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NFP Prints At 227K On Expectations Of 210,000, Unemployment Rate At 8.3% Boosted By Temp Jobs
NFP 227,000 on expectations of 210,000; Previous revised from 243K to 284K; Unemployment Rate (U-3%) at 8.3%, U-6 at 14.9%. While for the first time in a long time those not in the labor force declined (from 87,874 to 87,564) and the participation rate rose as a result from 63.7% to 63.9%, here is what the market is focusing on currently: "Professional and business services added 82,000 jobs in February. Just over half of the increase occurred in temporary help services (+45,000)." Also, that Birth Death added 91K is also taking away from the lustre of the headline which is diamtetrically opposite of what Gallup found yesterday. The market reaction is one indicative of the realization that QE3 may have been delayed once again, and this time substantially.
Average duration of unemployment steady at 40.0 weeks, via John Lohman:
But temporary workers rose the most in over 2 years and near the highest rise on record...
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Boom.....WINNING!!!!!
Recovery! And to think we only needed to spend $5.5 trillion fiat to get to this point.
Created or saved like a billion jobs.
BOOM! Libertarians get PWNED yet again. Oh man, this must be so embarrassing for doomer goldbugs and off-the-gridders. The global recovery is accelerating at an incredible pace! This bodes very well indeed for the Obama 2012 campaign.
proceed with the junking...
I don't know why you would junk......clearly everything is fixed.
/sarc....for the slow....you know who you are. Then again maybe you don't know.
changed my mind.........
i vote for obviously sarcastic...
Hey, I used to work at a global consulting firm as partner and now I flip burgers part time and I show as "neutral" on the employment numbers.
"The global recovery is accelerating at an incredible pace!"
ROFLMAO (+1)
lol MDB...not your best work, but pretty good.
MDB needs to be resurected under a new name. even the trolls know his schtick...
Yeah but he still he still gets a lot of junks. And it's funny to watch when it's a live one.
I consider him an IQ test for some of our less cranially-endowed and more emotional denizens.
He still holds the record and the "Gold Zero" for sucking in the highest number of indignant responses to an obvious troll.
hard to tell who the bigger cunt is sometimes, i-dog
him, the obvious troll or a gutless wonder like you you who hasn't been in a fight here since god was in diapers and who just "goes along with" the 100% string-jumping stat and what it does to the serious dialogue on the site
not that serious dialogue has ever been either a strong suit of yours, or a concern...
"hard to tell who the bigger cunt is sometimes, i-dog"
I can see how you add to the serious dialogue.
touche doc...
he's a fuking troll, too you igno-rant shitheaded asswipe!
I'm happy to debate the issues with anyone, Rat. I just don't get involved in trading ad hominems like you gutter-crawling rodents are wont ... that's not fighting, that's just kindergarten name-calling.
FYI, I don't consider your typically incoherent ramblings worth a fight ... I'd rather go back to sleep.
L0L night-night ol buddy...
Yep you're right MBD. Yesterday we saw that people were taking on debt again so the debt markets are working again. Greece has been fixed so it's all good there. And now the job machine is back in gear. Obama's reelection is now in the bag. People can go back to work as debt serfs and pretend that life is good. Business as usual. Next up bombing some brown people for your television entertainment.
Who do you work for???? Out with it!
American wealth rose 2.1%, roughly $1 trillion because of the stock market rise. But how much did it cost future generations? Where is the sense in spending $3 trillion to produce $1 trillion? It is a most inefficient means of generating wealth. When inflation starts to eat away at that gain, as it must, and interest rates rise, as they must, then that wealth will vanish but the debt will not go away.
How is the global recovery accelerating? China is slowing down. Europe is slipping into recession. How can the US avoid falling back into recession? Then what will happen?
The NFP number speaks for itself. We are entering a new era of growth and prosperity specifically because of the actions of our Federal Reserve and congress. This has now been confirmed beyond any reasonable doubt. So my advice to you and other doomers is this:
Cheer up, sell the bunkers, the bullion and the canned hams, and be part of the solution not the problem.
stop jumping the zH strings, you little green asswipe!
