Final Nail In Today's NFP Tragicomedy: Record Surge In Part-Time Workers
It appears the record surge in people not in the labor force is not the only outlier in today's data. For the other one we go to the Household Data Survey (Table 9), and specifically the breakdown between Full Time and Part Time Workers (defined as those "who usually work less than 35 hours per week"). We won't spend too much time on it, as it is self-explanatory. In January, the number of Part Time workers rose by 699K, the most ever, from 27,040K to 27,739K, the third highest number in the history of this series. How about Full time jobs? They went from 113,765 to 113,845. An 80K increase. So the epic January number of 141.6 million employed, which rose by 847K at the headline level: only about 10 % of that was full time jobs: surely an indicator of the resurgent US economy... in which employers can't even afford to give their workers full time employee benefits. We can't wait for Mr. Liesman to explain how this number, too, is unadulterated hogwash, and how it too is explained away to confirm economic strength. Incidentally this is not the first time we have discussed the issue of part vs full time workers: for more see here: "Charting America's Transformation To A Part-Time Worker Society, Following 6 Straight Months Of Full Time Job Declines"
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LOLstatistic of the day:
Wow. But Is the Number Real?
February 3, 2012, 10:13 am
By FLOYD NORRIS
LOLstatistics Moment of the Day, sponsored by JP Morgan™.
JP Morgan™ reminds everyone to eat their peas.
SANTELLI mentioned ZH live on CNBC!!! Santelli for President!!! Is it true? Is Mr. Durden building an Army?
Must maintain the Perpetual Paper Ponzi!
Sipping Coffee with Ben Bernanke
[Elton John's Tiny Dancer plays as Bernanke walks on to the set wearing a sweater vest and kakis]
[APPLAUSE]
Thank you!
[Smiling]
Good morning, and welcome to Sipping Coffee, with me, Ben Bernanke. Today we have a great show in store for you. I have some freinds stopping by; Timmah and Law Wrench will be paying us a visit!
[APPLAUSE]
First, a message from our sponsers....
[Camera back on Ben]
FEMA camps look like a wonderful place for the new slave class. It's good to see the US is still so altruistic.
[Ben walks to couches]
I have known these two for quite some time now. We participate in the same satanic rituals, go to the same country clubs, and all have great disdain for sound money policy. Join me in welcoming my friends Timmah and Law Wrench.
[Timmah, riding a tricycle, and Law Wrench in a clown car, enter stage left]
Please you two, sit down.
Timmah!
[Law Wrench Farts loudly]
[LAUGHTER]
Great to see you two! We last spoke during the sacred burning of the dollar ceremony. How have you been?
Timmah!
[Law Wrench farts loudly]
Great! Are you two planning on moving out of the country soon, or do you think you own enough land in Montana to survive the economic collapse on the horizon, a la Don Rumsfeld?
[Law Wrench is asleep and snoring loudly]
Timmah!
[LAUGHTER]
Me too.
We are going to break, but stay tuned because when we get back these two are going to mud wrestle in human feces!
[Tiny Dancer]
[APPLAUSE]
Where's MDB when you need him? I miss hearing about "Dr. Ben Bernanke" and the "Honorable Hussein Obumma" when such a wonderful NFP number such as this is released - Grade 4 math aside, of course!
MDB got stage fright after Rick talked about Fight Club.
MDB, the stage is all yours....
Great schtick LH---not as funny as the UE # but pretty good.
He did; thank you Rick
http://video.cnbc.com/gallery/?video=3000071275
Wait until Rush goes on air in about 50 minutes.
Santilli's a Freak.......
And a joke, a jerk and a rich SOB whose time will come -
Corporate, tea party spokesman for the .001%
Go sell some guns to the Iranians w that trator Cheney would ya......
I hope there's only .001% of you.
Great read here:
http://www.amazon.com/Society-Spectacle-Guy-DEBORD/dp/0934868077/ref=pd_...
Stop pretending to be surprised by all of this and get on with things that actually matter.
+1000
That book's influence is still growing...Way ahead of its time...
