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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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I must have missed yet another of those "Chinese Economic Miracles". I did notice, however, that the most significant innovations in the last month---at least one of which will take a Nobel---all came from the US. Intel with a new chip, IBM with a new type of memory, a new treatment for leukemia, and an astonishing new anti-viral that is 15 for 15 in completely wiping out every virus it has contacted, including the rhinoviruses for the common cold and HIV.
As has been the case since Confucius destroyed whatever China might have been, China invented a sum total of ZERO.
But don't lose faith. Perhaps with 1.35 billion, somebody someday will have an original thought. Why, that would be a.......MIRACLE!
In terms of the miracle, you didn't miss much. All the wording was misspelled, the grammar was nearly indecipherable, and it didn't work like it was supposed to...
"All gurd ideas are belong to us!"
Data for the previous two months were revised down by a total 58,000 to show payroll increases of 85,000 jobs in July and only 20,000 in June, the government report showed.
From Dow Jones News Service
W T FFFFFFFFF!!!!!
to be revised later to "holy $hit!"
You mean. "Holy ¢rap!"?
average wages and hours decreased, but not for rich fat banksters of course... no, they got even richer but did however work less too
O O O its magic
you know...
Never believe it's not so
Labor Day has a special meaning. Fed will be invited for Thanksgiving. Xmas without many gifts
Aside from the large companies that are part of the kleptocracy, all private sector companies (small business in particular) have stopped participating in this sham.
Sept. 2 (Bloomberg) -- The following table shows the change
in nonfarm employment from selected time periods.
*T
============================================================
-----Change Since-----Recession
Year Pres. Obama Start
to Date Start Dec. 2007
============================================================
Payroll Survey 903 -1,705 -6,819
Manufacturing 189 -631 -1,969
Private sector 1,190 -1,090 -6,404
Government -287 -615 -415
Ex-Manufacturing 714 -1,074 -4,850
Household Survey 145 -2,460 -6,867
============================================================
YES WE CAN!
Ben and his QE are what is killing the Economy via higher costs creating the margin squeeze. Employyees are the last thing businesses want in this environ.
Santelli is on point again.
The Labor Force Participation Rate INCREASED because the people on EUC has DECREASED. But, they DID NOT FIND JOBS!
ZH prays and preaching finally come true..
ZH happy hour is now.. Congrats, muchachos.. :)))
It's not praying. It's called telling the truth and not buying the lamestream media bullshit
ROFL. Same playbook as in 2010, right before QEII.
Yea only difference is in 2010 the dollar was in the 80's, and gold not even $1,000 yet, and you didnt have 4 QE's ALREADY fail yet either. Different world today!
gold was never under $1000 at any time during 2010.
some paper interviewed a just graduated.....24 years old by the way.....Ivy League female student who is on food stamps....she said she did everthing right...she has an ARTS major...lol....she has 80,000 in debt for an Arts major...good luck lady...you chose your path..and now you will be selling panties at Victorian Secret
It could be much worse. She could have a degree in WOMEN'S STUDIES, probably the most useless damn degree of the liberal feminists.
"now you will be selling panties at Victorian Secret"
or selling her own used ones on craigslist. she could even make it an "Art" project.
more likely she will be selling her vagina once the welfare benefits run out
actually, used to be 'friends' with an Ivy grad who was doing just that. of course, she wove intricate webs of intellectual pablum to justify her choices (e.g. she was working to dismantle the patriarchal system from the bedroom). when i pointed out to her that, although her rationale may very well be vaild, her ever growing shoe collection only perpetuated the very same system that enslaved her and her gender, she stopped calling me to talk.
some people are just too damn smart for their own good.
Ehhh another hooker with a heart of gold.
LOL so true.
Darwin has an answer for Arts Majors with $80K in student debt.
earthworms...time to get your nails dirty ladies.
Household survey saw +331k? I don't get it...
BLS B/D adds 87k so this was really a negative print.
Clearly this is bullish information.
Baloney roast for Thanksgiving this year.
I think bailing out TBTF banks and co's (yah thats you GE) has worked wonders- Ceo of GE the job's czar was brilliant move NO? burn down the white house would create or save plenty of jobs. just saying.
I see no reason for QE3, as the previous QE's didn't create any jobs; that is a proven fact by now, although nothing new. Why would QE3 create jobs this time? Probably a silly question, as the Fed adopts another kind of logic.
