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Non Farm Payrolls Soar By 243K, Unemployment Rate Drops To 8.3%
Whopper of a NFP number, which prints at 243K, higher than the biggest forecast of 225K, on consensus expectations of 140K, the biggest jump since February 2009. The devil will certainly be in the revision details.
From the report:
- Total nonfarm payroll employment rose by 243,000 in January. Private-sector employment grew by 257,000, with the largest employment gains in professional and business services, leisure and hospitality, and manufacturing. Government employment was little changed over the month. (See table B-1.)
- Professional and business services continued to add jobs in January (+70,000). About half of the increase occurred in employment services (+33,000). Job gains also occurred in accounting and bookkeeping (+13,000) and in architectural and engineering services (+7,000).
- Over the month, employment in leisure and hospitality increased by 44,000, primarily in food services and drinking places (+33,000). Since a recent low in February 2010, food services has added 487,000 jobs.
- In January, health care employment continued to grow (+31,000). Within the industry, hospitals and ambulatory care services each added 13,000 jobs.
- Wholesale trade employment increased by 14,000 over the month. Since a recent employment low in May 2010, wholesale trade has added 144,000 jobs.
- Employment in retail trade continued to trend up in January. Job gains in department stores (+19,000), health and personal care stores (+7,000), and automobile dealers (+7,000) were partially offset by losses in clothing and clothing accessory stores (-14,000). Since an employment trough in December 2009, retail trade has added 390,000 jobs.
- In January, employment in information declined by 13,000, including a loss of 8,000 jobs in the motion picture and sound recording industry.
- In the goods-producing sector, manufacturing added 50,000 jobs. Nearly all of the increase occurred in durable goods manufacturing, with job growth in fabricated metal products (+11,000), machinery (+11,000), and motor vehicles and parts (+8,000). Durable goods manufacturing has added 418,000 jobs over the past 2 years.
- Employment in construction increased by 21,000 in January, following a gain of 31,000 in the previous month. Over the past 2 months, nonresidential specialty trade contractors added 30,000 jobs.
- Mining added 10,000 jobs in January, with most of the gain in support activities for mining (+8,000). Since a recent low in October 2009, mining employment has expanded by 172,000.
- Government employment changed little in January. Over the past 12 months, the sector has lost 276,000 jobs, with declines in local government; state government, excluding education; and the U.S. Postal Service.
- The average workweek for all employees on private nonfarm payrolls was unchanged in January. The manufacturing workweek increased by 0.3 hour to 40.9 hours, and factory overtime increased by 0.1 hour to 3.4 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls edged up by 0.1 hour to 33.8 hours. (See tables B-2 and B-7.)
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How many people on food stamps again?
Election year theatrics and black magic.
Now all we need is our election year war and we're about covered.
They must have run the employment numbers through a DIEBOLD voting machine a few times until they got the results they wanted.
Obama hired the MF Global accountants to determine the unemployment rate. It will soon vanish to 0.
Unemployment will be VAPORIZED!
Of course, tax revenue is soaring to support this happy news.. Oh, it's not?
Which part is the government is lying to us. The BLS or the CBO ?
Latest Congressional Budget Outlook For 2012-2022 Released, Says Real Unemployment Rate Is 10%
http://www.zerohedge.com/news/latest-congressional-budget-outlook-2012-2022-released
Oh.. they both are? Real unemployment is way north of their numbers?
The Consumer Price Index for All Urban Consumers (CPI-U) was
unchanged in December on a seasonally adjusted basis, the U.S. Bureau
of Labor Statistics reported today. Over the last 12 months, the all
items index increased 3.0 percent before seasonal adjustment.
They really should add a 'rimshot' after reporting these numbers...
LOLstatistic of the day:
Wow. But Is the Number Real?
February 3, 2012, 10:13 am
By FLOYD NORRIS
LOLstatistics Moment of the Day, sponsored by JP Morgan™.
JP Morgan™ reminds everyone to eat their peas.
No, here is the participation rate, it doesn't look good;
http://data.bls.gov/timeseries/LNS11300000
Seems like the devil just reared his head there in the details. If we drop 250k people off the rolls, then voila! Maybe we have better numbers...
yes, participation down almost 2%, yikes!
