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And You Thought American Unemployment Was Bad...
Say what you will about the massaged and manipulated US unemployment rate, record warm winter stimulated monthly NFP print, composition and (lack of) quality of jobs, at least (and we use the term very loosely as this is only thanks to trillions and trillions in fiscal and monetary stimulus) the cumulative jobs trend is one of increase. In the US. Europe is a different matter. Because while even at 100,000 jobs added every month, as the chart that some have dubbed the "scariest chart in the world" shows, the US is adding jobs - why: look at this chart and all shall be made clear. Yes, adding debt at a breakneck speed is helping, but all this is doing is delaying the inevitable pain at the end, but in a world where everyone is only focused on the here and now, that is all that matters. Which, however is more than can be said for Europe. Sadly, while the US is slowly converting jobs gained (at a 2% GDP growth rate, in exchange for a public debt rising at double+ that pace), Europe is about to see the cumulative job loss number since the GFC slide to the the lowest since the crisis hit, and then go bidless. At that point it will merely be a question of how long until Europe is swept up in one massive revolution as the people say "no more" to prudent fiscal strategy and demand more, more, more of the debt heroin that is making their neighbors across the Atlantic appear so healthy on the surface, if projected to be 75% obese by 2020.
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Hope and Change!
Hoffen und ändern!
"stick a fork in me jerry, i'm done"...
Funny this morning when Steve Liesman said an "early Easter" may have been a factor.
He also said something about 11,000 bus drivers....??????
i can't watch cnbs on an nfp day cause you have liesman AND zandi (he called +176)...
Don't forget Bob Pissonme........sorry, I just love saying that!
Hey, take it easy. CNBC is fun because it is entertaining. It is not trying (or should not be trying) to be a technical guru to the investor. Their job is to accentuate the positive, to hype the hype, to create viewership and chatter and if overestimating the jobs report (who really knows the true number?) is what it takes, so what?
I have NEVER relied on CNBC for an investment but the girls are hot, Santelli is a blast and I like numbers. What more could you ask for?
Funny this morning when Steve Liesman said an "early Easter" may have been a factor.
Ya just can't make that stuff up.
The tulips came up early!
That and ...The Madness of Crowds
If you find a real good job nowadays the 1st question people ask you is, was the casting couch as bad as they say it is?
You watched CNBC you're clueless.
I've got a dumb question, but I need to know......... When we talk about the labor force participation rate, we say that it the lowest since 1981. How is the difference in population, 225,000,000 in 1981, 311,000,000 in 2010, addressed? Adjusted, or raw?
the US is adding jobs
How so??, when a million drop off the rolls, cease to be added, and stop even looking for work.
How can we add jobs,we are still way negative on the numbers of folks that are alive, but just do not get counted.
We are at MINIMUM 11-20% UE...........................stop the gub checks, and find out.
Let's suppose we do stop the checks..(I am for it) How does that solve unemployment? If no one is hiring, they aren't hiring...
It might give more incentive for people to take jobs they don't really like, or are further away, or for less pay.
It would put downward pressure on wages, which can have a tendency to increase hiring. It would be deflationary in that regard... and might have some of the same effects as devaluing the currency in that regard.
It's a little like saying you can't sell your house. What is really meant is you can't sell your house at a price you're willing to take. Lower the price enough and someone will buy it. You could probably sell most homes that are livable within a couple of hours if you dropped the price to $20 or so.
I kind of like Friedman's idea of no minimum wage and a negative income tax. Have everyone who is physically able to work and needs money do so. If it isn't enough to survive on, the government could make up the difference. But the more you make the more amenities you have (& the less the government subsidy).
People are already taking jobs that barely pay for the cost of commuting to them. Lots of fast food places and stores hire people to work like 2 hours a day during the rush for minimum wage.
Indeed. In the end, people will pay to work. They already do but collectively.
It will go like providing the hirer with a free trial period(2 or one month) to validate, working at home without being compensated for leasing a workplace to the hirer etc...
Natural outcome of Smithian economics (core of US citizen economics)
And the music keeps playing....
I don't care if the added debt is only delaying the inevitable, just as long as I get re-elec..
Oops, sorry, it looks like my computer got its wires crossed with the teleprompter. Don't you hate the smell of sulfur?
who cares.... USA will collapse anyway... its time for north americans to pay gas at 10 usd and lose the reserve currency status.
MUST WATCH TV...CNBS
Becky Quick is in Omaha interviewing B-H folks, including the "Anus of Omaha" himself, Mr Buffett!!
i'll be at the "capitalist cocktail party" tonight. anything you want me to tell her...
Wipe off her chin?
Excellent, pods. You've been on a roll lately.
will she be wearing a blue dress?
No. I'm pretty sure it was a comely white.
after my sloppy seconds...
+1 Speaking of wiping things off...I have to wipe off my screen after spitting coffee all over it.
My favorite, she's massaging his prostate as we speak!
Unemployment is due to arrogance of US leadership for not seeing structural damages caused by attack against labor, when as recently as 2007 all of them thought high home prices meant everything was alright.