Look at those futures rip on this good news MBD. If I didn't know any better I would say the policy tool...er I meant to say market.... Was calling bullshit. I'm feeling wealthier by the minute. Obama ....please spend another 5 trillion and let is trickle down on us pleebs like a golden shower.
your elitist trollism is showing
again
you are fuking up the site
again
I believe when you say Libertarians you actually mean Austrians.
The Austrians have been saying for months that the current currency injections would make things look better for awhile. It is an election year.
Meanwhile Krugman the Keynsian has been calling for even more money injections because of the bad economy.
Correct.
MDB is using the nomenclature of the Administration and the MSM who have expended considerable effort to convince the masses that "libertarian" is a slur.
good let's normalize interest rates
why would a "libertarian" be any more anything than a librarian, rotarian, or sumerian? or a catholic?
what would a doomer or a person off the grid care about some data dipped in fudge?
you are just capable of reactive thought, and your reactions are severely atrophied, also
since you have never evinced any but a purely reactive and incomplete thought here, you obviously don't belong here
you're wasting your own time, which nobody could care less about, i'm pretty sure
but you're taking a toll on the site w/ your constant string-jumping
how about a nice deathMatchTM w/ slewie if you don't start using the comment box at the bottom of the page?
now, git, toy-boy!
I wanna be a Sumerian Doomer. All hail Anunnaki!
Last Exit for the Lost
hey, fuu!
that's odd! i've always pictured you as a sumerian doomer...
You've slipped from just being a dumbass to now just being a plain ol' stupidass. My god MAN!
he's screwing up a tremendous number of tyler's strings with this "innocent" string-jumping behavior
he has accomplices and people who value his humor
he can put his fuking 'humor' at the dammed box at the bottom of the page!
Exactly, slewie
i'm sure tyler is already deep into his weekend binge
at least i hope he is
he'll pay attention when he fuking feels like it, of course...
trust me
"The global recovery is accelerating at an incredible pace"
- Some bumbling idiot
_____________________________________
Reality...
ECB President Mario Draghi said on friday, March, 9 that Europe is trapped between accelerating inflation and slowing growth.
Barack Obama said on Friday, March 9, that he is more concerned about his NCAA brackets than the fact that the current labor participation rate is 63.9% and heading lower, while the average number of weeks for Americans on unemployment is 40 and trending higher.
Chinese Premier Wen said at the People's Conference during the week of March 5th in Beijing that China should expect lower future growth in its economy as it now moves away from a policy of global expansion.
Now, that's the way to deal with MDB (and government trolls) ... just flatten them with a well-aimed knockout punch. Thank's for giving the name-calling children in the basements (and sewers) a valuable lesson!
watching the nfp on cnbs is more painful then the worst hangover...
"lies, damned lies, and the BLS"
this kelly evans does make me want to go to redtube though...
B.ureau of L.abor S.H.tatis.T.ics
Why do people keep inserting L between the B and the S?
That is the most important point and not enough people even have a clue.
Well, $5.5 Trillion in THIS country. Let's not forget the trillions spent stimulating the economies in Europe, Japan, and China. That spills over the borders too.
We are actually seeing a recovery. No doubt about it. We just had to borrow from the next two generations to get it.
"Also, that Birth Death added 91K is also taking away from the lustre of the headline which is diamtetrically opposite of what Gallup found yesterday."
Tiny heads up, Tyler. The Gallup sampling for their report was not coincident with the sampling from BLS. The unemployment report is sampled, as I recall, in just one particular week of a month, I think it's the third week. Gallup's sample was not that same week?
A made up number with endless revisions. The market algos will ignore it. You should too.
Revisions tsunami.........MF'ing imminent.
This is funny to watch. McDonald's must be hiring up tghe ying yang.
Invest now in my 3x leveraged Pink Slime Bull ETF (S&P symbol POO)!!!
Im sending a letter to my school. This is sick.
That's good. Tell everyone they're welcome to invest in my ETF as well.