I can't wait to see which machine puppet DIEBOLD elects for President. /sarc (It won't matter much either way.)
send the young to war in moscow to shag the spies and let the old hold the fort Alamo and make the cars. Hows that?
Leg before FSB wicked and woodpecker before Gum Red Square girly ticket is the agenda, as Moscow burns in risk on play.
That's racist!
The global recovery is back, and there's nothing doomer libertarians can do to stop it. Interest rates are low and economic growth remains steady, all of which bodes well for the Obama/Biden 2012 campaign. Libertarians have been DEAD WRONG about the economy, however much they lack maturity to admit it.
So explain this then; Participation rate down almost 2%, crap!
http://data.bls.gov/timeseries/LNS11300000
Go long MDB, by all means, go long. MDB still believes that when people stop participating, they simply "disappear and don't require food or fuel.
Never quite figured out how the "peek-a-boo" game worked huh MDB?
Explain this then:
http://mortgage-x.com/general/historical_rates.asp
Consumer loans have never been cheaper, and Americans are spending us into a new golden age.
Obama/Bernanke 2012!!
And where are WAGES again? Did they go up? NO. People buying more crap (like McMansions) they can NOT pay for just proves you are an idiot. Thanks for helping point that out.
Thank God for you, kind sir; I was getting worried for a minute there.
MDB has no soul... and reeks of the Axe spray - 'Hidden Agenda'
It's back?? But you've always said it never left! You must have commented before your second cup of coffee; if you were on your game like we all expect you to be, you would have said something along the lines of, "...the global recovery is clearly strengthening, despite the wailing of nerdy doomer libertarians blah blah blah..." Really, I know it's Friday but get your shit together man.
http://www.youtube.com/watch?v=vimZj8HW0Kg
I agree King...
I think they are jocking the horses around to get Obamatariat the win and in for his second term...
He needs to fulfill his prophecy...as i think #44 will have a very interesting - end.
black magic indeed, from the black magician....
do an analysis of packaging manufacturers if you want a real look at the economy
if you cant sell boxes, its because no one is making anything to put in them, and thats because no one is buying what comes in them, because they are unemployed, because they got downsized from the box plant, because no one was buying boxes
they must have read the stat that no president has been re-elected with a rate above 8%...........look for 7.9 by November.....or 7.8 so it doesn't look obvious
Oh isn't this wonderful, a drop in unemployment rate.. Yippie.. The numbers are horrible and its amazing they are still telling us theses numbers.
Keep saying Recovery, it might stick by 2020.
http://www.dailyjobcuts.com
...and the deficit, how large is it again?
And states and muni's? They're all doing well (even California), right?
hey, E_K!
here we see how analysts and investors just knew sumpin good was a comin on bloomie:
Euro Strengthens Versus Dollar, Yen on Speculation U.S. Payrolls Increased
Oil Rises From Near Six-Week Low Before Jobs Report; Brent Premium Widens
European Stocks Rise Before U.S. Jobs Data
U.S. Stock Futures Advance Before Reports on Payrolls, Unemployment Rate
how could they have known? L0L!!!
Long live King Barack O'robyomaama, rebuilding Amerika one foodstamp at a time!
put some bass n ur voice and repeat after me...
"look man....i said i aint falling for that banana in the tailpipe routine...."
It's an election year; the propaganda machine is whirling and flashing. Actually, it's the election year.
Riiiiight.
Don't believe it.
QEVIIII assured ... YES WE CAN!!!!!!!
YES WE (kick the) CAN!!!!
there, fixed it...
Bull[ish|shit]!
The bullshitis overdone and now moving to horseshit.
no way man, we can still make it to dogshit. Yes we can!
rubber dogshit is the way to go...
It's just Obama making more "Shovel Ready Jobs".
All is Well! This most certainly is Bullish!
sarc off
Obama in a landslide and shorts to get mauled again. Happy Friday
Right. And I have a good Greek island to sell you too. Hah !
LOL.
LOL at the precious metals manipulation.
Thanks to Andrew Maguire for exposing this!
http://en.wikipedia.org/wiki/Andrew_Maguire_(whistleblower)#Market_Manipulation
wow..
And I bet the employment rate still continues lower.
So is this risk on or off? Ya know cause bad news is good. No QE needed...
Theyre so desperate now. Biggest top-tick ever?
No QE3
Obama just got re-elected.
Good day all.