"Our skilled wages are higher than anywhere in the world. bring in enough skilled workers so that the supply of our domestically produced skilled workers would be supplemented with a major influx of foreign skilled workers that would essentially lessen the cost of US skilled wage levels and end the concentration of income…”
-Alan Greenspan circa 2007
concentration of income is at top 0.1% not 50-99.9% of middle class workers. Elites attacked labor to the point where labor prefers socialism.
better than the belgian dream, which is to settle a rape case after getting fucked in the ass without consent at an orgy by SK.. http://news.yahoo.com/french-accusations-strauss-kahn-washington-1638168...
mcguire
Well there is always
Roman Polanski
Isaac Asimov's son (kiddie porn)
Pete Townshend (kiddie porn but allowed three days to clear the evidence)
And the Franklin coverup.
Those guys are pikers.
The real NWOMBLA players work for the UN.
I mean, who would give up diplomatic immunity, air transport and troops to pick up little kiddies?
Debt, bitchez. Feel rich for a day.
Its like watching the water in the toilet bowl spiral.
So now we're reduced to hobo's arguing about who is better off because they have noticeably less shit all over them.
Dam that was a good one.!
SheepDog-One
There is always India.
+1 Funniest comment of the day.
very nice. something about fridays
he must be the king.....
+1
Can I borrow that?
With the economy the way it is, I've been thinking about starting a hobo jungle. I was afraid of them when I was a kid, but now they don't seem so bad, I'd probably fit right in, and I promise we won't eat little boys.
Because while even at 100,000 jobs added every month,
Would it be a surprise if all 100,000 are being added at the BLS each month?
Makin' up all this data takes a lot of work, y'know...
Yea 100,000 jobbs added each month where exactly? The BLS is full of BS.
SD...it was a joke. you know...what if all the jobs being added were at the job-counting place...
never mind.
Oh I know.
revised agency name, LBS
I can easily see 100,000 jobs added monthly because 200,000 are leaving per month are leaving the workforce. It's one step forward, two steps backward but the MSM concentrates on the one step forward.
I find it really annoying when people are amused hearing about another country's economy collapse. "People who live in glass houses should not throw stones." With this globalization we're almost under the same roof!
If you think we are amused, noob, you are not very perceptive...
I don't think you will find too many people here amused about it at all. You may find people poking fun at the constant lying bullshit, and the fact that the "leaders" look like idiots...but not too many people who find this funny at all.
Sorry we missed your 1 week birthday. Happy belated birthday.
Ha! Great b-day line.
BTW...what in the h*** is your avatar? Is it some throwback monster from one of them Godzilla flicks?
Johnny Socko and the Flying Robot. One of my favorite series as a kid. I picked this particular monster (Opticon) because my eyes were opened in 2001.
Oh sure, its all 'Globalization' until someone goes bankrupt then its all 'de-coupling'..'NAH, we dont have nothin to do with THAT guy!'...suddenly its not such a big party when they realize no one else is picking up the tab anymore.
comedy is tragedy in a different wardrobe
Any one think this Sunday will be another raid on Gold ????? Its the one year anniversary I think....was that computer trial run for this weekend????
They can fuck with the paper all they want. The rest of the world has taken its marbles somewhere else to play...
Youngman, Tuesday night was the anniversary of the second death of Osama and the massacre of silver. Still, anything can happen at anytime with the deminati!
Greek and Spain teen unemployment is at 51%!
Teenage Wasteland: Teen Unemployment in U.S. at 24.9%, Greece and Spain Above 51%!
http://confoundedinterest.wordpress.com/2012/05/04/teenage-wasteland-teen-unemployment-in-u-s-at-24-9-greece-and-spain-above-51/
Dispicable I know. How dare these youths chase ass on Mediterranean beaches instead of the labor like that giant intellect Adam Smith proposed in Wealth of Nations.
How many of those jobs are part-time jobs? How many are minimum wage? How many pay no benefits? Virtually all jobs in Europe have benefits. And minimum wage in Europe is considerably higher.
Minimum wage in USA is $7.25 per hour. It is $18.70 an hour in Denmark and $5.60 in Greece, and $12.08 in France.
Not all jobs are created equal.
About 35% to 40% of jobs in USA do not include benefits such as health coverage, paid vacations and retirement plans.
Quite a valid point. You can fire one person making $50 per hour, hire 4 at $10 per hour and you have a gain of 3 jobs.
That is the problem with relying on statistics for an argument.
All goes back to definitions. What exactly is meant by "a job?"
I feel the same way about that word they call what is it? "journalism"
You must not be hearing the same business people that I do. Companies are BEGGING for qualified workers even in this economy. You can't simply fire (say) an experienced computer analyst and hire four for 20% of the price. It doesn't work that way. Alas, the law of supply and demand is still in effect: The more unique your abilities, the greater your chance of a higher pay. Conversely, if you can sack groceries, chances are you won't be offered a six-figure salary.
Yes it does. You just hire them in Kiev or Bangalore. Happens all the time. Majority of programmers where I work are in Russia/Ukraine or India. Used to be 100% US. Almost all the ones in US are H1-B from India/China/Russia or started out that way. Since this started my income has gone down about 5% a year after inflation.