They were gearing up for the Shamrock Shake.
Looks like Kelly Evans might be the next customer in line for a Shamrock Shake after Becky Quick...
I'd like to know where these jobs are being created at.
China
For St. Valentines services OF COURSE
Dollar stores, private prisons, surveillance companies, dumpster dive coaches
They might as well be writing poetry.
I forgot. They are paying people, a lot of them, to write poetry--some really horrible stuff. This ain't Paris.
Rompuy gets $250,000 a year to write haikus. Of course he's got a captive audience.
In other BLS news, pigs fly anfd there is no unempoyent. Thatsright zero.
In related news, Farmville to be the biggest US employer in 2013.
They too are only hiring part timers to save on employment costs.
Temp jobs Temp jobs and more Temp jobs.
Time for the CNBC monkeys to tell everybody about how Temp jobs are good for the economy and by proxy, Bullish for AAPL.
The flip side to this argument is that temp jobs increasing are a sign that companies are testing the hiring waters. We just hired a "temporary" project manager with the possibility of him going full time if the revenue is there.
My sense is that some portion of this number represents companies beginning to feel like there is a reason to hire, but not wanting to commit to full time just yet.
It is election year. If we have a market downturn, it will be very soon, because barring WW3, it's going to be all good news from Summer on when the masses start paying attention.
After the election, it all goes to shit.
Maybe the Mayans had it right?
"it's going to be all good news from Summer on when the masses start paying attention"
More like, paying, summer gasoline. It's too easy/obvious to be completely bearish - but if I owned a Birinyi ruler, I'd double-check the batteries.
It's an election year. They will do whatever is necessary to hold the markets aloft for the last half of the year running into November. Gasoline or not.
The wild card is the Middle East and then of course the ever lurking "black swan".....
I get that argument, but have serious doubts it can be done. So many people rolling out of UE, munis bled dry, no housing turnaround.
We'll see a massive uptick in small business - but really, how many people are going to be successful in this environment? Paying rent/mortgage/bills/gasonline is going to get tighter than Americans would like to think.
One day we'll look around a parking lot and EVERYONE will have an Herbalife vinyl on the back of their vehicles..... THAT'S when I'm all in on my bearish bets.
It's my fault for not getting the right education where record corporate profits, 'money on the side-lines', and a global war for oil, can keep the ponzi system afloat..
watching the "experts" on CNBS pick apart the "data"...fullretard.
Do they realize this is "BLS data"? You can pick apart a steaming pile of shit too, and guess what?...it's still shit.
BLS hasn't posted B/D adjustment on their site yet. This is a first ...just saying.
I was just on their site looking for the Birth/Death number and couldn't find it ... what the heck ...
edit: found it. 91K
edit, yes, posted @ + 90K...or 40% of the NFP no.
B/D also BS, well the birth part anyway. I dont know anyone havin a kid over the last year, and I dont see any pregnant women around at all.
The DEATH part may indeed be high though!
You are kidding right?
Priced in already.
NO trader worth their salt COULD HAVE POSSIBLY believed the PPT could let the NFP figures dissappoint.
They might as well have made up the number with a random number generator... (RND + 220,000)
This market is now officially BEYOND RETARDED.
CDS TRIGGER TIME BITCHEZ! (first from me)
I know the Tylers believe very much that the Bernak needs some deflationary crunch type event to give him cover for more QE. I used to believe that too. Well that ain't happening. From here on out it is either no more QE and the economy actually is getting better, or QE will have to be done in a runaway inflationary scenario. I am starting to believe in door #2.
Everyone know's what cards Berstanky is holding and if he even thinks for a minute that by spinning the economic data so he can take printing off the table the market will simply double down on his ass (crash) and force him to give them what they want. He's the real sucker at the card table in my opinion.
The "LV's"... (liquidity vigilanties)
Glad you see the light and converted fonz......
Why? Because you say so?
the Fed can't lend at higher than 0% as there are no takers
Without compounding of lending, aka credit growth, the CBs have no choice, mathematically, but to print at least the coupon.