Brother Truth, you know as well as I that what is important here is that bankers are making big bucks this morning on paper wealth. With those big bucks, they will support local economies in NY, NY, while also supporting the small jet manufacturing industry as they prepare for the Lear Jet exodous later this year when the Wall Street syndicate curtain on the real economy finally snaps the actual curtain rod it is hanging on...suddenly exposing the largest financial crime ever perpetrated, or otherwise known as B. Bernanke's tenure at the Fed.
So party on Truth. Come by Walmart, and I'll help you find a shopping cart. I'm there 9 am to noon on Tuesdays and Thursdays.
I respect everyone's opinion, but how the fuck does this go on given the data. Europe needs and is going to burn $10 trillion in the next stage of their bailouts. The Fed is targetting inflation and shoveling dollars in the Fed's furnace like there is no tomorrow. We are past the point of no return.
They need 7% growth to continue the ponzi. That 7% is going to be pure inflation. This has been going on for three years. This compounds into a Tsunami of leverage. This leverage is above the heads of a populace that is broke, tired, and hungry.
Tyler, thanks for finding the holes in this report. Readers need to know the mechanics of the manipulation here.
Printed fiat really is like heroin. It dulls the senses (government readings and stats) to reality. A lot of people feel good but we are quickly dying.
Source of the "2,689,000 job loss"?
Largest employment gain was in "Part-time Economy Fluffers".
Bullshit Labor Statistics (BLS) is doing its thang...
1.2 million working age people no longer have the honor & privilege of being 'counted' for purposes of tabulating unemployment + inherently flawed 'seasonal january adjustment' + a whole lot of temporary workers @ no benefits and minimum wage = turn an actual survey data of a loss of 2.7 million jobs into a BLS reported gain of 243,000 jobs.
Yeah....
....Recovery, bitchez!
Largest employment gain was in "Part-time Economy Fluffers".
Well they ought to give them a raise... Seems they did a bang up job...
"Welcome to Walmart, my name is Cdad. How can I help you?"
Hi Cdad, yes do you have any applications I could use some hours to supplement my income, I could use a few shifts a week, perhaps night shift? I will work anywhere along the 401 corridor between Montreal and Toronto
"Sure...let me walk you over to the manager's office. I think they are hiring for the noon to three on Wednesdays."
It has to be said, though, that this week I read that WM is going to get rid of (hopefully "re-assign" and not lay off) their greeters.
"Welcome to Costco, I love you"
Brought to you by Carl's Jr..........
Today's Bureau of Labor & Statistics NFP Report is sponsored by Brawndo™ , The Thirst Mutilator!
Brawndo™ : Its got what plants crave. It's Got Electrolytes!
Brought to you by Carl's Jr..........
Hey...I'll sling some burgers if I get a chance to be a pert of Paris Hilton's next ad with them...
http://www.youtube.com/watch?v=12t2z_G3Npg&oref=http%3A%2F%2Fwww.youtube...
Actually I saw a news blurb from a few days ago stating that Wal-Mart was actually going to lay off many of their "overnight" greeters despite the long tradition of greeting every customer who walks in regardless of when begun by Sam himself.
Try Target Cdad. I like their bath towels much better anyway and their men's briefs are to die for. CD's junk needs the extra soft treatment at my advanced age. :>)
http://money.msn.com/saving-money-tips/post.aspx?post=f9fa2c85-5d69-41e0-9ea9-870054e6a2f5
Oh man...I just helped someone to the manager's office to get an application for the noon to three on Wednesday shift, and the manager pulled me aside and quietly handed me a pink slip. Bugger!
Indeed.. Target is head and shoulders above Walmart. Especially their clearance items.. I buy very little from Walmart these days..
Briefs are for boys, CD. Man up and switch to boxers and let your junk swing free!
Hey Perry the Platypus. How have you been?
Pretty good brother. How are things with you?
...but then I'd have to let the hem out on my shorts...
"Welcome to Walmart, my name is Cdad. How can I help you?"..........................
"Could you direct me to your booze department?"
(ad nauseum) Welcome to Costco, I love you...
Best of Idiocracy - Welcome to Costco
http://www.youtube.com/watch?v=Z8zNsUTWsOc (0:12)
"Working nine to three, what a way to make a living."
