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July Non Farm Payrolls Slam Expectations At 163,000K, Unemployment Rate 8.Rises To 3%

Tyler Durden's picture


Expectations were +100,000, NFP prints at 163,000K. Goodbye QE in 2012.

From the report:

Total nonfarm payroll employment rose by 163,000 in July, and the unemployment rate was essentially unchanged at 8.3 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in professional and business services, food services and drinking places, and manufacturing.


Household Survey Data


Both the number of unemployed persons (12.8 million) and the unemployment rate (8.3 percent) were essentially unchanged in July. Both measures have shown little movement thus far in 2012. (See table A-1.)


Among the major worker groups, the unemployment rate for Hispanics (10.3 percent) edged down in July, while the rates for adult men (7.7 percent), adult women (7.5 percent), teenagers (23.8 percent), whites (7.4 percent), and blacks (14.1 percent)  showed little or no change. The jobless rate for Asians was 6.2 percent in July (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)


In July, the number of long-term unemployed (those jobless for 27 weeks and over) was little changed at 5.2 million. These individuals accounted for 40.7 percent of the unemployed. (See table A-12.)


Both the civilian labor force participation rate, at 63.7 percent, and the employment-population ratio, at 58.4 percent, changed little in July. (See table A-1.)

Participation rate drops to 63.7%, 3 month low and back to secular low levels:


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Fri, 08/03/2012 - 08:32 | 2675250 LoneStarHog
LoneStarHog's picture


Fri, 08/03/2012 - 08:33 | 2675255 malikai
Fri, 08/03/2012 - 08:36 | 2675273 flacon
flacon's picture

If the markets go down today, does that mean the VIX will tank as well like it did yesterday?

Fri, 08/03/2012 - 08:40 | 2675287 Patriot Eke
Patriot Eke's picture

All unemployment problems are easily fixed by simply adding more debt. Let's all get government jobs and see how that works out. har har

Fri, 08/03/2012 - 08:42 | 2675297 Debtonation
Debtonation's picture

It must have something to do with the weather.

Fri, 08/03/2012 - 08:54 | 2675365 TruthInSunshine
TruthInSunshine's picture

Transitory job creation due to seasonal factors led to an overall greater print, but this is an absolutely terrible, terrible report, thus necessitating a further round of printing money to distribute to the bff of the FRBNY....errr....a further round of QE in order to create fiat from thin air and finance deficit spending...........errrr......a further round of monetarily stimulative bond and toxic asset buying by the Fed in order to try and jolt life into the economy- yeah, that's the ticket.




Ben S. Bernanke

cc:     William Dudley

cc:     Timmmmay

cc:     Lloyd & Jamie

bcc:   The Hon. Jon S. Corzine

Fri, 08/03/2012 - 09:29 | 2675512 flacon
flacon's picture

I am glad you didn't forget to add the descriptor "honourable" to Jon Corzine. ;)

Fri, 08/03/2012 - 09:32 | 2675524 flacon
flacon's picture

VXX DOWN FUCKING FOUR PERCENT at open! Fuckers! Damn you fuckers!

Fri, 08/03/2012 - 08:42 | 2675298 brewing
brewing's picture

had to increase jobs in "drinking establishments" to accomodate all the new users of prozac...

Fri, 08/03/2012 - 08:43 | 2675301 HelluvaEngineer
HelluvaEngineer's picture

Apparently the VIX is being managed to go down every day, no matter what.

Fri, 08/03/2012 - 08:46 | 2675318 orangedrinkandchips
orangedrinkandchips's picture

every single fucking day.....


talk about out-of-whack indicators.....


bonds, vix , domestic stocks, international stocks.......


one of these things is not like the other!

Fri, 08/03/2012 - 09:15 | 2675452 Everybodys All ...
Everybodys All American's picture

think Li(e)bor and you'll begin to understand what is going on with the Vix.

Fri, 08/03/2012 - 09:42 | 2675557 singsing
singsing's picture

...and you know this because?   Insider?  Not disagreeing but there has yet to be any real discussion on this.  What is the benefit of of a suppressed VIX?  Can't figure it out.

Fri, 08/03/2012 - 10:00 | 2675602 MachoMan
MachoMan's picture

What is the benefit of suppressed metals?  Perception...

