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NFP Misses, Prints At 0 As In Unchanged! Unemployment Rate 9.1%
Key Highlights:
- At 0, the NFP number is a plunge of 85K, from a downward revised July, which was previously at 117. This is the biggest drop since September 2010
- The Household Survey saw an increase of 331K in the number of employed
- Average hourly earnings for all employees on private nonfarm payrolls decreased by 3 cents, or 0.1 percent, to $23.09. This decline followed an 11-cent gain in July. This is the first time the avg hourly earnings have been negative MoM since January 2008
- Underemployment, U-6, rose to 16.2%, from 16.1% in July
- The labor force rose to 153.6 million in August.
- Ironically the only good news in the report, was what many have been indicating is a negative for months: namely that the Labor Force Participation rate actually rose for the first time in months from the nearly 30 year low of 63.9% to 64.0%
Bottom line: since this number is virtually a negative, this means QE3 is now just a formality. As to the functionality of QE3... well that's a different question
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BOOM! goes the dynamite.
Up or down? I reckon all those QE3 expectations haven't yet been priced fully in.
Is this what it's going to take for these cowardly hawks to introduce more monetary and fiscal stimulus!? My portfolio is suffering! This isn't fair!
You'd be amazed (or maybe not) at how many establishment R's and D's make exactly that case in real life, constantly.
Up is good, down is bad, and anyone who disagrees is un-American, and possibly a domestic terrorist.
Just think, the Bureau of Lies, (damn lies,) and Statistics probably had to pull out all the stops to prevent this thing from printing negative (which it eventually will be revised to anyway).
Employment ain't going ANYWHERE without reindustrialisation
http://azizonomics.com/2011/09/02/reindustrialisation/
Ingsoc, bitches.
Love the sarcasm, but yes, send my gold and silver to the moon, PLEASE!
The only problem to me with the 'PM's to the moon, please' theory is what are you going to price it in, toilet paper dollars?
that doesn't matter. It's all about keeping your purchasing power for when it's needed.
I think it's about time the CME raised margins on the metals, especially silver. They need to hedge their exposure to these volatile moves.
"what are you going to price it in,"
The number of shoe shines per ounce, and gold is spiking.
Does it fucking matter? Purchaseing power is purchasing power. I also bought rubles in 1996 when the exchange rate was 2,500 rubles per dollar, now it is 28 rubles per dollar. One hell of a carry trade that CRUSHED any equity, including APPLE.
See my posts from last October, I already bought 40 more acres of arable land and made some capital purchases for operations. Bought more going into QE2. At this point it is about presevation of purchasing power and being able to change it into whatever the fiat du jour is. I employ people, I need to meet their salaries. another 2% bump and I can cash out and pay these folks for another two years. What the fuck do you think I am doing. I am not that troll Tom, sitting around in my basement with all my gold and silver saying "my precious".
Perpetual QE a lock.
As is perpetual kabuki regarding perpetual QE.
Oh look!!! Brightly colored masks!!!!!!!!!
Well they are correct we didn't add any jobs for sure. But this is a misprint right?
For Peeople looking for some real numbers to look at
http://www.dailyjobcuts.com
Gold headed back for $1900.00.
And silver will touch 43.
Shame on us for not seeing any of this coming down the pike. Shame, shame, shame.
/sarc
Crystal ball don't work man!
Try crystal meth. I hear it increases brain power by 50%.
Or was that decreases? :)
It decreases tooth count by 50%.
Looks like I picked the wrong week to quit sniffing gloe.
Next up: The Battle for AU @ 2000
Can't be. Roubini told me $1,500 or $2,000 is just ridiculous.
Roubini is not factoring in the effects of Obamanomics.
don't forget bernankenomics - he learned from the zimbabwe school of monetary poicy
Roubini is the father of Obamanomics (well perhaps a brother or at the very least a cousin once removed)
oh, so he was Obama's illegal relative arrested for DUI?
Roubini sailed over the shark a while ago. It is now obvious what his part was in the kabuki.
A one hit wonder.
Roubini likes to position himself as an outsider looking in because he diverges a bit from the group.
One simply cannot be an outsider while still sharing the majority of the consensus groupthink.
Roubini sacrifices himself at the altar of Keynesian money printing. Its a shame since for the most part he manages to inject critical analysis and objective thought that most main stream economists abandoned years ago in their search for a PhD and cushy academia roles.
Made it to $1884, I was close.
Aw man, Obama should have given his speech sooner! har har
Obama is a job creator......Michelle added 16 people to her staff last month.
and GS said what?
a homo says what?
25k...Jan's attempt at humor?
I was always taught that when the zero comes up, the house wins.
Yep, quick back to the bond tables.
Unless you bet on it.
Gold/Silver
Know who you are? You're Even Steven!
Not even one lonely job
I justed "booted" an interview. Now I feel bad that I let everybody down.
That's okay. You'll find something someday.
To paraphrase "Office Space": I've been missing work, but I haven't really been missing it.