That is the 9 to 3 shift were you are obligated to take an unpaid break between 11 and 1?
Workin' 9 to 3
What a way to make a livin'
Barely gettin' by
It's all takin'
And no givin'
You must take a lunch
And they never give you credit
It's enough to drive you
Crazy if you let it
That is the 9 to 3 shift were you are obligated to take an unpaid break between 11 and 1?
No... The unpaid break starts at 9:05 & goes to 2:55... Please use the time to walk around and look like you're shopping...
I think we need another census soon! Imagine how good the job numbers will look then.
Anyone care to ask what census they are talking about? It's 2012. Not the 2010 census. Seriously, what census?
I can fly, can you?
not legally w/o a license.
Terrible on not one count, not two counts, not three counts but terrible on FOUR counts.
CNBC told me this is positive because the corparations are going to slowy ease into hiring. their testing the water before them jump in with both feet and go on a crazy hiring spree.. Bullish. Winning.
I don't know how Santelli deals with Liesman. That guy has his head so far up Bernankes' ass, you can see that giant boner nose of his everytime Ben opens his mouth!
The algos have not been developed sufficiently to read beyond the head lines and today's financial "reporters" are just that....they report what they are told with no questions asked
Great chart Tyler. Makes my all happy inside.
"We can't wait for Mr. Liesman to explain how this number,"
For cripes sake will somebody please call him out on the real numbers?
Liesman is a man?
True
I've taken dumps that look more manly than Liesman
There are no balls in Congress to call Liesman out, off course the Admin does not want to, and the MSM and CNBC and all the supposed experts on the airwaves are too stupid to know the diff. Peeps like Tyler and a few others do a good job analyzing and reporting, but too few stupid Americans are able to hear the truth, understand it, or even care.
This shit will get BO relected and nothing will ever change.
Just play along now... ride the wave and enjoy it while we can. When it turns, play the slide and enjoy it. Rinse, repeat.
Yeah I know. The ongoing bullshit just gets under my skin. I suppose they like it that way though.
Not a matter of whether they like it... they just don't give a damn.
None of this shit going on is doing any, or much, harm to any of the elitests. It's a pissing match between Machines, we're the pawns, and regardless of what happens to us pawns they will continue to be just fine.
The only thing I can think of that might take obama down is his arrogance, ego and insistence of being god. People are truely getting sick of him, and as he continues to throw others under the bus and brag about it to everyone and the MSM, someone in the progressive Machine may just get tired of throwing up in their mouths every 10 minutes when BO comes on national tv and decide they do not want him as pres and put someone else in. Or cut off any remaining nuts that he has (if Michelle doesn't do that first). Whichever.
Bears need to get a grip.
The reason the tape is strong is because the horrid jobs report means that TPTB is now even more emboldened to do whatever it takes to goose stocks.
The tape is getting stronger every day.
Note how the NYSE Summation Index is now charging to new highs:
http://stockcharts.com/freecharts/McSumNYSE.html
Advance Decline line is still going up faster than the NY Composite index, meaning the market internals are very strong.
http://stockcharts.com/h-sc/ui?s=$NYUD&p=D&yr=0&mn=8&dy=0&id=p70273094322&a=122406050
Clean breakout in XRT, yet another new, lifetime, world record high.
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=xrt&inst...
Same thing with SPG the world's biggest shopping mall REIT.
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=spg&inst...
Bears who have been reading all the "doom and gloom" blogs the last 3 years have missed out on stock market gains of a lifetime.
Even if they put all their money into gold and silver since 2009... ahhhh.. gotcha..
From a TA standpoint, this was the pop some were looking for to finish the rally. We needed one more small wave up, and we got it. If 1370 is taken out, I'll have to reassess, but until then, I still say this rally is near its end.
Print a trillion dollars and throw it at the equities.....yeah......things are going great.
I would love to see your P&L dickhead you always print what has happen....rearview ass......
Um, my gold is up 26% yoy. Silver 17%.
Meh, looks more like the toppy action of Sep 09 to me. Twas looking rosier then too. Looky at that spikey monthly candle with delta of 21 IWM points. And let me reiterate the negative MACD-price divergence still currently in play on the weekly. We'll see.
