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Nonfarm Payroll Surge... On Gain From "Low Wage Jobs", Delay In Courier, Messenger Job Drop

Tyler Durden's picture




 

Great news from today's BLS report, right (when one excludes that record 1.2 million explosion in people out of the labor force of course)? Wrong. As is well known banks have been firing workers left and right: these are the jobs that actually matter in the grand withholding taxes scheme of things. Yet someone is getting hired supposedly. Well, as we suggested before the NFP report, this is merely rotation from high paying jobs to "low-wage jobs." And no, it's not our words - this is what CRT Capital says. Per Bloomberg: About 113k of NFP gain from “low wage jobs,” David Ader, strategist at CRT Capital Group, writes in note. Additionally, “we didn’t see the drop in courier and messengers as expected - but suspect we will." Moreover, ‘‘long-term stress remains at the U6 measure at 15.1% is still high, but likely falling due to people leaving labor  force, and duration on unemployment remains over 40 weeks." But yes, it is an election year, so by November expect the labor participation rate to be under 60% and the unemployment rate to drop to under 6%, or some other propaganda BS.

 

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Fri, 02/03/2012 - 10:13 | 2122901 StockHut
StockHut's picture

This country has zero credibility anymore.  It's really a shame.

Fri, 02/03/2012 - 10:20 | 2122947 rajat_bhatia
rajat_bhatia's picture

Sure Sure, but dont blame everyone else for your trading losses

Fri, 02/03/2012 - 11:34 | 2123161 DaveyJones
DaveyJones's picture

As long as that's your only concern. Can I call you Mr. Congressman?

Fri, 02/03/2012 - 10:14 | 2122904 Shizzmoney
Shizzmoney's picture

Moreover, "long-term stress remains at the U6 measure at 15.1% is still high"

Again, as Rep. Paul and Sen. Sanders correctly point out, the U6 is the real number people need to be looking at to gage unemployment. 

It has changed 1.2% down in the last 1.5 years.  Sure its improvement, but as Mr. Wolf said in "Pulp Fiction": "Let's not start sucking each other's dicks just yet."

Fri, 02/03/2012 - 10:17 | 2122927 niktamere
niktamere's picture

"Lets not start socking eachothers dicks just yet"

 

About 45 mins late on that one

Fri, 02/03/2012 - 10:34 | 2123009 johnQpublic
johnQpublic's picture

just out of curiosity, is anyone here commenting on zerohedge still employed?

 

what are you doing all day that you have the time to comment on so many articles?

Fri, 02/03/2012 - 10:41 | 2123033 Global Hunter
Global Hunter's picture

Self employed home office bitchez!!!  However I had more time to come to ZH and comment when I was on the trading desk :) 

Fri, 02/03/2012 - 21:12 | 2125576 Dead Canary
Dead Canary's picture

Retired programmer (disability). Before my heart condition, jobs were really hard to find. A bad ticker saved my ass. What a world.

Fri, 02/03/2012 - 10:16 | 2122921 ZippyBananaPants
ZippyBananaPants's picture

Too many idiots in this world, we are doomed.  Simple math, that the general public will not do.  I am listening to CNBC and am ready to puke.

I wish I could buy into all this bullshit but with two engineering degrees, things have to make sense to me before I will believe.

God help us! 

Fri, 02/03/2012 - 10:19 | 2122943 mushioov
mushioov's picture

"God help us!"

was that sarcasm?

Fri, 02/03/2012 - 10:26 | 2122988 Manthong
Manthong's picture

That's what the Romans were saying during the decline as the government was debasing their money and the barbarians were at the gate..

and they had more than one god.

Fri, 02/03/2012 - 10:58 | 2123082 ElvisDog
ElvisDog's picture

Another attitude that was prevalent in Rome right up until the end was the notion that Rome would always be great because it had been great in the past. Even when the provinces were spinning off, the army was disintegrating, and the barbarians were at the gate. The Romans thought that the inherent Roman greatness would re-assert itself at some point in the near future. Compare this with the "U.S. is the greatest country on Earth" stuff we still hear today.

Fri, 02/03/2012 - 11:12 | 2123155 CrashisOptimistic
CrashisOptimistic's picture

Rome fell because of a period warm weather that moved malaria mosquitos north to the city -- and destroyed hundereds of years of PhD history dissertations.

Fri, 02/03/2012 - 11:20 | 2123172 DaveyJones
DaveyJones's picture

like every empire in history, we think we're the exception to every empire in history

the only difference is that we're falling faster

Fri, 02/03/2012 - 10:38 | 2123014 Shizzmoney
Shizzmoney's picture

Speaking as someone who is "progressive" on many issues, today is the type of day that makes me want to hate liberals.

Critical thinking masses just don't exist anymore.  MSM further exacerbates that.  Just tilting to the core. 

I mean, why are people bitching so much still even if U3 is down?  Because value of the dollar is going down faster than Jerry Sandusky at a Day Care Clinic.  People are getting jobs that don't offer health insurance.  People are getting paid the same they were *5* fucking years ago (even though we increased the money supply by ump-teenth percent).  Here in Boston, rents are going up, the MBTA Transit system fares are going up and making cuts.  But the "unemployment rate" is down to 8.3%....break out the champagne!!!1111

Sad part is, once the number gets down to around 7%, they'll use it as excuse toraise taxes on poor/middle class folk.  Remember too, most of the employment in this country exists around the higher cost areas of living. 

Fri, 02/03/2012 - 11:30 | 2123222 DaveyJones
DaveyJones's picture

corruption renders all the political labels meaningless. conservative, liberal, progressive, strict constructionist, peace keeper, terrorist...

did anyone catch the documentary filmmaker of Gasland being arrested for trying to document a congressional hearing on fracking. Apparently all the industry boys were there to play but no citizens whose water tables, cattle and relatives had been poisoned were invited to the show.    

