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Full-Time Jobs -228,000; Part-Time Jobs +31,000
We got the pre-spun job quantity data already, where we learned that nearly 3 times the headline print was due to seasonal and B/D adjustments and is thus nothing but noise. Now we get the quality. As can be seen below, courtesy of Table A9 from the Household Survey, in July the number of part-time jobs added was 31K, bringing the total to 27,925, just shy of the all time record of 28,038. Full time jobs? Down 228,000 to 114,345,000 lower than the February full-time jobs print of 114,408,000. Once again, more and more Americans are relinquishing any and all benefits associated with Full Time Jobs benefits, and instead are agreeing on a job. Any job. Even if it means working just 1 hour a week. For the BLS it doesn't matter - 1 hour of work a week still qualifies you as a Part-Time worker.
Full time and part-time jobs summary:
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BULLISH!
Bullish for muppet stew!
Barry Ritholtz just tweeted "nuh uh" in rebuttal.
Barry's full of Bullshit both Barry's
'Real' Unemployment Rate Shows Far More Jobless
July jobs report: America’s labor market depression continueshttp://www.aei-ideas.org/2012/08/july-jobs-report-americas-labor-market-depression-continues/
HERE COMES THE SPIN: JOBLESS RATE RISES, GOVERNMENT SAYS 'ESSENTIALLY UNCHANGED'
With a rising unemployment rate set to dent President Barack Obama's re-election efforts, the mainstream media is about to go into full-spin mode. They can take their cues from the Bureau of Labor Statistics itself, which announced that the jobless rate had risen from 8.2 to 8.3 percent in July but called the result "essentially unchanged." Look, also, for the media to emphasize that jobs grew by 163,000--without noting that the number is seasonally adjusted to account for one million holiday jobs lost each year at this time, and without noting that June's job numbers were revised downwards radically, from 80,000 to 64,000.more
http://www.breitbart.com/Big-Journalism/2012/08/03/Here-Comes-the-Spin-Jobless-Rate-Rises-to-8-3-Percent-Government-Says-Essentially-Unchanged?utm_source=dlvr.it&utm_medium=twitter
We haven't hired full-time production workers in two years. We replace the outgoing with part-time workers. The available production part-timers are unreliable at best (failing to show up after a couple of days). So, the production director has started hiring graphic designers. At $9 per hour. Part-time. To do production work. He calls them dandelions. They are always showing up for any kind of work. We hired 3 or so this month and they work 10-20 hours per week.
What goes around.... You better be the owner or a sister-in-law. Cuz when the pencil keeps getting sharpened your ass won't fit on the erasure and it's bye-bye.
The BLS would have been more accurate by saying that job growth was "essentially unchanged".
Barry is a hack
To Serve Man...
"If you lost your business, You didn't do that! Some else did that for you!"
GOOD ONE!
Nah everything's just fine
Obama’s Golf Buddy: ‘Businesses Doing Extremely Well’
http://www.cnbc.com/id/48462776
I just don't know who to believe sarc
Global Manufacturers Feel Squeeze From China Slowdown
http://www.cnbc.com/id/48478108
Phony numbers phony rally PONZI PLANET. At this stage the only metric to use is FOODSTAMP USAGE and that is THROUGH THE ROOF.
d 13500 next week
Its a growth Industry (Food stamps) Perhaps that's why JPM and other TBTF issue debt cards for Food Stamps!
Ah the real job numbers. Doesn't look so hot.
yeah sure, but that "1 hour a week" salary will get you a few lottery tickets at Wal-Mart. In BLS thinkology, that's potential for millions of consumer dollars into retail. Very bullish!
That sounds like California's plan to reduce their budget deficit.
There are three kind of lies in this world:
1. Small lies
2. Big lies
3. Statistics
"3. Statistics"
LOL, that reminded me. Once I had to take a statistics class in college. Nobody in the class knew what the guy was talking about and nobody knew what the hell they were doing.
Nobody failed the course!
Funny!
In our 400 level Econometrics our final was take home! The professor worked for the F3D as his real job, and teaching undergrad statistics was intellectually beneath him.
oh man... quote fail...
.
fake numbers are so much better
Hey Zero hedge, please start a TV station. It's time. Between the humor on here and the information you would put everyone else to shame immediately.
I agree!! and forget a scrolling ticker at the bottom. Who needs that shit in a completely staged market. Instead scroll the comment section.. now that would be awesome!.
Interesting, seems to me the world could use another "monty python" or "kids in the hall" commentary to help put things in perspective. Yes, yes, I think so. +1 for you sir. Now back to stacking things on top of other things, want to impress the boss, don't cha know.
I say we all chip in twenty bucks and get that RT chick to move over and the ratings will.....shit my stack just fell over...
So, instead of having money (i.e. fiat) honeys, Zero Hedge TV would have stacked stacker babes?