"Bears who have been reading all the "doom and gloom" blogs the last 3 years have missed out on stock market gains of a lifetime."
You like contributing to the FED/Madoff/Corzine/Lay inspired ponzi scheme - feel good about yourself?
Agree, I cannot even stand to have the TV on during the day. He is such a waste. And again, Zero Hedge brings us the truth.
+1
I personally know people who are volunteering their services in order to prove their worth should a future paying position open up. These numbers are absolutely repulsive to me and I very much look forward to a day of retribution.
psychological phenomenon of reactance, in which a person has a negative emotional response in reaction to being persuaded, and thus chooses the option which is being advocated against.
Part time employees soared because all those people that fell off UI eligibility are reloading their earnings at rock bottom income levels. Bernanke should be happy, the drop in labor costs will help to offset the inflation he is causing.
Good point. I know lots of semi-retired people who volunteer just for the social interaction. The aging population is, on it's own, deflationary. This allows lots of money printing without headline inflation, instead we get the steady loss of standard of living through reduced wages, which are not counted as inflation.
Doubtful when the clown at the top is still sucking down 7-9 figures and the shareholders still think they're entitled to increasing profits.
The lack of jobs out there is because many people are holding down 3 jobs, if they can, just to keep the bills paid.
Plus no bennies - so many people just won't use medical - which will hold medical costs relatively more in check. They always make a large component of inflation, and would otherwise be worse. So the misery index goes up, but why should the chairsatan care? He's never left his ivory tower to be concerned about the 'peons'.
That is one of the few areas where i agree with Robot. Shorting this market makes 0 sense and has made 0 sense for a long time.
Well, since April/May, anyway.
And btw, you do realize 2011 was a down year?
how much is robo donating to king putt...how much does he get back as a rent seeking scum of the earth demo nazi loving golfer....
i have been informed that to disagree with such a rent seeker is racism...damn they got a good argument for 40 more years of baby doc obama
CAT (+65% profits y/y) is closing down a factory in London Ontario. Workers
wouldn't accept a slash to wages, benefits and pensions.
So they are going to move facotry across the border. Where workers will
accept NO benefits, NO pensions and 40% cut to wages.
Now at first glance many will say a job is a job. But think through the long
term implications of this "job". Who is going to pay for this workers healthcare
and pension? Not the corporation.The bill will go to the public sector. The
corporation is paying record low taxes to the government (as a percentage of GDP
lowest since 1972). Currently the number is about 13.1% vs 25.6% from 1987-2008.
So, the government (which is you dear taxpayer) is subsidizing all new
employment in this enviroment. Moreover, you are also being asked, to a greater
extent than ever,to subsidize workers healthcare and pensions. In reality the
taxpayer is subsidizing the extreme wealth transfer from workers to company
executives.
Nobody will care about this today. The same as nobody cared about subprime in
2002.But you can be damn sure they will in 5-10 years from now.
Well, from the Canadian side, they would have had public health care and been paying into CPP, so it would have just been supplemental medical - dental, perscriptions, etc that the company would have covered, plus more pension money.
Dumbasses were greedy and now they are going to be on Employment Insurance, getting 66 percent of pay for the next 12 months while they look for another job.
Doesn't Obamacare require these workers to get health insurance?
What is the contribution versus withdraw for a worker on Social Security?
Funny how the jobs numbers hit massive outliers in an election year *wink*
Nobody is buying these numbers, volume is pathetic, price is fading...... Bye Bye Bye
Harry Wanger approves of these numbers.
Whirlpool $46 to $68 in 3 weeks.
Where is the "consumer durables" recession?
I don't see it.
Whirlpool is down 40% over the last 18 months.
it's called a short squeeze, tarder
My Robo senses are on fire. I went long WHR on 11/4 around $51 and covered it literally minutes before you post this. Lots of weekly resistance here and now you are looking in the rear view on it. Looks like the WHR run may take a breather now that its on the Robodar.
All those foreclosed homeowners finally had to move to a rental property. Nothing more.
Whirlpool $46 to $68 in 3 weeks.
Robo the permabull(tard)...
The only person in history that can look at a WHIRLPOOL & see increasing profits...
Don't you just love the irony?