The aggregate economy is clearly *not* growing. Look at the consumption metrics now across the globe. You see saturated nations like the US dropping to decade lows in oil and gasoline usage while the nations still with any potential are rising about the same amount.
This is what resource peaks look like. No longer is there a growing pie to divide.
I hear you can harness solar flares?
what's funny (not so much) is that there may have been no jobs created at all. sometimes the economy loses 500,000 jobs but if the government forecasting models predicted 600,000 jobs would be lost,....then that gets counted as.....wait for it....100,000 jobs "created".
So, 227,000 jobs were created last month, but weekly we have 350,000+ filing for initial benefits. So, how does this result in no change, or some months like last month, a drop in the unemployment rate? I'm confused on this, and have been for a while. I don't get it. In a months time, let's just use 350K as the weekly number, 1.4 million people file for initial unemployment claims, and we create 227,000 new jobs, and the unemployment rate stays the same or goes down. Color me stupid, but this makes no sense to me.
go to the BLS website and start reading the report, the methodology, the adjustments made, etc and you realize you are going down a rabbit hole. it's beyond byzantine in its complexity. it would take someone 40 hours a week, every week to continually decipher the data well enuf to understand where the misleading parts are. here's the link if you want to: http://www.bls.gov/ces/news.htm
All i got from reading that report was that they still use past data to forecast seasonal adjustments, when the exact same methodology caused the MBS market blow up not 3 years ago?
Just knock back some Maker's Mark and try not to think about it too much.
i did that last night, which is probably why i can't think straight this morning
Ha, get me started drinking Maker's Mark, I'm liable to come out of a blackout in 3 weeks, walking around the streets of Vegas in my boxers with plastic bags on my feet, missing a kidney or two. But you go ahead, I'll strike a match ;-)
I was just gonna ask the same question, Dawg. MarketWatch is touting the 227K as if it's a net gain, but that makes no sense to me. Of course, MW is a POS propaganda site, but that's beside the point.
This tells you how many people drop out of the work force. Over a million per month! Jesus Christ!
There is no recovery, it's getting much worse. This also makes clear that MDB is obviously trolling.
Average hourly earnings, down MoM, good thing oil is rising in this number. Looks like iPad3 sales may be lessened.
Details, details...
If they manage to push the /ES past 1368.50 and hold it, that will make it 10 consecutive positive weeks or...another way to look at it would be: The /ES has not had a negative week in all of 2012.
Truly amazing.
Special Announcement: Tonight's party is ON. Please don your Dow 14K tees and meet at Faux Info at 9pm. Our goal is to beat Alex Hope's one-week old $323K binge record. That is all.
Decideded to read comments over at Yahoo Finance for the sheeple...
http://finance.yahoo.com/news/february-jobs-gains-seen-strong-060614362.html;_ylt=Auty6zquPtuUisbY2rw5hyGiuYdG;_ylu=X3oDMTQzNXNjNWhsBG1pdANGaW5hbmNlIEZQIEp1bWJvdHJvbiBMaXRlBHBrZwMzMTgyMTBmZS1jZGRjLTM4ZWQtYmNjNy02MzFhODA0ODRkNzkEcG9zAzEEc2VjA2p1bWJvdHJvbgR2ZXIDODUxZjQ0NTAtNjllZC0xMWUxLWJmYmYtMzQyYzlkNzExZmZi;_ylg=X3oDMTI1ZnVoMG1iBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QDYmlnX3F1b3RlX2JveA--;_ylv=3
The good news is people are slowly waking up to this BS.
You're looking in the wrong spot if you want to know what the 'sheeple' are thinking...
Try ESPN... March Madness starts next week & "bracketology" is in full gear already...
Next week... The "Bracketologist in Chief" will grace us all with his picks (no doubt picking all #1 seeds)...
read huffnpuffers for a real guage of everyman reality(or lack of it). mass delusion or the astounding benefit of being in the bottom half of the class, a genetic inability to understand reality, hence sentenced to a life of fantasy. i'd still rather smoke some good weed.
