Non Farm Payrolls Soar By 243K, Unemployment Rate Drops To 8.3%

Tyler Durden's picture

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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asteroids's picture

How many people on food stamps again?

King_of_simpletons's picture

Election year theatrics and black magic.

EscapeKey's picture

Now all we need is our election year war and we're about covered.

LibertyIn2010's picture

They must have run the employment numbers through a DIEBOLD voting machine a few times until they got the results they wanted.

Caggge's picture

Obama hired the MF Global accountants to determine the unemployment rate. It will soon vanish to 0.

Normalcy Bias's picture

Unemployment will be VAPORIZED!

Manthong's picture

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?

Normalcy Bias's picture
It sounds like The Ministry of Factiness is having trouble coordinating the lies...and don't forget this other whopper:

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...

 

TruthInSunshine's picture

LOLstatistic of the day:

Wow. But Is the Number Real? 

February 3, 2012, 10:13 am

By FLOYD NORRIS

How many jobs did the American economy add in January?

 

The Labor Department estimated on Friday that the economy gained 243,000 jobs.

 

The department also estimated that the economy lost 2,689,000 jobs in the month.


The difference in the two numbers is in seasonal adjustment. Employment always falls in January, as temporary Christmas jobs end. So the government applies seasonal adjustment factors in an effort to discern the real trend of the economy apart from seasonal fluctuations. The actual survey showed the big loss in jobs. The seasonal adjustments produced the reported gain of 243,000 jobs.


A reason to doubt the number is that there has been a tendency in this cycle for the seasonal factors to overstate moves, in both directions. Labor mobility is down, as fewer workers quit to seek better jobs and employers both hire and fire fewer people than they used to do. If the seasonal adjustment was too large, then the gain should be smaller.

 

LOLstatistics Moment of the Day, sponsored by JP Morgan.

JP Morgan™ reminds everyone to eat their peas.

LawsofPhysics's picture

No, here is the participation rate, it doesn't look good;

 

http://data.bls.gov/timeseries/LNS11300000

 

HoofHearted's picture

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...

LawsofPhysics's picture

yes, participation down almost 2%, yikes!

Normalcy Bias's picture

I can't wait to see which machine puppet DIEBOLD elects for President. /sarc (It won't matter much either way.)

falak pema's picture

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. 

MillionDollarBonus_'s picture

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.

LawsofPhysics's picture

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?

 

 

MillionDollarBonus_'s picture

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!!

LawsofPhysics's picture

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.

SAT 800's picture

Thank God for you, kind sir; I was getting worried for a minute there.

BLOTTO's picture

MDB has no soul... and reeks of the Axe spray - 'Hidden Agenda'

Chump's picture

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

BLOTTO's picture

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.

 

 

johnQpublic's picture

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

spastic_colon's picture

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

Shocker's picture

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

 

EscapeKey's picture

...and the deficit, how large is it again?

And states and muni's? They're all doing well (even California), right?

Eireann go Brach's picture

Long live King Barack O'robyomaama, rebuilding Amerika one foodstamp at a time!

Kaiser Sousa's picture

put some bass n ur voice and repeat after me...

"look man....i said i aint falling for that banana in the tailpipe routine...."

SAT 800's picture

It's an election year; the propaganda machine is whirling and flashing. Actually, it's the election year.

Hippocratic Oaf's picture

Riiiiight.

Don't believe it.

the not so mighty maximiza's picture

QEVIIII assured     ... YES WE CAN!!!!!!!

francis_sawyer's picture

YES WE (kick the) CAN!!!!

there, fixed it...

RacerX's picture

Bull[ish|shit]!

Ruffcut's picture

The bullshitis overdone and now moving to horseshit.

Id fight Gandhi's picture

no way man, we can still make it to dogshit. Yes we can!

francis_sawyer's picture

rubber dogshit is the way to go...

Abiotic Oil's picture

It's just Obama making more "Shovel Ready Jobs".

death_to_fed_tyranny's picture

All is Well! This most certainly is Bullish!

sarc off

fonzannoon's picture

Obama in a landslide and shorts to get mauled again. Happy Friday

flyonmywall's picture

Right. And I have a good Greek island to sell you too. Hah !

 

swissaustrian's picture

LOL at the precious metals manipulation.

Thanks to Andrew Maguire for exposing this!
http://en.wikipedia.org/wiki/Andrew_Maguire_(whistleblower)#Market_Manipulation

morph's picture

And I bet the employment rate still continues lower. 

Id fight Gandhi's picture

So is this risk on or off? Ya know cause bad news is good. No QE needed...

SheepDog-One's picture

Theyre so desperate now. Biggest top-tick ever?

lizzy36's picture

No QE3

Obama just got re-elected.

Good day all.

LawsofPhysics's picture

Come on lizzy, QE has never stopped, ZIRP and swap windows for ever!