Wait a minute, I hired a guy
yeah, but I layed off 2
Yeah but your wife fired someone else and canceled your vote.
I fired my wife. Where's Plazidow, or Speedy, or Smore?
And I am with his wife, while he is at work.
Frailty, thy name is woman!
This is non-farm payroll.
because all the farm payroll are off the books and done by 'undocumented' workers.
Yea, but I fired him.
Time to remove this loser and his team of communists, this game has gone on long enough!
They're not communists, they are Kleptocrats. You could at least get it right.
Too true. You can trust commies. Kleptos are just human garbage. Is Zandi related to Goebbels?
Nyet. But Da to Bernays and Freud.
- Ned
I do not trust any statist with my liberty.
Trust commies? I can trust them to lie just like nazis
Commies are kleptocrats. One in the same. History proved this behavior pattern out following the downfall of the Soviet Union.
What wre the oligarchs and Putin before? Commies! Pinko commies!
Communists at least have some morals....these are pirates who would just as soon slit each others throats for a dime.
Aye and commies are more predictable... to those that pay attention
gold to infinity bitchez
bling bling kerching!!
To infinity and beyond!
Gold spikes
Zero...seems like good news these days...and of course revisions are always negative.
Undeniable ditty of the day...
http://www.youtube.com/watch?v=Nvc2PPTlW7k
can you hear me now?
shhh, don't speak....just wash my back...
LOL
A Zero ? Damn can the robots compute that information? Maybe they will short circuit.
Good point. I wonder if the algos go nuts with divide by zero errors.
And there goes that gold/silver 'bubble' again.
That guy who wanted to be in jail becuse of the health insurance wasn't so crazy
Guy at a church I used to attend used to go out a few days before christmas every year and find a group of homeless people. He would take coffe with him, and his checkbook. He'd give them a hot cup of Joe and his checkbook. He'd let them know how to get to the bank branch he worked with so they could try to cash checks he reported stolen so they could get picked up and stay someplace warm with some meals over the holidays.
How magnanimous...I'm not sure a hot and a cot is worth risking a beatdown.
If we got a truthful number it would be negative so the communists decided that 0 was better than a negative!
Someone just crapped the couch...
Good one!
On a long enough timeline, Obama's chance for survival drops to zero.
I can feel your anger, it gives you focus.
If you are not angry you must just be stupid, there is no other way to understand such a ridiculos comment.
Duh, I use TheEmperor as if he were 'TPTB voice', Dont you watch Colbert?
But the other team sucks too...time to get both team out and start fresh!
This figure to be revised to -100K in a month's time.
FFS Goldman, your NFP revisions are getting sloppy!
A Zero for Zerobama!
1st time since 1945 w00t
Given all the unemployed folks postings here, ever increasing, the number was not going to be good.
unemployed? my job today is to eat 6-8 POptarts, watch cnbc until 2pm, then start on that 30 pack
I'm starting in on the 30 pack now: AM Ale.
i will wait until 2pm. I need to stay sharp while I get good stock tips off cnbc and bid on $10 houses in Detroit on ebay
Cool. I'm and "buy and hold" kind of guy. If nothing else, it frees up my mind. Which is also why I start drinking early.
if I cared enough to put on cnbc I am sure this really is a silver lining and liesmann has that chesire smile on.
Next month when they compute the percent change it will come up #DIV/0, and everyone knows that equals full employment.
NaN-Farm Payroll.
Negatory, at least on their website. They posted a nice point-by-point description of the stagflation we're in.
Bonds going completely vertical.
5-yr. yield down to 0.88%
Free money for everyone..
It's like a tennis match - deflation on one court, inflation on the other. Bonds up, PMs up, bonds up, PMs up. Back and forth we go...
Claycourt rallies are boring.
Victory: we have slowed down the rate of disintegration to zero!
Bad NFP news is good news for PMs...
0? Right... That shit was negative, and probably badly.
How many times will QE3 get mentioned on the mainstream financial news media during the rest of the day ? 85 times (1 for every thousand of July's NFP gain) ?
Yeayyyyy! We're phucked!...I mean "booooooo we're happy!" I mean...
Watch the market go green as they look for more Hopium even though it has done nothing at all up to now!
BIRTH/DEATH: PLUS 87,000 ?????????
ah so a big fat negative not zero!
Decimals are fun!!!
Under-employment is like de-growth. Newspeak mumbo-jumbo.
Hey, I'm feeling a little under-employed here. Could it be due to the current de-growth environment in America?
16+9+Fundgefactor= 30% + real unemployment in America.
V
http://aadivaahan.wordpress.com/2011/08/30/humor-me/
Right, ORI.
I posted this week an article on Ivy League college gradutes from the last 2 years: unemployment 14%
Interesting CE, And that is for the Posion Ivy league, who come with networks and contacts and the like.