Back to sleep tiny American's life is good. You're flipping burgers and borrowing money. You are getting sleepy... Sleepy .... Slee
City of tiny lights
Don't you wanna go
Hear the tiny auto horns
When they tiny blow
*****
Talkin' bout those tiny cookies
That the people eat
That the people eat
That the people eat
That the people eat
--Zappa
Y'know, funny thing, when you're high all the time the rationalizations often fail to make logical sense.
Whatever you are telling yourself, you don't forget the next fix.
Anyone suggesting that the Fed will become sane/grow a pair in an election year deserves to lose their shirts.
The Torture Never Stops.
Frank Zappa.
Disagree
Well no one durst
He's the best of course of all the worst
every job in America has become temporary
Step right up, you're the next contestant on COUNT THE LIES. Our first puzzle comes courtesy of CNBC:
With warm weather helping to spur activity and as the European sovereign debt crisis receded into the background, the American economic engine continued its slow but steady drive toward recovery.
http://www.cnbc.com/id/46679432
So, how many lies are in this statement:
a) 2
b) 3
c) 4 or more
I see lies everywhere. In fact, I see nothing but lies anymore.
I'm ready to tell you my secret...
...I see lying people.
(Sixth Sense?)
Swell. So as I ask every month when this "everything is fixed, nothing but blue-skies ahead, go back to buying your iCrap on credit" number comes out - can the Fed.Gov now stop spending 53-cents out of every dollar in deficit?
Yeah, I know. Rhetorical?
Yea, and now we can certainly stop firehosing 0% free money directly into the TBTF bank vaults, right? OH wait just remember NAH we have to keep THAT going for the next 8 years at least.
I am afraid it will be "troll day" here at zero hedge. Oh well. Just part of the process. How come they never talk about the "quality" of jobs. Jobs at $9.00 an hour with 0 benefits do not move our economy forward. The news that Macy's was hiring thousands. They pay just a little more than Foxcomm. Amazing the sheeples and MSM just drool over these reports.
And was in HD yesterday. Still more employees than customers. What a recovery.
I think under the National Defense Authorization Act of 2012, if we question the validity of these government numbers we are technically 'terrorists' - so for the record - I believe their accurate.
"dissent" will be permitted so long as those doing it are no more than a few doomer goons behind keyboards. Once you actually start trying to exercise things like freedom of assembly, the government will begin picking people off.
OWS came and went - nothing changed, did it?
More 'Topped it by .1%' dancing on the head of a pin data from here on out!
BTW, you know this means 'QE' is off again, but $5 gas is not. OK america back to enjoying the fake puppet show election nonsense and the other propaganda.
Euro and Dow heading in opposite direction...fast. Not sure why. Any thoughts people?
Because the U.S. is soooooooo totally fixed, man.
Yeah, the FX market seems a bit schizo this morning. Gee, I wonder why?
we are decoupling from the planet
Its all priced in
Seems to me that the "seasonal adjustments" assume normal weather and when seasonally warm winter is adding more jobs then expected putting normal seasonal adjustment overstates things.
Anyone have any info or stats that disprove this?
Party like it's 1929.
Early 1929, you of course mean.
Don't you need at least 250K to keep up with birth rate?
no, more like 150K
but people working now number about 140 million...the exact same number that were working in 2009...when U3 printed at about 10%...and there were 5 million less folks of working age.
got it
chinaguy - what are you're info sources?
I thought the workforce was something like 141 million, but actual working was around 118 million (12 million officially unemployed, 23 million un- or under-employed).
I know! 200,000 were hired to be leprechauns for St. Patrick's Day! Wait till the Easter Bunny hires get added.