Everyone expects a big QE3. But the Fed is facing reality and hinting they won't do it. We're going to get fiscla stimulus including a jobs package, business tax breaks, mortgage refi, and ither forms of stimulus. Been sayin all week
And no one cares about all that....what they demand is a giant diamond encrusted Tiffany trunk filled with free money!
Everyone will look at the 'economic tinkering' and say 'Big deal! Im still broke and I dont have a job!'
'Tax breaks' (yea sure), mortgage tinkering, shovel ready BS'...all will be looked at as just further angering the people WTF theyve been doing that crap all along!
Good luck creating feeling of happiness and joy in bankrupt america when 30% is being haircut off stocks!
But, QEn isn't to create jobs, it's to funnel money to the Wall Street crowd that our lawmakers in effect represent.
What a Labor Day Weekend this sets up for the Yachting crowd!
market had a 9% locked in, QE3 is dead in the water...lawmakers will tear bernake a new a-hole. stagflation here we come.
QE3 dead, they cant deliver it for all kinds of monetary and economic reasons, besides its very unpopular with the people they view it as bailouts for rich Wall St bankers and theyre exactly right!
Everyone got their parachutes on?
...AAAAfreakingmazing, that little squirt on cnbc just offered the suggestion that companies hate Rosemary's Baby so much they are not hiring so he has bad numbers during election time. lol. Time to turn to Bloomberg. before this TV gets broken.
OH really, theyve stooped so low theyre just blaming it on 'racist america' which is not hiring simply to make Obunghole look bad?? This is just unreal....anyone 10 years ago saying that on TV would have to make a public apology.
unemployed + underemployed = 9.1% + 16.2% = 25.3% screwed
0? no way. surely there must have been 2, maybe 3, net jobs added to payroll...haha. look on the bright side a 0 print probably beat the ZH readership expectations. So, ramp on?
This was a huge negative print no doubt!
QE is wildly unpopular with people and they correctly view it as 'BAILOUTS' from the start, correctly so! Good luck with QE, they cant do it!
"QE is wildly unpopular with people"
Right, (what people? Polish?) 98% don't know what it is.
Oh REALLY so thats why 85% were DEAD SET AGAINST TARP and QE1 and melted down the DC switchboards calling to say 'NO'!
I hope youre really not all-in like that stupid MomoChaser clown on QE! Youll get cornholed big time on that one, I guarantee its not coming!
I don't care about QE, stock will do OK without it, overtime.
And you really an asshole, by the way..Which praying for Revolution,
collapse, hungry riots, and all kinds of BS, alone with many
here.
OH right! Stocks which have ONLY gone up from DUH 6,500 due to free money QE, will now just do fine somehow all on their own, sitting there 50% overpriced and with 100 P/E's....yea sure hey go bet on it!
QE? Yeah, dat's Quiche Eater. Right?
So whatever the negative amount is they add the same number and call it the birth/death adjustment.....how clever //sarc off
this dog doesn't have legs.....can't pull the same trick over and over even the dumbest of the dumb in MSM will catch on.
New slave peasants were born...so at least we got THAT going for us!
What a stupid grabasstic bunch of morons, now theyre stuck with no QE...their only option now is to be seen as 'tough' and go after Wall St! Bet on it!
Waiting with baited breath on Obama's jobs plan, and how raising taxes on the rich will create jobs. And high speed rail.
Obama's plan is a mono-rail from San Diego to New York city. In a compromise with Congress it will pass through all 50 states.
Get your shovels, bitches.
Obama Bin Lyin's plan is an infrastructure bank so all the money for a mono-rail project can be looted by Wall Street...
There are no jobs programs...
Every program is Wall Street welfare ho' program from HAMP to stimulus...
Shovels, bitches?
http://thepeoplescube.com/images/Shovel_Natalie_Wood.jpg
This is one time I kind of wish we got CNBC out here. I can only speculate as to what absurdities Liesman and Mark "The Most Overpaid Man in America" Zandi (is he a guest today?) are pulling out of their arses to put a slightly less rancid stench on this dreadful number.
Well, Liesman said companies are not hiring because theyre obviously racist'....YEP thats what passes for the very best of economic journalism today!
Are you fucking kidding me? Zero? I have to imagine that at least 40% of traders will smell the fishy suspiciousness of this and head for the exits. Or, everything comes-up green today courtesy of our Chairsatan and his FUBARed market algos.