Come on lizzy, QE has never stopped, ZIRP and swap windows for ever!
'Obama just got re-elected.'
Waaaaaay too early. Give him a chance, he can fuck this up easily.
Only way he could fuck it up now would be to do something stupid like go & get himself killed...
& even if that happened... They'd put him in an ambulance and rush him off to a secret Naval hospital... He could be dead, but they'll do staged press conferences (from the hospital room for the next 4 years)... Kind of like Bin Laden...
Then, after the next 4 years are up, he'll mysteriously take a turn for the worse & they'll sadly have to pull the plug and bury him at sea...
LOL. You're very cynical.
Or Ben does QE3 anyway, ostensibly on the basis of forward-looking indicators of stress (think about his most recent statements), but in reality because he "owes" Obama.
He'll argue that the recent jobs reports are lagging indicators and that we need to do QE3, "just to be sure" we reach escape velocity with GDP growth, job creation, etc.
It's all calculated in order not to go with QE3. Congress opposes it, so they have to come up with something to justify no QE3.
Buy, buy QE3 until March 20.
Let me guess more people have fallen out of the labour force than gained employment again? But what the hell, keep the hopium flowing.
Yep, increase of 90,000 in employment and nearly 200,000 fall out of the labour force. No doubt CNBC and Bloomjerk will stress this point soon.....
EDIT: U6 is 16.2%
Doesn't matter if it's real or not, it's a masterpiece of engineering either way
A masterpiece made of shit.
"Manufacturing consensus"; it sounds so nice. much better than brainwashing.
Go long! I promise to hit you in the endzone.
At this rate, Obama will get re-elected with only 4.5% unemployment; but that's the whole point of these phony numbers, isn't it? It will be interesting to see Shadowstats take on this.
Great! Let's celebrate by bombing Iran!
I call not only Bullshit, but F'n Bullshit.
unemployment rate at lowest since 2009...and if you believe that...I know of a lovely bridge for sale...It's a bargain!
I can't wait so see the participation rate.
The Groundhog Strikes Back
The Groundhog saw his shadow (stats); 6 more years of 'bama...
heh, good one.
Obama and gang are doing a great job. We need to make the safety net even stronger and Buffet's secretary should be making at least a quarter of what her boss pulls in. We all know behind every great man is an even greater woman!
Its what tyranny looks like....enjoy.
ObamaTrillion$$$Bil
Hhaha, Silver got a little bounce on the crazy # due to its industrial uses..
Mining jobs have expanded 172k since 10-09 hahaha
Rather than sit here and moan all day... leverage in this is one of the biggest adn simplest opportunity of your life... All in Rally on at least until next LTRO!!!!!!!!!
Make money leave the moan to someone else
Right. Who gives a shit about the sorry state of your native country's affairs? Make some effin' money whoooooooo!
"money" is what you use to buy the silver with; "Chump".
This guarantees no QE3. Hence stock market collapse soon. No fresh new printed money coming in. The primary dealers must be miserable right now.
Thats the way Im seeing it, signal to the banks with their hands out pleading for more free money 'Sorry, sink or swim bitches, we dont need most of you now'.
Nomura had the number, - only company
Yes Nomura Securities had the proper estimate, but look at what they forecasted the previous months, they were quite off.
These guys just take wild guesses of the rate, one of them will fall on the good number from time to time :)
http://theimperatore.blogspot.com
If they run it up and sell it off - I will increase my short position. They keep circling back to 1325 on no volume.
Shit, that's a good idea. I'll add 30% to my existing short position.
It seems 10-11am could be the right time to do that, or maybe even earlier.
So I suppose 243,000 people dropped off food stamps then.
I dont want to hear 'the shits good'...I want my free money I was promised and I want it right NOW!
call JG Wentworth... 877 CASH NOW
Must. Have. Happy. Football. Ads. Day.
So its about time someone investigated the people coming up with these numbers. There has to be an insider somewhere who can bust this bollocks up for what it is.
nonseasonal numbers negative. houshold NSA negative. Not in labor force up by ~1M. Great number. What a joke.
Thats great news. Economy fixed, markets happy.
We were wrong, there wont be any crisis, oil will regenerate forever, fiat wont inflate and precious metals are backed by nothing.
Thanks Barry, thanks ministry of propaganda.
