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.