I might buy a TV at that point.
agreeed. you need to join forces with a half dozen or so of the 'alternative media' guys and start your own network. Maybe Doug Casey can bankroll it. Of course, NONE of the cables companies would carry it ... and, there's the rub ...
FUCK cable....ditto Dish and Direct Pee Pee.
Have a subscriber internet site....by pass all the bullshit.
That is a nice thought. A dedicated radio program could also be very popular if starting a TV station is difficult. Hard to imagine ZH would get an overly warm reception from the TV media magnates...
The south park guys should bank roll it. Truth plus funny.
That is a very interesting idea. Those guys, Trey Parker and Matt Stone, don't seem to have reservations about shaking things up.
instead of a TV station, why not an online live visual, leave the MSM do the camera and sets, ZH doesn't need an array of production costs, simply what it already has visualized, graphics, and for some a few pretty heads, smarter than anywhere else online.
Honey Badger Market doesn't give a shit!
Knight K not going to help.
OT - What is with zipcar? Down nearly 50% today after more than 10% yesterday?
You mean besides the fact that it's a stupid idea?
Suddenly?
average wages should continue to decline in year over year change.. at only 1.5% for non supervisor production workers and in a downtrend.
The hits keep coming!
Just figuring out the spin from the reality of the BLS is a part time job. Does that count too? Probably.
All I know is that I was told that this was positive.
I don't know nuthin about no details.
What? No five 1% swings today? So sad.
Seriously, this will reverse as heroin addicts see less heroin coming.
Smoke and Mirrors Baby!
risk0n anyone?
no surprises
this info came out yesterday:
Challenger Job Cuts
July
-44.5%
Bye bye dollar
Yea, lasting a whole one day at which point another large size Euro country needs a bailout.
The local Nissan plant is now only hiring employees (line, logistics, finance ... whatever) on a contract basis.
OBAMACARE!!!
Employers are saying, ok, I will give my people benefits...IF THEY ARE FULL TIME MOTHER FUCKER!
Part time I dont have to give you every last dime I earn/have to pay for "benefits"........
LOOK AT THE UNINTENDED CONSEQUENCES.......HNIC NEEDS TO THINK THINGS OUT....
I believe John Roberts just junked you.
WSJ - Airlines Plan for Possible Spanish Euro Exit
I have some admin positions available here in a couple of my companies. Full time jobs - 60 hours a week. Salary is the legal minimum wage of US$120.00 per month. PM me if your interested.
<deleted by author>
MOOOOOOOORE QE then. Right Tyler?
Seasonal workers = election trolls. Brillant fudge for the number.
This says it all.
http://data.bls.gov/cgi-bin/surveymost
For anyone in the future wondering what this post is all about, the link says:
Notice: Data not available: U.S. Bureau of Labor Statistics
"The database is currently unavailable."
Pretty soon everybody will either be a contractual worker or working at your local McDonalds.
OR getting paid to play with their own missile.
http://www.bloomberg.com/news/2012-08-01/missile-defense-staff-warned-to-stop-surfing-porn-sites.html
None of this bullshit matters! The BLS and every other Obamanite thugs will pull any trick out of the bag to get this cocksucker re-elected.....I guess the economy will be growing at 4% and 3 million jobs will be added between now and the election!.......Yeah OK....
None of this is making sense the market was up last week or so because of hope of cash from CP. then both CP say no, and market gives back a bit. Then the jobs number good so saying no cash coming soon, and markets look like they will be up.
I thought one of the main premises here is the markets need "flow" to stay up. What is going on. They give back a few points but are still up even though no "flow" coming
Crack and hallucinogens tend do that to folks.
a bunch of the boys were whooping it up, at the malamute saloon
up/down a dollar, every other hour, winning/losing while downing that blue ruin . . .
ALGO: @ the klondike kasino
0.01 x 10k/s x 100cos. = desperate pennies an hour, especially from them forlorn
0.02 ?
49er-type prospectors as, a buncha bucks, along comes that croupier to wipe the table clean
oh my.
darling.
clementine
Sorry, this chart sums up OBAMACARE in one chart....worht 1,000,000 words.....right there folks!!!
WATER is the most powerful force on earth....IT HAS INFNITE PATIENCE, PERSEVERANCE...
Think about it....WATER WILL FIND A WAY AROUND ANYTHING ....IT WILL GET IN YOUR BASEMENT, YOUR BOAT, CAR, ETC.....IT WILL NEVER GIVE UP. IF YOU BLOCK IT, IT WILL FIND A WAY AROUND IT....
Much like humans....they will find a way around bullshit red tape....so what do you do? MAKE MORE, OF COURSE! IF IT DOESNT WORK.....MAKE MORE PROBLEMS.....
Don't think about the stuff you implement, like Knight Cap not messing with the program before they went live! goners now!