This is my favorite lie so far.
So the NFP is higher by almost twice over the ADP report this time??? They don't even care about reporting the truth anymore. Well maybe Sears and JCP hired a whole bunch of people to process inventory for clearance before they go bankrupt.
Could these figures be real? Putting aside the cynicism that's one helluva jump from the Reuters and Bloomberg consensus..it can't just be manipulation and that's assuming the bls has been got at or somehow changed it's methodology.. Just sayin, not flamin.. ;-)
Let's see what the participation rate is.
http://www.bls.gov/web/empsit/cpseea03.htm#cps_eande_m03.f.1
Participation down from 64% to 63.7%. Largest decrease in the past year. BAM. There's your 8.3% unemployment number there.
There is a footnote on the BLS site that reads, "Updated population controls are introduced annually with the release of January data." Throughout 2011, population increased in the 100's of thousands range on a monthly basis. The difference between Dec 2011 population and Jan 2012 is about 1.7 MILLION.
The number of employed people incrased by 508,000.
The number of "not in labor force" increased by almost 1.2 MILLION. BAM. There's your 8.3% unemployment number there.
Who ya gonna believe, eh? Obama or yer lyin' eyes?
Moses at the Red sea crossing...alle luiiaaah, I see the promised land!...O'bammy cries victory to November. ROmney says, its thanks to me. Ron PAul says its flash and false mirrors, no writing on the wall.
No country for old young men as there are jobs. Time to retire fellas, let the young carry the can.
Both young and old are carrying the can Falak. I question though why carrying a can of toxic lead around is better than a lighter, non-toxic version.
Tom Keene is currently having an econorgasm
I call shenanigans -
It's crap by the NY Fed because the dollar is not going up with the market. They first had to slam the dollar down to get the market to move up.
Watch the correlation with the market, when market and dollar move in tandum, it's not digital money from the NY FED, but real market movers called investors.
Yes! Blowoff top time.
No QE.
That's all you need to know.
Obama! Obama!
has anyone posted yet that this has to be a made up number?
LOL
the only devil is being short this market...no negative details no matter how one spins this
I don't think there is anybody short this market. If they are they're stupid. Not that is shouldn't be shorted, bt they are going to prop this pig up no matter what.
Umm, LoL?
There's no difference in the methodology between US economic data and China economic data. They're both decided (not calculated) based on the political need of the moment. This number makes sure there's no QE3 coming until March 20, Greek default.
do these numbers include all the poor bastards dressed up n chicken suits waving signs trying to sell tax services and homes...
or maybe just the people at every freeway exit with signs asking for food and "a little help"...
fucking bullshit...wait aint there an election coming up soon?????????????????????????????????????
caddies & greenskeepers at the local Washington area golf clubs...
Plus a few more valets & service staff for the Missus... I think they 'created' a position for an assistant deputy dog walker...
80,000 low paid jobs, so yes.
You can guarantee that the payroll tax cut extension will be torpedoed now.
"As Goldman says, 'nonfarm payroll growth should slow on seasonal and weather-related factors'"
do those assholes ever get it right? did the 08/09 crisis gut the place and now it's all interns?
Oh good, the crisis is over......we can all go back to spending money we don't have.
Wow...it's great to hear things are getting better.....OK...you can punch me in the face now..
McDonald's is rebuilding the economy one Big Mac maker at a time.
And they're looking out for us, too!
http://usnews.msnbc.msn.com/_news/2012/01/31/10282876-mcdonalds-drops-use-of-gooey-ammonia-based-pink-slime-in-hamburger-meat
yea, but their former pink slime supplier is laying off people in droves...
This is either:
A) Bullshit
B) An indicator that hyperinflation is commencing
Ummm...I'll go with "A"...final answer.
The sun is coming up. Springtime is at hand. It is all MicroEconomics now.
From the stat hacks at BLS; anything to get Chalky Hussein Soetero reelected is the main goal. Can't wait to see how many people were taken out of the labor force to get this imaginary number. Amerikans live in a delusional country.
http://vegasxau.blogspot.com
It was curious this morning. NPR opened the 7 am hour with an NFP release story.... and their report "tone" was that there was little doubt it was expected to be good news, Something told me "uh-oh". Hmmmmmmmmmmmmm, have the MSM set the stage for the home run you've cooked-up. And sure enough..."there's' a long fly ball..........!"