Wait till they tie all the debt to public institutions so we have to fund them with our tax dollars
The BLS has lost all credibality.. Last year in Massachusetts they revised job growth from 40,000 to 9,000, Now Obama's buddy Patrick (ex corporate lawyer coca cola) THIS IS A -444% DECLINE... Now Bank America president has been all over the CNBS station trying to sell stock saying 12% unemployment to explan the poor peformance (insolvenvy of TBTF in my book). The BLS was given the responsibility from Massachusetts. THE BLS IS A POLITICAL SHILL...
http://www.boston.com/Boston/businessupdates/2012/03/january-unemployment-rate-holds-steady-mass-percent/tiljJTxuIVvSu3aqva9ozK/index.html
The media is having a party. A fucking party. "Yay! Unemployment 'steady' at 8.3%! Everything's awesome!"
We've reached a point where the administration, in conjuction with his flying monkeys in congress and the complicit clapping seals in the media are cheering 8.3% unemployment. What a bunch of clowns.
We're truly boned as a society...
And the CAC kicks in for Greek debt so no default today .... (fake) WOOHOO ... except that tomorrow is another day and default has just been avoided for a little while longer.
Gold 2000 is nothing but a distant dream.......no qe3, no gold 2000......
Stocks say QE/you say no QE...QE!
Paper gold tanking at NY open. What a farce. Andrew Maguire, eat your heart out. Stackers will be coming out of the woodwork.
people simply want Oz to be real, so they never bother nor even want to peak behind the curtain.
Yes...
Amazing to think that people can become euphoric over 8.3% unemployment rate and at least double that in real terms. Just goes to show you when you lower expectations and beat them that is all that matters.
Think of Obama as better than Carter and everything makes you want to vote for him again.
I always wonder: who even cares? The number of people employed per capita is all that matters and that peaked in 2000.
BLS could take this birth/death model and only apply it to the denominator to get a real employment ratio that would really indicate how the workforce is doing.
Just because someone is retired doesn't mean they don't exist and are therefore no longer sucking down resources.
Over that last 7 years a grand total of 4000 jobs have been created.
4000 jobs.
Trillions and Trillons of dollars later, and 4000 jobs is what the US counts as a success.
Out of the Closet hires 2 new part time workers. One quits.
McDonalds hires part time officers to regulate part time applicants during a job opening.
Trillion dollar green shoots as temp workers build out the DHS.
FEMA hires 5,000 temp employees for state of the art rendition centers.
2,000 security officers hired by bankers.
5,000 Mexican immigrant machinists hired by Northrop Grumann to build US drones.
100 programmers hired by Martin Marietta to hack as annonymous.
500 Indian temp agencies hired to answer service hotline calls. 2 US telco employees hired to install switch.
TSA reach extended to children. Hires 100 additional pedophiles.
Maxing out your MasterCard to buy cat food for grandma... priceless..
WTF. Didn't Gallup just announce that U3 would be 9.1%? There's fudge, and then there's just plain shit.
I'm not sure about temp jobs, I'm pretty sure the $9/hr job with no benefits I landed in January is going to last at least 6 months. At least I hope it will, then I can get back on unemployment if they decide to let me go (only 20 weeks this time, Michigan is now a corporate-friendly state!).
After 3 years being unemployed, I'm part of the huge hiring bonanza of the last 3 months!
At least it's not minimum wage. =/
And you need to stop using "average wages" "average income"...because that includes Wall Street bonuses and billionaire incomes. Use MEDIAN, that tells the real story, averages are misleading when the middle class is fucking disappearing.
These BLS employment models are based upon the global warming computational models show ever rising temperatures and employment.
the bernank monetary theory is the new god! he savd the usa and the world! krugman and mises(and minsky) are struggling for air in the dustbin. bernank, the monetary super hero!
The numbers are improving slightly, but way too slowly.
http://confoundedinterest.wordpress.com/2012/03/09/survivor-unemployment-at-8-7-department-of-labor-picks-new-logo-to-reflect-employment-malaise/
I Nailed the number on CNBC. Listen to my interview with Carl between 11:50am and noon today.
The single most important factor for the rate of future job growth is the rate of profit growth the preceeding 12 months.
Its Survivor, not a recovery!
http://confoundedinterest.wordpress.com/2012/03/09/survivor-unemployment-at-8-7-department-of-labor-picks-new-logo-to-reflect-employment-malaise/