Minimum wage in USA is $7.25 per hour. It is $18.70 an hour in Denmark and $5.60 in Greece, and $12.08 in France.
So all eleven French workers get at least $12.08/hour?
Oui. Have you seen what they charge for cigarettes in Paris?
In Germany we do not even have a minimum wage.
What are the lowest wages people will work for then?
Even at near zero, still better off than US since you could not pay for family health care in US for less than about $10/hour after tax.
SENIOR Eurocrats are secretly plotting to create a super-powerful EU president to realise their dream of abolishing Britain, we can reveal.
Well DUUUUUUUUUUUUUUUUUUUUUUUUUUUH!!!
France & Germany have been trying that for...millennia.
who cares .... USA will collapse anyway... its time for north americans to pay gas at 10 usd and lose the reserve currency status....why do you think EURO was created in the first place?... To DESTROY USA CURRENCY...even if europeans have to sacrifice... USA will lose the previlege of the world reserve currency... THATS THE POINT.
Sorry but the entire point of the Euro (at the time) was to create a third world super power besides the US and the USSR. Substitute China for the USSR and you get the picture. They never wanted to destroy the dollary but to be a financial rival. But Europe had two problems - the all-consuming welfare state and rapid loss of population. Thus, the experiment was doomed from the start.
in that case, i'll work in the morning, you work in the afternoon. Next month we shuffle. What's the problem.
If Europe is swept by Revolution, they won't be asking for more bankers' debt. WTF, whose stupid logic is this? They'll demand debt defaults. BTW aren't ZH servers in EU? If so, they might be raised to the ground along with other statist media spewing anti-populist propaganda.
http://capital3x.com/think-tank/performance-may-1st-week-18-trading-call...
The portfolio off the week.....ES short at 1397 hits targets 1380
Well-stated T.D.!
In case you didn't notice, first time in a while that gold decoupled from "risk-off".
I think flight to safety in gold is back on, given the accelerating collapse of the EU (and Euro).
"Young Italians are flocking to become shepherds. The pay is poor and the hours are long, but there is job security, fresh air and as much pecorino cheese as you can eat. Traditionally the preserve of older men, shepherding has recently attracted 3,000 young Italians, according to the Italian agricultural body."
http://www.jsmineset.com/wp-content/uploads/2012/05/clip_image0012.jpg
Maybe they're a bunch of sheep fuckers.
Amused. I don't think so. We are livid. Livid because of the incompetence, greed and fraud prevalent in our system. We are livid because none of those "in charge" give a shit about anything except getting re-elected, and increasing their own net worth. We are livid because this could now be in true recovery if we would have not let Paulson the mafia man, hold a machine gun and a bazooka to the heads of the idiots in Congress and advise it will all go away if we do not save the "giant squid".
We will have to pay the price, except now our children, who no longer have an American dream will sputter through life, pissed at us, because we blew up the whole system on debt we can never repay.
Amused, no I don't think so. We are Fucking Pissed!!
So you're saying that this debt is real and must be repaid? When debt is canceled, the offsetting entry is fictitious assets held by elites. When debt is paid, the offsetting entry is wealth created OUT OF NOTHING by someone's toil.
If our children are destined for a life of servitude and debt repayment, they should buy up all the banks--they're going to be future millionaires?
Only a fool would think that debt is generational. Am I still paying off those get the HUN WWI notes--not!
The Eurozone will start selling Growth plans next week after the elections... next rally
Hollande's 'Growth Bloc' spells end of German hegemony in Europe
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/923492...
"Growth" == CTRL-P
You can't compare the two. The US has been pumping trillions in the economy for the last few years. Just wait till all this fake demand disappears...
The good thing about the comming crisis in the US is that the economic collapse will reduce the obesity problem.
Give all the unemployed "virtual jobs" and pay them with bitcoins - problem solved.........
Can't print bitcoins.
Why not pay them with a virtual check?
That curve is positively lorentian!
Who needs an economy? We have printed prosperity now!
The U.S is officially fundamentally transformed, for the worst
The scale on this chart is wrong. There are 125.1 million employed (155 million in the the labor force - 29.5 million who do not have jobs).
it's just the new normal - get used to it!
To anyone who thinks a major war or wars are not around the corner is a fool. Wall Street types have gutted Western civilization and sent it overseas so they can buy 2 homes in the Hamptons and 10 abroad. I didn't say this, every politician who wants to survive the next decade will, or they will face the fury of rioting villagers with pitchforks and gasmasks. United Socialist Republic of Europe or bust.
The trick here is major wars.
What is coming? Nothing more than the usual, US military policing some back water colonies, US citizen armies finishing to expand in the few countries that are still out of their control, US citizens expanding into weak third countries that made the mistake of wanting to adopt the US citizen model (like Mali for example)...
Iran might be a bigger bit but nothing to compare with world war or stuff.
Depends on what major war is supposed to mean.
So far, US citizens do not consider themselves at war when they are engaged into that conflict scale.
It might change though.