USD going parabolic now and the /ES pretending not to see it.
I think Bill Gross just referred to his company has Pimpco - when the broadcast is posted we shall listen again very carefully
There's no way that Ben can justify another round of QE with these numbers.
It's amazing that people are still calling it QE. "QE" has been on going, it just isn't being called QE, and never will be. There will not be a QE3, but that doesn't mean they aren't funneling money into the system, they just aren't telling you about it, other than ZIRP, which if I'm not mistaken, could be considered QE if they wanted to call it that.
I smell a pm margin hike, perfect setup today.
Big number then big reversal, lease rates just turned positive again too.
Bad juju.
Lets suguest a new name for the BLS....
suguestions ?
BS
Barry's Lying Stats
Barry's Ben Whorkin’ it.
Supposedly there are still 6 million fewer jobs than before the recession began. How does a jump of 250k jobs move the unemployment number from 8.7% to 8.3% and there still be 6 million jobs left unfilled? If we filled the remainig 6 million we would have a negative unemployment rate! This does not add up!!!!
Joe LaVorgna got one right. You owe him an appology. :-)
Supposedly there are still 6 million fewer jobs than before the recession began. How does a jump of 250k jobs move the unemployment number from 8.7% to 8.3% and there still be 6 million jobs left unfilled? If we filled the remainig 6 million we would have a negative unemployment rate! This does not add up!!!!
QUESTIONING THE MINISTRY OF TRUTH IS RACIST
I promise the goal is to be at <7.5% by election day. A 7.3 october print guarantees reelection. they dont care how many are removed from the labor force to 'fix' the denominator.
unemployment is what we say it is.
YES MR SMITH....2 PLUS 2 = 5. WHY? BECAUSE WE SAY SO!
Take this number and then compare year over year improvements if you want to take out the hype and smoke.
You will have a better feel for what is going on.
And you won't be sucked into all the noise....
Here is a look at the ES, EURUSD, and CL. Our bullish expectations continue for the weeks ahead. http://bit.ly/yQAjAy
Sooo...tax revenues should start rising, eh? All them withholding taxes surely must be pouring in now!
Check out the labor force participation rate. It's fresh 30 year low of 63.7%
How bullish is that!!
Sure thats how they do it, when we have 10 people left in the labor force, unemployment will be 0%.
If the economy actually added jobs wouldn't the labor participation rate go up???
A 243K increase in NFP is pathetic, and an 8.3% unemployment rate is equally atrocious, nothing to cheer for in the least. It's truly pathetic that the media lemmings and leftists propagandists will eat this up and churn it out on tonight's nightly news broadcasts, as we sloth-like, overweight Americans munch on our hot-pockets wondering how we will pay the mortgage as our bratty kids play with their custom-engraved iPads.
Indeed, its even more sad that this "good" news just might be enough to re-elect the Obamaoist in Chief to another term, a term in which he will have nothing to run for. You ain't seen nothing yet.
Cheers!
Its only Feb....LONG way till Nov a lot can happen.
canada has a better economy, but:
OTTAWA — There was little job growth in Canada in January, Statistics Canada said Friday.
The economy created a negligible 2,300 net new jobs in the month as layoffs in construction and professional services offset modest hiring in manufacturing, Statistics Canada said on Friday. The jobless rate ticked higher to 7.6% from 7.5%because more people were looking for work, the agency said.
The Canadian dollar weakened to a session low of 99.76 U.S. cents after the data.
Analysts in a Reuters poll had predicted 23,100 new positions and a jobless rate holding steady from December at 7.5%.
No QE, big market top tick here....Ben is signaling 'sink or swim' to the banks and to get short, guaranteed.
Sell all your physical gold and get into Facebook NOW!
They wish....but yea thats all this is about as much as anything else. 'Hey lets get the last short to go long, then pull the rug out'. Whatever, everyones on their own at this point.
OWS fades away as employment surges ! Monedas 2012 Happy Daze
I thought something was funny when gasoline was $3.09 at my local gas stations at 3pm and then skyrocketed to $3.55 at 7pm. This report was leaked somewhere. Everyone was anticipating a terrible number yesterday because anyone actually working knows January was terrible. The Ministry of BS pulled out all the stops. Did Birth/Death add 400K jobs again?