Fri, 08/03/2012 - 08:33 | 2675256 Shocker
Shocker's picture

Close but its actually being called a recovery :)
Yes Some are standard business as normal, but several are not.
Full Reference List Below



Fri, 08/03/2012 - 08:33 | 2675258 GetZeeGold
GetZeeGold's picture



Your Nobel Prize is in the mail.


Fri, 08/03/2012 - 08:39 | 2675283 Patriot Eke
Patriot Eke's picture

A PhD in economics too!

Fri, 08/03/2012 - 08:42 | 2675296 GetZeeGold
GetZeeGold's picture



Plus free shipping....hell of a deal.


Fri, 08/03/2012 - 08:42 | 2675299 Jason T
Jason T's picture

Germany, in the summer of 1922, had a 1% unemployment rate.   14 months later, millions were starving to death.

Fri, 08/03/2012 - 08:44 | 2675308 GetZeeGold
GetZeeGold's picture



So in other words......don't worry about it.


Fri, 08/03/2012 - 09:20 | 2675480 Sigep0612
Sigep0612's picture

Read the book "When Money Dies."    It's a history of Germany after WWI and the consequences of reparations demanded by Britain and France.  Germany had no choice but to print...print and print.   Inflation went nuts. Their total economy collapsed.  Germans were selling pianos for a loaf of bread.  Merkel is a student of German history...hence her hard line stance in bailing out other countries.

The parallels to the USA today to Germany 1923 are unbelieveably similar.   The unintended consequence in Germany was a guy named Hitler.    The US can look at a 163K number and say whopee we're back....but the reality is we have $16T in debt, adding $1.3T annually for the foreseeable future and a government that is disfunctional.  Debt has consequences.    

Fri, 08/03/2012 - 09:38 | 2675546 Patriot Eke
Patriot Eke's picture

Yes, just add more debt!  That'll fix all of our problems... until it doesn't.  Most of us get it, but apparently at least a couple do not (down votes above).

Fri, 08/03/2012 - 08:39 | 2675286 Silvergood
Silvergood's picture

The data is clearly fraudulent.  Politicians are using tricks to get re-elected!!

Fri, 08/03/2012 - 08:46 | 2675319 Boilermaker
Boilermaker's picture

Wow, no shit?

Sat, 08/04/2012 - 05:40 | 2675331 clearcoated
clearcoated's picture


Fri, 08/03/2012 - 08:49 | 2675335 d edwards
d edwards's picture

How much was June's number revised DOWNWARD?

Fri, 08/03/2012 - 08:53 | 2675356 LoneStarHog
LoneStarHog's picture

Follow This Link, Obozo Supporters, With Your Negs>

Fri, 08/03/2012 - 08:53 | 2675357 Peter Pan
Peter Pan's picture

Those figures did not happen on their own !!!

Fri, 08/03/2012 - 08:59 | 2675387 Sofa King
Sofa King's picture



They actually said "essentially unchanged at 8.3" as opposed to "rises to 8.3"


Talk about blatent misrepresentation of data.  Holy Crap.

Fri, 08/03/2012 - 12:01 | 2676023 Renewable Life
Renewable Life's picture

I don't know why I'm shocked everyday, Bernanke, Lil Timmy, the White House, CNBC, The Fed Gov's, and Wall Street have all said EXACTLY what they were going to do, and their DOING IT!!!

They believe they are in the middle of a liquidity and credit crisis, and that deflation is the enemy of growth and their expanding debt pool, is nothing more then future growth returns on the economy!!! Most of us on here disagree violently with that premise........ However we shouldn't be surprised by anything that has happened up to now......they told us they would do it and they are doing it!!!!

Plus now we have entered August of a presidental election cycle, which is known in the shadows of the IMC as "the national security window" of the cycle!!! So with trillions of dollars at stack for the status quo and with millions of soldiers, spies, diplomate's, contractors, mercenaries, suppliers, and NATO operating in the field!!! It will become urgent that the stays quo remain!!! It happened in 2004 and it has begun for 2012!!!!!

Fri, 08/03/2012 - 08:32 | 2675251 lizzy36
lizzy36's picture

Revisions -6000k in June.

Revisions will be negative in July.

Sell off into the close.


Fri, 08/03/2012 - 08:35 | 2675266 Hype Alert
Hype Alert's picture

No QE before the election.  The numbers will support that.  Somehow.

