance programs down there, yes?
Remember, those programs are antithetical to Austrian economics.
We don't recieve ANY farm payments dickwad....and don't participate in the Fed Crop Insurance Scam. Another Obamacare on Steroids. Another farm hater opening their piehole about something they know nothing about. Nice try.
Gold and Silver shrugged off the suppose good numbers. When the hell has that ever happened?
What's the difference between a statistically insignificant fluctuation and a 'shrug?'
I see the warm weather doesn't affect job hiring apparently.
Temp jobs at the "on-line pic-pack N ship" companies like Tech Data to be gone before Jan 1.
Obama knows both Wall Street and the media feed on lies.
Watch the level of lying drastically increase as we move further into the election year.
The libtards will do anything to get Hillary elected.
Let them get Hillary "elected", accelerate the fourth turning already!!!
"elected"... LOL!
It's all a big conspiracy, isn't it? :-)
Annual Job Growth 2014: 2.27 %
Annual Job Growth 2015: 1.88%
Yeah, that's an improvement.
I thought you didn't trust government numbers?
Doesn't matter if I trust them.
What matters is that the masses cannot recognize the government is reporting slowing job growth and they are chanting "Things are better!"
My guess for DOW close today.
(like guessing beans in a jar)
http://iamsully.com/?p=15591
If we can keep replacing every real job with 2 burger flipper jobs this can go on for a while...thank god we raised the minimum wage to make that wage stat move up...
"The world needs ditch diggers too."
-Judge Smails
avg wage $25 per hour??? talk about overpaid
aha.... meanwhile in the real universe... there are still about 93 million plus...
"who are no longer looking for a job".... [because the gov. provides] so they don't count in that 5%
more bs from the eko-no-mists
No fucking way. Not a chance this is a real report.
+400
It'd be real if the numbers were universally bad, wouldn't it?
No. It would be real if there was even a remote chance that nearly 300,000 jobs were created in a December, in a month that oil once again shit the bed, in a month that coal and other natural resource fields were cutting jobs.
Then, it would be real.
Besides, I don't even give credence to the household survey. I look here every month for the overall picture and use the NOT seasonally adjusted numbers, never the massaged adjusted ones. Real or not.
http://www.bls.gov/news.release/empsit.t01.htm
Wow! Sounds like it's easy to just go out and get a $25+ dollar an hour job (and that's just the Average!) and retire with a gold watch after thirty years. LMFAO.
In my neck of the woods, $15 an hour is top wages everyone thinks you must be rich. That is, if you are lucky enough to find a job that keeps you employed consistantly throughout the year.
Now government jobs, that's a different story. The local postal CLERKS are pulling in $75,000 a year and retiring at 55 with great pensions and benefits. In this rural area that kind of work in the private sector pays maybe $500 a week tops with slim benefits indeed. Oh, by the way, postal rates are going up between 10% and 20% in the next couple weeks to pay for that.
Rigged numbers.
Laughable. What better way to get the stock market into a short squeeze. Disgusting group.
I guess we underestimated the need for ticket takers and concessions vendors. #starwarseffect
For 2016 expect even more outlandish lies.
Obama and the party members (aka communism) know propaganda worked for years from previous history.
Communism? LOL!! You wish. Try FASCISM.
"Land of the Pilgrims pride" !!
The new normal, a few fuedal oligarchs and 8 billion peasants..
same as it ever was...
This so called "recovery" is fake. It's nothing but a giant debt bubble fueled by artificially low interest rates. It's not sustainable. It will crash.
Nothing has fundamentality changed since 2008.
Nationwide a lot of people are struggling. You cannot ship good paying jobs overseas for 30+ years and think everything will be OK economically.
Why do you think Trump has such a massive following? People like Trump's economic plans of bringing our jobs back from overseas, ending NAFTA, and fixing our trade imbalances.
Still think national "elections" are not rigged? LOL!! That's a good sheep.
The entire "growth" model is fucking bullshit you stupid fuck. It is impossible for infinite eCONomic growth in a biosphere with finite physical resources.
Trump is a spoiled privileged fucking brat, his grandfather was the smart one.
Either way, Hillary or Trump, your sheep ass is fucked.
Not necessary to call someone a stupid fu%^ without having a discussion - wouldn't you agree..
Cramer has really been in a rare form lately. His analysis "The market has been going down because it wants to go down". No reason for it apparently. He also keeps saying "i'm not saying to buy stocks. I don't want a YouTube video up of me saying to buy stocks or that I'm bullish. But there are some good companies out there at attractive prices right now". The circus clown is getting nervous