COMPANIES ARE NOT PAYING OUTRAGEOUS MEDICAL BILLS SO THEY MAKE THEIR PEOPLE PART TIME.....
another way around it.....
The chart - post-2009 at least - does seem to sum up OBAMACARE, as you say, but can someone explain what happened in early 2008 where the trends for full and part time employment seem to have switched? I know that was the first year that a budget from a Democratic Congress took effect, but was there something else that made so many employers change employment tactics?
Basically it was the point of universal recognition of the death of labor's seat at the bargaining table...
sun tzu: ?!
be water, my friends
I love the smell of barbecued shorts in the morning - it thrills me to watch everyone obsess on yesterday's trade - just like the shorts did all through mid'09 and 1982-83 and all through late 1987 as stocks took off with a vengeance. Barbecued SHORTS are a wonderful way to end the week.
And when you lose your job with no hope of finding a new one, can't afford to eat, can't afford to put gas in your tank, and watch the market climb higher every day. Will you still be so happy?
The actual economy was improving in the 1980s. If you think it is now, you need your head examined.
Right now the story goes like this. On the airwaves the leaders are proclaiming the war is nearly won, while on the ground the last few soldiers are out of ammo and surrounded by 10,000 tanks.
Are you going to believe the propaganda, or the soldiers?
I will short term short the top of this fluff.
You hsouldn't be so hard on your short-side analogs: the dummies who sell waterfalls the way 'extrabullish' numpties buy the top of every rip.
Here's a free tip: sell a few DAX CFDs five minutes before the German day close... everyone during the day session seems happy to go home with a full basket so it will drop 10-20 points after the day close but before the CFD session close.
Also EVEN IF some Central Wanker spooges their hate-paste all over the chest of the media on the weekend and tells everyone that all they have to do is swallow and believe, the market's already front-run that.
I'm shorting now (DAX) - or more accurately, I'm adding to shorts (average entry is above DAX 6760 [Note - I had typo'd 6670 earlier... edited it])
XTRA,
You seem to strike a nerve here....People are short expecting a decline, but in today's market you cant go long or short....it's unpossible as ralph wigam would say....
but you do do a great service to readers, taunting them....reminds me of this guy I know. Thin guy, I mean under average weight but looks great. I thought, oh, this guy has had it made, fast metabolism etc....
no. my other buddy showed me a pic of him and he was a lard-ass.....
One night in Tailand this Dutch guy insulted him about his weight. My friend thew a drink his face to which he just laughed, but, since then my friend has changed and never looked back.
Life changing insult.
it works
no, dickdouche....the deep fried longs are a much better, tastier dish.
Better have those stops tight....hope and bullshit....that's all you got......ALLLLL you got.
Quality wins over Quantity everyday.
Its not the size of your data, it's how you use it.
"Quality wins over Quantity everyday. Its not the size of your data, it's how you use it."
I fail to see how that works. The market only reads the headlines, and usually just the first few words of the headlines. The market will move up this morning because the headline says the BLS added 164,000 jobs in July. Last week is was Dragi's BS comments. The Market is as dumb as a box of rocks.
So this is a victory for American competitiveness? Must be great times ahead!
IGNORE THE MAN BEHIND THE CURTAIN!
Can I get a Job as patty flipper, I could do maybe 1 or 2 a day
Where was this 163k number before, oh yeah the ADP report was exactly 163k.
If that doesn't raise you BS meter to the breaking point, nothing will.
Bingo and government layoffs always bring down ADP numbers because they do not account for those.
And I recall July was a heck of a month for belly up metros in the US.
Where is Charles Biderman today? How about Karl Denninger?
Both those guys heads must be exploding.
SPAM
Vaporized SHORTS! Yeehaw! Now the PM's are kicking in - RISK the fuck ON!
It doesn't matter Tyler. S&P to 1400!
We know it will crash, but it could be in 1 month or 5 years. no one knows. unfortunatley it will ramp into the crash. So the only way i see this is to not play, but definitely don't be against.
But now you don't have revenue growth and we are at the beginning of a global recession. This is the beginning of the feeding cycle down. They can possibly prop it through the election. Possibly. Maybe. The depression is coming is here, he just has not knocked on the door yet.
I blame the unions...
LATEST POLL: Obama Job Approval Slips to 44%; Matches 2012 Low
With gas now at $3.90-$4.00 Obama is toast. Premium actually got pretty close to an al time high. Premium is $4.59 at my local station. The all time high for premium in NE Ohio was $4.79 with $147 oil. $88 oil with the same gas prices as $147 oil, makes perfect sense.
The way gas is being priced right now, we'll have $4+ with $90 oil. That doesn't bode well for Obama.
At this rate gas is going to be 5 by the elections.
Nothing good for Obama at the rate it is rising now.