Fri, 08/03/2012 - 08:33 | 2675253 slaughterer
slaughterer's picture

Now markets have to price in a probable real recovery, an Obama victory, and no QE3.  Hmmm.... Where does that take us, Mr. Bear?

Fri, 08/03/2012 - 08:43 | 2675304 spastic_colon
spastic_colon's picture

like i said yesterday, the interpretation was only good news no matter the jobs number, we all know its rigged.

interpretation of good number = No QE but it must be a recovery

interpretation of a bad number = QE

QE will not happen, but does not matter as all news is again bullish, plus europe is up 2%+ today so US markets have no choice but to follow

Fri, 08/03/2012 - 08:33 | 2675254 101 years and c...
101 years and counting's picture

Again: +1,163,000 temp job, -1,000,000 full time jobs.

Fri, 08/03/2012 - 08:35 | 2675264 GetZeeGold
GetZeeGold's picture



I love the smell of temp jobs in the morning.....smells like.....VICTORY!


Fri, 08/03/2012 - 09:03 | 2675401 mendolover
mendolover's picture

Yes Mr. President.

Fri, 08/03/2012 - 09:30 | 2675517 GetZeeGold
GetZeeGold's picture



Told you it would doubted me?


Fri, 08/03/2012 - 08:35 | 2675267 phalfa5
phalfa5's picture

Wish my wife could cook this good....

Fri, 08/03/2012 - 08:34 | 2675259 rodocostarica
rodocostarica's picture

goodbye Romney too.

Fri, 08/03/2012 - 08:35 | 2675265 ThunderingTurd
ThunderingTurd's picture

Romney is toast. 

Fri, 08/03/2012 - 08:36 | 2675275 firstdivision
firstdivision's picture

Blame the Republican party for allowing such loonies to run for their parties nomination.  It was like they wanted to lose on purpose.  Almost like when McCain picked Pailn.

Fri, 08/03/2012 - 11:31 | 2675937 DosZap
DosZap's picture

McCain fried his own ass when he signed TARP, and Palin gave him a 6% increase, and a chance to win.

McCain lost all by himself.

Fri, 08/03/2012 - 08:36 | 2675274 GetZeeGold
GetZeeGold's picture



That's comrade Romney to you. Let's show some respect.



Fri, 08/03/2012 - 08:48 | 2675333 bigwavedave
bigwavedave's picture

I think many more people will vote for MR once they see 12 years of his tax returns. All he has to do is release those and he should start climbing in the polls. I dont know why his team dont realise that.

Fri, 08/03/2012 - 08:57 | 2675378 the not so migh...
the not so mighty maximiza's picture

I think he can't because he actully did do some tax avoidance/borderline tax cheating.

Fri, 08/03/2012 - 09:14 | 2675444 sessinpo
sessinpo's picture

"I think he can't because he actully did do some tax avoidance/borderline tax cheating."


Maybe he did and maybe he didn't. However, the fact that you have this information is amazing. The entire democrat party is trying to get his information. Dude, you are sitting on a gold mine. But a little advice. Your goldmine of information turns to shit before the end of the year so I suggest you get off your ass and sell to the highest bidder.

Fri, 08/03/2012 - 10:39 | 2675745 Bananamerican
Bananamerican's picture

Romney's a cunt.

Borack's a dick.

the country is screwed.

you, i surmise, are also a cunt....


from below; the wisdom of Peter Pan:

"Americans need to realise that their only choice is between a red condom and a blue condom. The dick is always the same."

Fri, 08/03/2012 - 08:34 | 2675261 ThunderingTurd
ThunderingTurd's picture

Ben just pulled the plug on the printer and closed the ink cartridge.  Stand on your own you piece of garbage equity market.

Fri, 08/03/2012 - 08:44 | 2675313 SheepDog-One
SheepDog-One's picture

It will take a couple days for hockey-helmeted equities to figure out theyre cut off.

Fri, 08/03/2012 - 08:54 | 2675359 ThunderingTurd
ThunderingTurd's picture

I wonder if the printer makes that powering down electronic sound like the first PCs did back when I was a kid.  You know it kind of goes like "bwyoooooooooooo".

Fri, 08/03/2012 - 10:05 | 2675616 resurger
resurger's picture

It's a wonderful morning till ...

Fri, 08/03/2012 - 08:34 | 2675262 firstdivision
firstdivision's picture

Sell the rally.