And this with concurrent wars and enormous defense contracts.
Clearly we need both QE3 and another war.
NSA participation rate declined 0.3%
NSA Civilian labor force declined by a whopping 468,000
NSA Not in Labor Force increased by 669,000
where did you get these numbers?
http://stats.bls.gov/news.release/empsit.t01.htm
Table A-1...look at the first set of numbers under Not Seasonally Adjusted
I don't like it but......Prediction*****: Paper gold rises today.....maybe until Monday....then paper gold sells off and the TBTF's use the profits to prop up the market next week (maybe sooner). After all, that is where much of their free treasury money (and future profits) reside.
Didn't we simply hang ourselves with this one? I mean - we take the company (oops sorry country) to the brink of financial doom and gloom - and employers don't hire? I mean Mrs. Tea Party - how would that have worked. Employers won't hire if they don't think there will be an economy around. So this "news" is really not "news" - it's fall out - and should be pointed out that our gov't b.s. is probably directly responsible - or at least partially responsible for the miss in employment numbers.
While all parts - dems, reps, tea baggers were dicking around - they never probably thought about how their actions would impact the actual "real" economy.
these freakn guys...
This is a pretty decent number compared to what I thought it would be -25k!!!!
Goldman, it's one thing revising your estimate down, it's another still being optimistic, losers.
Ben still needs more ammo for QE3. He needs the markets to run some heavy down days between now and Jackson Hole.
S&P sub 900, Dow sub 10k and Gold +2k. Bring it on.
jackson hole was last week/month and won't be happening again until next august. i think you mean the next fomc meeting.
Wonder what the chances are that Zero pulls a repub trick on Thurs and announces they will be sending out bread and circuses, I mean a 1-2K check to everyone to get things started... It may be too far from elections for this, but I wouldn't be surprised...
Another Epic Fail that would be; but hell, I'd rather they send it to me than Jamie Dimon.
Money for sheeple?? BAH-HAH-bahahaha...
"Bailout My Bonus"
Taxpayer welfare money for TBTF Banksters...
That big drop in Labor Force Participation since January 2009 has been Obama Bin Lyin's jobs program...
Reduce unemployment by shrinking the denominator...
Of course... and the far right influence on the GOP to slash and burn on the Fed, State, and local level has been a rousing success!
They've been in control in most states, in The House, and can and do block almost anything in the Senate, for almost a year and everything is coming unglued... where are the jobs Boehner and Cantor promissed once the Billionaires got there tax cuts and bugets were slashed?
WTF did they think would happen when you cut, slash and burn (for all but the very rich) in a recession... but knock yourselves out and (T) party on to oblivion!
Dems have been in control of congress, the appropriations branch of government, since 2006 moron. Nice lameass try at misplacing blame. As for the states, my neighboring state of Wisconsin is doing great since they brought some fiscal responsibility there, despite efforts of the unions and even Obama to sabatoge it. Hence, COSTLY recall elections a MAJOR FAIL!!!!
The process to create jobs involves the following steps :
Replace the top management of the too big to fail banks, put the existing ones in prison and charge them with fraud and misrepresentation. Reclaim the remuneration and bonuses that they have earned during their tenure at the bank. Break the too big to fail banks into smaller ones so that they are no longer a risk to the whole financial system. Implement the Glass Stegall Act.
Use the reclaimed billions of dollars from the arrested bankers and use them to improve the infrastructure of the country. This would create jobs instantly and the improved infrastructure would give the confidence to the small businessman to hire more people.
Tax the richest 5% of the population heavily as they no longer create jobs in the country but outsource the jobs to the low cost developing nations. Stop completely the funding of election candidates by corporates and rich individuals so that their influence on politicians to make rules beneficial to themselves is clipped.
Ban the use of derivatives and speculation in the stock, commodities and currency markets. Stopping speculation in commodity markets would reduce their prices substantially which would be beneficial to the majority of the population. This would lead to a better standard of living for the middle class families and they would go out and spend helping the revival of the economy.
But in the real world we can keep on dreaming.
http://www.marketoracle.co.uk/Article24581.html
That chart is just one big 27-year-long frown.
http://www.washingtonpost.com/blogs/federal-eye/post/undocumented-workers-got-billions-from-irs-in-tax-credits-audit-finds/2011/03/23/gIQAhtaKvJ_blog.html?hpid=z3
One more example of our wasteful .gub............insanity reigns.
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