Scary. And I just realized, this Zero print is a real tell. Just the probability of getting a zero when you are talking national statistics just reeks of humungo goof up or a big middle finger to the watching world.
V
hehe you got it. The real number was just too scary to print. The reporting secretary is still tied up somewhere with a gag in her mouth and the real report in her pocket after having been kidnapped
That isn't a gag.
And for the ZERO....... They just rounded up to the nearest 100,000
i was just having the same thought. what are the odds of NFP coming out EXACTLY at Zero??? seems suspicious at the very least. Inclined to think it's the lowest possible non-negative number so for various reasons that's what they decided it would be.
Caviar, you made my day. If the Ivy League can't find work, then I can't be expected to. I feel validated!!!
Now where did I put that 40?
Work week and avg wages down. That's bad
...wow, that many people are still dumb enough to show up to work for a negative rate of return on their labor, with nothing on the horizon. Amazing to witness the prophetic strong delusion.
Actually, I've adapted well to my slavery. Sort of a Stockholm Syndrome kinda thing goin' on.
I wouldn't want all of those whose 100% free time depend on my labors to be disappointed in me.
Also stupid........contributing to a 401k/market where the real rate of return is negative, and when the market climbs so does your cost at the gas pump.
"More Coming..." what do you mean? as in more jobs are coming or is that it?
WAIT Stop The Presses......WE FOUND ONE JOB!!!! Change that dang NFP to A Positive !!! Victory!
Watch market indices have a 6% down day today and gold/silver the opposite.
QE3 just got alot larger.
ZERO
17k private jobs created. 17k government jobs lost.
Average hourly earning fell 0.01%. First time since Jan 2008 this has been down.
Anyone care to explain how more QE, regardless of the form it takes, is going to help created end demand and jobs?
Anyone?
Because they said it would?
I love my (Ally) bank and all the other Ponzi masters.
http://www.youtube.com/watch?v=4zMQI9iO_IE
@lizzy I contend it would actually destroy jobs through biflation, as we've now seen for the last 2 years. QE was all about saving WS and the financial sector since it channels money through them. THere is no trickle down. It was supposed to make average people feel better through the "wealth effect". But nobody buys and holds stock anymore. And housing is still nosediving. And QE adds too much liquidity and destroys dollar confidence with the net result being rising prices for raw materials. Hence MORE not less unemployment
@ Lizzy
We need a federal commission to look into that. A bipartisan commission to study the effects of QE. Then we can hire more government workers to study the findings of the commission and propose the methods which will benefit the country by producing more jobs. The government is the answer....... Whatever the question is..... The government is the answer.
/blind obedience to masters
man, Santelli is going off, good for him
How on earth did they get ZERO?
By adding 87k to the -87k that the number actually was, and calling it a birth/death adjustment.
This is Bullish, Right?
no, this is bad
Yes, QE3 is now justified and expect the tape to be green
Steve Liesman and Rick Santelli again having a one-sided shouting match on CNBC.
I just hired Liesman to be my professional ball washer. He didn't have a real job anyways.
Srub, scrub, rinse, rinse, Steve. Chop Chop.
Chop, chop? Poor choice of words around anyones balls.
Take it from me...
He's no better a ball washer than he is a "financial reporter".
And chop chop????
Man YOU got balls !!!!!
The best part about this will be January.... when all the numbers for the year get revised again. Just counting down the days till reality hits the fan.
Someone get the popcorn, please.
Yay risk on.
F*ck you america. I hate this market.
death to america... been waiting for this day to hit for quite some while....
i wonder what amazing bullshit news they will try to spin as a cover for massive fed manipulation in propping it up. I'm looking at you there dow futures at 13:28 GMT! Instant the bad news hits, there's a jump up of 100 points, which is instantly beaten down to -100. 200 point move in 1 minute.
Why the hell would it go up in the first place? If not, of course, for fed intervention as an attempt to sell the market on a mystery rally.
What this tells me is that it's bad enough that they can't bullshit it anymore.
"death to america"
Yeah, because China is a bastion of truth in this obfuscation we call reality...
Go steal some more intellectual property, troll
stealing IP is what built america in the first place....
Is that supposed to validate the utter and complete fraud China perpetrates on the world? Pardon the cliché, but "two wrongs /= right". You think we manipulate markets? How about your currency?! Arguably the most blatant and egregious market manipulation in the world today - all at the expense of the rest of the world. I have a news flash for you pal - if America goes down, China goes down faster and harder. You're like our annoying little brother - be careful what you wish for...
you might be surprised at how it all turns out....
and china being a manipulator? that's a laugh. who's been printing trillions, secretly buying the market to pump it up on down days, and propping up laughing stocks of companies?
IP claims are also a joke. take a look at the names of those who are making the breakthroughs... it sure as hell aint americans. IP in the us has become frivilous petty and backwards. Histlry lesson here, what built the US as a power? Oh right steel production... which was 100% ripped off from britain, who bitched about it then just as much as you bitch about China now. Oh how that wheel turns.