Fri, 08/03/2012 - 08:38 | 2675282 Haager
Haager's picture

Buy the dip, there is no sell, we face inflation.

Fri, 08/03/2012 - 08:49 | 2675327 scatterbrains
scatterbrains's picture

spurs the visual of someone pointing their sailboat in the direction they want to go with no regard for the wind blowing in their face (inflation) As you say there is no sell, only an invisible wind blowing in the face of the bears.  That said, I still expect sub 1100 /es if only contrived by our puppet masters.


Fri, 08/03/2012 - 08:51 | 2675341 bigwavedave
bigwavedave's picture

your obviously no sailor. LOL

Fri, 08/03/2012 - 08:59 | 2675382 scatterbrains
scatterbrains's picture

My sailing experiance was learned on a sunfish and on the go in the face of a squall that blew over the island of Antiqua where only too late did I realize I needed to drop the sail or fear taking off like a kite never to be seen again... they had to launch the boats to find my ass and even then they waited until the storm blow over.  Yea I thought sailing was easy up until that day.

Fri, 08/03/2012 - 08:50 | 2675329 firstdivision
firstdivision's picture

Actually we will face deflation.  All those over-inflated asset bubbles have yet to deflate to sustainability due to intervention.  As you can see, it is a losing battle to try to stem deflation when it is the natural thing that needs to occur in order to get back to sustainability.  That is why QEn = ln(n).

Fri, 08/03/2012 - 08:34 | 2675263 Meesohaawnee
Meesohaawnee's picture

one more time. its all become so silly,.

Fri, 08/03/2012 - 08:35 | 2675269 Disenchanted
Disenchanted's picture



Vaporjobs for a VaporEconomy...

Fri, 08/03/2012 - 08:35 | 2675270 Blopper
Blopper's picture

If the economy recovers -> stock market up.

If economy doesn't recover -> QE3 -> stock market up.

If economy doesn't recover & no QE3 -> algos in action -> stock market up.

Fri, 08/03/2012 - 08:40 | 2675288 a growing concern
a growing concern's picture

All your markets are belong to us.

Fri, 08/03/2012 - 08:43 | 2675302 Need More Cowbell
Need More Cowbell's picture

If WHEN Europe implodes -> Stock market DOWN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Fri, 08/03/2012 - 08:45 | 2675314 GetZeeGold
GetZeeGold's picture



More than likely.....yes.


Fri, 08/03/2012 - 10:09 | 2675632 resurger
resurger's picture

Must hold!

Fri, 08/03/2012 - 08:36 | 2675272 rokakoma
rokakoma's picture

Meanwhile the Houshold Survey Data shows a 200k DECREASE in employed.

Fri, 08/03/2012 - 08:37 | 2675276 Haager
Haager's picture

Participation down, NFP up and - what? Unemployment up? Must have missed something.

Fri, 08/03/2012 - 08:37 | 2675277 fonzannoon
fonzannoon's picture

What about the argument that we must have qe to fund the defecit? I guess that is out the window?

Fri, 08/03/2012 - 08:50 | 2675339 Hype Alert
Hype Alert's picture

What?  Didn't you get the memo?

Fri, 08/03/2012 - 08:52 | 2675346 fonzannoon
fonzannoon's picture

shit it was in my spam box.

Fri, 08/03/2012 - 08:56 | 2675372 tinsmith
tinsmith's picture

"Yeah, didn't you get the memo?  We're putting cover sheets on ALL the TPS reports now."

Fri, 08/03/2012 - 08:37 | 2675278 Everybodys All ...
Everybodys All American's picture

Another bogus bs number. Who didn't see that coming.

Fri, 08/03/2012 - 08:38 | 2675281 Clueless Economist
Clueless Economist's picture

WTF I just heard LIESman say tourism jobs are way up, that is a good sign that more people than expected are being hired to run roller coasters and things.

Will someone punch this bald sweaty pig in the mouth?

Fri, 08/03/2012 - 08:58 | 2675383 WoodMizer
WoodMizer's picture

Last month my sister came home from France with her two young boys. During her visit My family went to the outer banks in NC; nearly every retail worker I had contact with was from a former eastern block country brought in for the summer. Just five years ago these jobs were given to local teenagers and college students. When we went to Busch Gardens I talked to many workers and learned that they were part time. Most of the park employees were between 40 and sixty years old; that's odd because 3 years ago the park was staffed by persons under the age of 30. This recovery will result in a lost generation just like Japan.