Of course that could in fact be the plan, which will keep pushing QE out.
They got it all figured out heh.
44% Isn't that percentage of people who pay no federal income taxes? Hmmmmmmm
Right on! The number of full time jobs drops MORE than the NFP jobs added.
http://confoundedinterest.wordpress.com/2012/08/03/july-jobs-report-underemployment-rate-rises-to-15/
And those with full time jobs are getting part time jobs to compensate for those salary reductions.
Who says the economy doesn't create jobs?
If a Walmart store used to employ 100 F-T workers,
but now employs 300 P-T workers,
that's an addition of 200 jobs !
Yep. The only way to truly calculate employment is to consider hours worked divided by total capacity of the working-age population to work eight hours a day, five days a week. Unfortunately, that wouldn't leave any way to fudge the numbers.
The US trash machine with more false and misleading data to lie to the American electoral. This information has as much credibility as Obamas words and Paulson telling the American people that 800 Billion was needed or we would have a systemic collapse as he shoveled future tax revenue to his Tribal friends on Wall Street as Main Street took it in the rectum. Just disgusting!
good morning MUPPETS !!
just woke up here in CA and spx is up +1.75% and EUR to 1.232 up from yesterday's 1.216 = NICE !!
yesterday i covered my spx 1386 shorts that i placed on 7/27 and also covered my EUR shorts from 1.23 @ 1.216
http://www.zerohedge.com/news/bnp-furious-draghi-jumped-gun#comment-2672683
WHO IS YOUR DADDY !!!! ???? I feel like reshorting now @ 1390 !! gimme 1395+ and i'll reshort !!
I love this from Drudge:
THEY BOTH CANNOT BE RIGHT:
Reuters: Labor market slowed sharply after strong gains in winter, spelling trouble for Obama.
AP: Stronger jobs creation could help Obama's re-election hopes.
Haha, you know it is pretty bad when MSM can't even make heads or tails of it.
In terms of Ritholtz, it's hard to actually consider the fact that this just isn't good enough for the populace in general. But why should he fucking care; he'll have a nice steak and dinner with his family at the end of the day, nothing to see here.
BTW, after reading this, totally bullish on taking more McDebt to buy more McStuff that I don't need that won't improve the quality of my McLife.
Question for the board - In the article above, it says that one hour a week still qualifies you under the BLS as a part-time worker?
Is that true? If so, that's absolutely astounding that they are getting away with this. I am certain very few actually know about this trick. I never heard of this until this morning.
I believe they also count as a part time worker if you stopped at a state welcome center as you crossed into a new state and took a dump , wiped, washed, and left.
Honestly, would you be surprised - at THIS point - to find out this was true?
Not a bit.
And then there was this somewhat pompous sounding headline over at CNBS: What Do Jobless Do When Unemployment Checks Run Out?
In it they state that two million unemployed will be phased out of extended benefits by Dec. 31, which is now less than 5 months away, and on top of that starting Jan. 1 everyone goes back to the normal 26 weeks compensation when the average length of unemployment is over 40 weeks. It says that now fewer than one third of unemployed are getting a check, after the end of the year it will be fewer than one in four.
That headline, kind of reminds you of someone who refers to members of other races as "those people." Well, allow me to make a prediction, the coming crime wave will not be limited to Wall Street and K Street as in recent years. Millions of manhole covers and guardrails just laying around waiting to be recycled. But worse than that, job growth has slowed to a standstill so that the near 400,000 per week that lose jobs will use up their unemployment in 26 weeks and join the millions with no income of any kind.
Viva la revolution.
Hope and Change
Why would anyone want to work. That is so pedestrian.
The besr fiction of the day from CNN
JOBS: HE'S GETTING CLOSER12:46PM: The U.S. needs 316,000 more jobs to get back to where it was when Obama was sworn in. More
I'm absolutely certain the CNN tool who wrote this article thought it would be cute to eliminate the words 'a month' and see what could be gotten away with. This media is so goddamned in the tank for the American-hating, Kenyan, Muslim, Marxist fool, they've grown gills.
People on here don't seem to get the fact that it doesn't matter what policies are followed and that job creation/growth is going to remain sluggish and those at the bottom with minimal skills/education & those who are older (50 and up) are going to continue to have economic anvils dropped on their heads. This isn't some new trend. It is a trend that is over a decade old at this point due to globalization & increased automation.
If you want a world where you have free markets/liberterian principles on economics, you generally going to have a handful of winners and lots of losers. Generally production will move to the lowest overall cost centers. US could strip out various regulations but there are almost always going to be places on the global map where it is cheaper to produce something. Certainly not the only factor in where sources of production are built and located but it is the overwhelmingly important one for most industries.
If you are unemployed, but looking for work at least 1hr per week does that make you a Part Time Worker?
NOPOMO