Fri, 08/03/2012 - 08:38 | 2675284 DavidC
DavidC's picture

One of the few figures to have come in better than expected over the last few weeks. Must be a recovery.


Fri, 08/03/2012 - 08:38 | 2675285 Dr. Engali
Dr. Engali's picture

I guess the ministry of truth decided it was better to deny Romney any ammo to attack with and forgo the QE. The next couple months should be interesting.

Fri, 08/03/2012 - 08:41 | 2675290 fonzannoon
fonzannoon's picture

I think that you summed it up right there Dr. Engali. The good news is I just shut my TV off. No need to be beat over the head with decoupling and America is different and all that crap.

Fri, 08/03/2012 - 08:44 | 2675303 Dr. Engali
Dr. Engali's picture

If something doesn't hit out of the blue I'm probably going to have to buy a ham sandwich. Kito is going to be insufferable. ;->

Fri, 08/03/2012 - 08:46 | 2675320 fonzannoon
fonzannoon's picture

Get it over with. I saw him chasing you around on here yesterday. I think he factored these sandwiches into his August household budget.

Fri, 08/03/2012 - 08:41 | 2675292 SheepDog-One
SheepDog-One's picture

LOL I cant believe all the clowns Im seeing falling into red/blue politics nonsense, its sad really.

Fri, 08/03/2012 - 09:01 | 2675393 Peter Pan
Peter Pan's picture

Exactly. Americans need to realise that their only choice is between a red condom and a blue condom. The dick is always the same.

Fri, 08/03/2012 - 09:18 | 2675459 Abraxas
Abraxas's picture

Some people can't help it. It makes them feel good if they believe THEY choose their leaders, or condoms.

Fri, 08/03/2012 - 11:40 | 2675964 Renewable Life
Renewable Life's picture

Oh they did choose, between two people out of 300,000,000 that were chosen for they could choose !!!!

Fri, 08/03/2012 - 08:41 | 2675293 Peter K
Peter K's picture

How can anyone spin this figure as USD negative, especially against the EURO? ;)


Fri, 08/03/2012 - 08:41 | 2675294 Hype Alert
Hype Alert's picture

Bloomberg news has mentioned several times the rise in the unemployment rate is because of people re-entering the job market.  Trying to make that sound positive for their fearless leader in the white house.  With the number of people falling off the 99 week plan, I'm not surprised at any increase.


Anyway most of the numbers look flat and that's not good but it keeps QEx on the back burner until after the election.

Fri, 08/03/2012 - 08:44 | 2675310 lizzy36
lizzy36's picture

Actually according to household survey labor force shrunk by 150K.

But the whole math thing confuses many a financial journalist.

Fri, 08/03/2012 - 08:55 | 2675366 Hype Alert
Hype Alert's picture

It's Bloomberg.  I don't think they even considered the math thing.  They are just trying to soften the blow and make their guy in the WH sound less bad.  To say the media is biased is an understatement.

Fri, 08/03/2012 - 08:43 | 2675295 Monedas
Monedas's picture

I've been unemployed for 25 years .... is there a category for me ?           Monedas       1929        Comedy Jihad On Strike Against Socialism

Fri, 08/03/2012 - 08:42 | 2675300 billwilson
billwilson's picture

Its the birth/death adjustment. Last year in July 5K, this year 52K !!!!!!! That is the whole difference in expectations. Unbelievable!!!!

Fri, 08/03/2012 - 08:43 | 2675306 RobotTrader
RobotTrader's picture

Hilarious.  Stocks up again as the bears are beaten again.


Green Shoots all over again!

Fri, 08/03/2012 - 08:50 | 2675340 slaughterer
slaughterer's picture

Technical traders will lift the SPX to 1400 today on bullish signals on various chart indicators (force, stoch, MACD etc). 

Syndicate SPY/QQQ/RUT/XLY call holders will blast all indices to the upper BB band by close today.



Fri, 08/03/2012 - 08:52 | 2675347 Central Bankster
Central Bankster's picture

But unlike you, the bears don't go broke in a day because they expect idiots like you to never give up hope.  How is that CMG going for you?

Fri, 08/03/2012 - 09:19 | 2675474 sessinpo
sessinpo's picture

Up again, even before the open? LOL

Mon, 08/06/2012 - 22:51 | 2683620 MeelionDollerBogus
MeelionDollerBogus's picture

and then down they go again. Will you ever learn? This is called volatility, it isn't an upward price trend.

Fri, 08/03/2012 - 08:45 | 2675307 RobotTrader
RobotTrader's picture

John "Big Mac" Williams at shadowstats must be scratching his head.

Turned into an utter fool once again.

Fri, 08/03/2012 - 08:50 | 2675338 Disenchanted
Disenchanted's picture



No, the utter fools are the ones who are guzzling anything from the BLS like it came down from the moutaintop etched in stone.


Good luck with that.

Fri, 08/03/2012 - 09:28 | 2675509 oddjob
oddjob's picture

Did he reco Netflix at $300+ like you?

Mon, 08/06/2012 - 22:50 | 2683616 MeelionDollerBogus
MeelionDollerBogus's picture

No one is a fool for using real math and real data. Williams has not yet been wrong so I guess that makes you the fool.

Shadowstats is perhaps one of the single most accurate inflation reports - not a forecast but a report - ever to exist that your eyes have ever seen or ears have ever heard.

Fri, 08/03/2012 - 08:44 | 2675311 Boilermaker
Boilermaker's picture

Look at the ES just SOAR like an eagle.

Everybody just can't wait to get them sum stox.

Fri, 08/03/2012 - 08:48 | 2675330 SheepDog-One
SheepDog-One's picture

No free monies! Lets buy sum STAWKS!

Fri, 08/03/2012 - 08:49 | 2675336 El Hosel
El Hosel's picture

Rally has nothing to do with the jobbed "Numbers", the market goes up everytime the Banksters get caught in a major fist fucking of the financial system. Knight alog gone bad and Libor deserve some credit, so does JPM's run away whale trade... You people just don't get it,  BTFFF.....  buy the fucking fist fuck.

Fri, 08/03/2012 - 08:45 | 2675317 Snakeeyes
Snakeeyes's picture

And U6 rises to 15%. 

And a print of 163k when there are more than 12 million unemployed really sucks!

Fri, 08/03/2012 - 08:46 | 2675323 RobotTrader
RobotTrader's picture

Gold getting hammered.


Bye Bye King World News, another horrific forecast

Fri, 08/03/2012 - 08:51 | 2675343 Squid Vicious
Squid Vicious's picture

wtf are you talking about? down 10 cents

Fri, 08/03/2012 - 09:31 | 2675523 GetZeeGold
GetZeeGold's picture



The rumors of my death have been greatly exaggerated - Mark Twain


Fri, 08/03/2012 - 08:53 | 2675353 El Hosel
El Hosel's picture

"gold getting hammered".... as it sits at 1540 ( for several weeks), middle of the range since May 9

Fri, 08/03/2012 - 08:57 | 2675380 paint it red ca...
paint it red call it hell's picture

U shouldn't gloat to hard, the impetus for the next QE is not coming through the front door.

it is the back door that has to be watched.  even then, the QE will likely take a less than straight forward, unexpected form

Fri, 08/03/2012 - 09:14 | 2675445 MsCreant
MsCreant's picture

I'm thinking the same, maybe some kind of swaps/programs to bail out europe?

Fri, 08/03/2012 - 09:07 | 2675414 Peter Pan
Peter Pan's picture

Gold is getting hammered eh? I hope you did better by buying facebook.

Fri, 08/03/2012 - 09:27 | 2675507 GeezerGeek
GeezerGeek's picture

It appears that 'gold getting hammered' was a transitory event.

It also strikes me that at around the same time, on most days, gold suffers a kinetic manipulative event to the downside.

The sun goes up, the sun goes down. The same holds true for many investments, although FB seems to be an exception. Such is life. I suggest you get one.

Fri, 08/03/2012 - 09:57 | 2675596 fuu
fuu's picture

+10.30 is getting hammered? Did the hyperinflation start while I was sleeping?

Fri, 08/03/2012 - 10:03 | 2675612 resurger
resurger's picture

$1,600 is the dip, get used to it

Mon, 08/06/2012 - 22:48 | 2683612 MeelionDollerBogus
MeelionDollerBogus's picture


Gold is at discount prices. 2400/oz by 2013 -

Fri, 08/03/2012 - 08:47 | 2675324 sells2soon
sells2soon's picture

Don't call it a comeback!

Fri, 08/03/2012 - 08:47 | 2675326 I Am Not a Copp...
I Am Not a Copper Top's picture


Fri, 08/03/2012 - 08:48 | 2675328 notadouche
notadouche's picture

Lewis:  "One day the machines are gonna to break.  Then the system is gonna break.  Then its gonna be all about survival"  

Ed:  "Well the systems been pretty good to me"  

A little later...

Toothless man to Ed:  "You sure gotta purty mouth.  You better get to prayin' real good"

A little from "Deliverance" 

Didn't know at the time the "Toothless Man" was a euphamisym for the gubmint.


Fri, 08/03/2012 - 09:00 | 2675390 paint it red ca...
paint it red call it hell's picture

squeal like a pig, citizen...............

Fri, 08/03/2012 - 09:02 | 2675399 notadouche
notadouche's picture

Tried to edit and spell correctly "euphemism" but was denied access.  Whatadouche I am.

Fri, 08/03/2012 - 08:48 | 2675332 Meesohaawnee
Meesohaawnee's picture

propaanda market is in overdrive. did you really think you would get any true reaction.. participation is the only number that matters.. thats good for a +1 % rip. wake me up after this clown show election and then maybe well get to fundamentals. Remember the term "buy the rumor sell the news" seems like from the dinosaur age.

Fri, 08/03/2012 - 09:30 | 2675518 GeezerGeek
GeezerGeek's picture

Given four more years of Obama wee may very well see the SNAP participation rate exceed the labor workforce participation rate.

Fri, 08/03/2012 - 08:49 | 2675334 GlomarHabu
GlomarHabu's picture




Fri, 08/03/2012 - 08:50 | 2675337 BeetleBailey
BeetleBailey's picture

Gooooood for my USD/JPY

BAaaaaaaad for my EUR/USD short, as the WTF's are taking over.....


Slap Steve Liesman - hard...over and over again until he bleeds. Have Austain Googlesbee and Androog Russ Sorgum in a gay 69, with Becky Quick at the ready with a flogger, and LAUGH at the numbers.........

Happy Hour - early!


Fri, 08/03/2012 - 08:50 | 2675342 Jlmadyson
Jlmadyson's picture

One of the more awe inspiring prints I must say.

Fri, 08/03/2012 - 08:53 | 2675349 razorthin
razorthin's picture

Convenient, orchestrated noise.  Afterall, it was needed after the Fed non-move.

Fri, 08/03/2012 - 09:01 | 2675352 Shizzmoney
Shizzmoney's picture

The only thing we are on pace for is stagnating wages and job growth. 

Remember, the Neo-Con and Neo-Lib "Elites" want unemployment to stay at around 7.5-8.5%. 

This will be touted as the new normal (they'll argue it reflects population growth).  It allows them to pit each other against us, to keep down wages (gives them an excuse to preserve corporate profits to prop up the stock market; remember, China's workforce is their model), and to give them the leeway to hold the gun to the bunny's head to keep us in control.  They want the majority of the youth of Amercia to accept that in order to get a job that pays anywhere near a living wage, you must go into 50, 100, 200K in debt via college.

Obama's new slogan should be, "Spin", because that's just what it is.  They don't want security; the Neo-Liberal class believes that security leads to an unproductive workforce who will rebel and protest with more haste.  In bad times, those who protest they can always say, "It's "bad" for "everybody", accept your handout and STFU!"

Fri, 08/03/2012 - 08:53 | 2675355 caimen garou
caimen garou's picture

of course there was an increase in jobs, sombody has to service the welfare crowd!

Fri, 08/03/2012 - 09:22 | 2675488 Shizzmoney
Shizzmoney's picture

You are right; those Morton's steaks that the corporate welfare recipients recieve with lobbyist money, and our tax dollars, ain't gonna sear-n-serve themselves!

Fri, 08/03/2012 - 08:54 | 2675362 billwilson
billwilson's picture

The highest Birth/death model add in history for July!!!!!

In the past July was ofetn a negative adjustment. Today +52K. More jobs from thin air.

Fri, 08/03/2012 - 08:55 | 2675369 orangedrinkandchips
orangedrinkandchips's picture



Look at the swings....30 pt swing in a broad index daily? That smacks of an illiquid market. But the stats have shown that since the shit hit the fan! Retail is gone, boomers are gone and hunkering down like the penguins at the pole in winter.


Not only that but yesterday, for example, around 3pm(EST) it hits 135.78 roughly 3:03p.....then it goes up EXACTLY 1 dollar, (10 S&P points). EXACT!


Way, Way, Way to exact for humans! "but the HFT provide liquidity!" - only when they want too! Turn off the switch and bids drop like it's hot....smell ya later!



Fri, 08/03/2012 - 08:57 | 2675381 Manolito
Manolito's picture

If you can "fix" the Libor rate for years then anything could be "fixed"

Unemployment Rate 8.Rises To 3%  ????

I do not believ you baby


Fri, 08/03/2012 - 09:04 | 2675406 scatterbrains
scatterbrains's picture

I wonder if last night was a good example of how the nyfed can open a 60,000+ short position in /ES and only drop the market 4 points and then  buy to close at 2:00am and managed a 12 point rise?  How many contracts did they have to spend to get that midnight pop?  I'm sure with the use of computers it took very little effort.

Fri, 08/03/2012 - 09:14 | 2675447 SokPOTUS
SokPOTUS's picture

They loaded that new software program from KCG, backwards...

Fri, 08/03/2012 - 09:07 | 2675412 mendolover
mendolover's picture


PS - The ethnic numbers are quite interesting.

Fri, 08/03/2012 - 09:08 | 2675418 dcb
dcb's picture

no qe, price of oil drops, people have more to spend, economy gets better. it's the qe that's killing us.

Fri, 08/03/2012 - 09:24 | 2675495 sessinpo
sessinpo's picture

Since you brought up oil. I've noticed that gasoline has spiked up 7% in the last week where I live. It was $3.50/g, now it is $3.80/g. Anyone else experiencing similar circumstances?


Fri, 08/03/2012 - 10:01 | 2675605 fuu
fuu's picture

~5% here this week.

Fri, 08/03/2012 - 09:08 | 2675421 orangegeek
orangegeek's picture

The Dow has been up and down like a toilet seat since June.   This is very corrective.  Markets should turn over very soon.  Governments are running out of "positive news" to report - which is what is usually found just before a collapse.

Fri, 08/03/2012 - 09:13 | 2675440 GlomarHabu
GlomarHabu's picture



"Employment outside the farm sector grew by 163,000 workers in the month, the Labor Department said. This is the fastest pace of job growth since February"

the Labor Department said ...... the Labor Department said ....... the Labor Department said  ........ the Labor Department said



Fri, 08/03/2012 - 09:23 | 2675490 Getting Old Sucks
Getting Old Sucks's picture

Given this years drought, I wonder how many farm hands were laid off?

Fri, 08/03/2012 - 09:17 | 2675462 Peter Pan
Peter Pan's picture

It doesn't matter what the statistics say because the people can see for themselves what goes in and out of their pockets and their mouthes. You can put out a weather report for sunny weather but people can tell f it's raining if they bother to stick their heads out the window. I guess that might be the hard bit.

Fri, 08/03/2012 - 09:26 | 2675503 trillion_dollar...
trillion_dollar_deficit's picture

I suppose the historical positive correlation to the Richmond Fed is now inverse.

Fri, 08/03/2012 - 09:30 | 2675519 Shizzmoney
Shizzmoney's picture

Bill Hicks: "America, you are free (to do as we tell you)!  You are free (to do as we tell you)!  You are free (to do as we tell you)!"

Fri, 08/03/2012 - 09:40 | 2675553 nah
nah's picture

how many points do you get for a safety bitchez

Fri, 08/03/2012 - 09:55 | 2675595 khakuda
khakuda's picture

Sure, he'll QE.  I don't think Bernanke cares that he has no justification for printing.  He's bastardized the whole thing now totally.  QE was justified when people were taking money out of the banks and putting it in the mattresses in 2008.  Break glass in case of emergency.

Now, with a 1400 S&P, the lowest mortgage rates in history, $90 oil, skyrocketing corn and wheat prices and a 1.5% 10 year, he is still finding ways to justify more printing because things aren't improving fast enough for his tastes.  The arrogance that this one man thinks he knows better than the markets in setting prices is astounding, particularly in light of the fact that he hasn't seen ANY of the bubbles/misallocations coming before.

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