Fri, 02/03/2012 - 10:20 | 2122946 slovester
slovester's picture

The large jump in NFP wouldn't have anything to do with people now having to sign an employment contract as a "Professional Food Consumer" in order to collect SNAP benefits, would it?

Fri, 02/03/2012 - 10:21 | 2122951 azzhatter
azzhatter's picture

Santelli gives a shout out to ZH

Fri, 02/03/2012 - 10:21 | 2122952 monopoly
monopoly's picture

Yeah, they will spin this as best they can and not mention the labor participation rate. Turned the TV off. Makes me ill.

Fri, 02/03/2012 - 10:22 | 2122957 I Eat Your Dingos
I Eat Your Dingos's picture

I bid its just another one of those typos when they released the info....NOT

Fri, 02/03/2012 - 10:29 | 2122999 Money 4 Nothing
Money 4 Nothing's picture

Wait for the revision? Loolzz! I know how they cook these numbers. If your off UE and out of the labor force, your simply not counted anymore.

 

-JP 

Fri, 02/03/2012 - 10:22 | 2122959 Money 4 Nothing
Money 4 Nothing's picture

I call Bull Shit, U3 U6 not manufactured Administration numbers for re-election purposes. Santilli is correct, I think the only one at CNBC that doesn't sugar coat anything.

Fri, 02/03/2012 - 10:22 | 2122961 Squid Vicious
Squid Vicious's picture

decoupling bitchez!

Fri, 02/03/2012 - 10:23 | 2122965 Oh regional Indian
Oh regional Indian's picture

The Quality of jobs thing.

So Subjective.

ori

/san-onofre-33rd-parallel-4th-7th-feb-window-out-on-a-limb/

Fri, 02/03/2012 - 10:24 | 2122974 Alchemist1
Alchemist1's picture

Must be monster seasonal adjsutments this month.. According to BLS website, teh non-seasonally adjsuted payroll # was -2.7m (that's right it's a minus).. Check it out at the bottom of the page:

 

http://www.bls.gov/web/empsit/cesbd.htm

 

Fri, 02/03/2012 - 10:25 | 2122979 midtowng
midtowng's picture

a continuation of a 30-year trend.

Good paying jobs continue to go away, and be replaced by low-paying jobs. The middle class continues to vanish

Fri, 02/03/2012 - 10:25 | 2122980 Dr. Engali
Dr. Engali's picture

By the time the election rolls around we will be at dow 14,000, the " unemployment rate " will be at 7.5%  gold will be at 2,500 and the dollar won't be worth spit. But Obummer will be elected again because they are masters of cooking the books.

Fri, 02/03/2012 - 10:43 | 2123011 Money 4 Nothing
Money 4 Nothing's picture

Obama is not going anywhere, sad to say, his Administration are job killers, not creators. He is ruling by decree, end running both houses = Dictator. 

There are no recovery plans IMHO. The economy / housing market has to hit bottom first. Nobody has money and the economy is NOT improving, here in NJ, were seeing a record amount of small businesses folding in the past year..

I have 22 job applications out there along with resumes and I recieved 2 phone calls for interviews, I recieved 2 offers for 25% less than my last job's wage. I am a trained professional in my feild and never worked for less than $24 per hour in my career.. $17 an hour offers don't cut it.

Signed.

Jaded.

Fri, 02/03/2012 - 11:16 | 2123165 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

M4M, I have three engineering degrees and many years experience. The hunt is tough even for me. Our corporate masters are too busy shipping jobs to Asia or importing H-1B visas to the US. These foreigners are NOT necessarily better employees even though their price tag is lower.

Fri, 02/03/2012 - 10:30 | 2123004 Everybodys All ...
Everybodys All American's picture

I'm convinced Obama gets re-elected now. I'm also convinced it may be the best thing for this country. Why? Because when this all blows up and we all know it will the right people will be blamed once and for all.

Fri, 02/03/2012 - 12:22 | 2123498 realitybiter
realitybiter's picture

I think you are dead on.   Imagine if BO doesn't get re-elected.....the economy will get managed back into tolerable limping, the police state will increase, the corporate welfare will go insane, the war machine will be at levels never seen....at least in the BO situation, the teat on the scrawny cow will go completely dry, killing the host and all the parasites with it.  

Fri, 02/03/2012 - 10:35 | 2123016 azzhatter
azzhatter's picture

Talk about Oxymorons- I just heard Bob Pissonme on CNBC say intellectually

Fri, 02/03/2012 - 10:51 | 2123055 Stuart
Stuart's picture

What matters is consumer spending and tax collection.  On both counts, this report is terrible.

Fri, 02/03/2012 - 10:55 | 2123075 BlackholeDivestment
BlackholeDivestment's picture

Labor Sec Sellease(lol) on MSNBC, poor girl ...you could tell she was having a ''have I lost my soul moment''. They really should get a better actor.

Fri, 02/03/2012 - 12:04 | 2123407 lizzy36
lizzy36's picture

CAT (+65% profits y/y) is closing down a factory in London Ontario. Workers wouldn't accept a slash to wages, benefits and pensions.

So they are going to move facotry across the border. Where workers will accept NO benefits, NO pensions and 40% cut to wages.

Now at first glance many will say a job is a job. But think through the long term implications of this "job". Who is going to pay for this workers healthcare and pension? Not the corporation.The bill will go to the public sector. The corporation is paying record low taxes to the government (as a percentage of GDP lowest since 1972). Currently the number is about 13.1% vs 25.6% from 1987-2008.

So, the government (which is you dear taxpayer) is subsidizing all new employment in this enviroment. Moreover, you are also being asked, to a greater extent than ever,to subsidize workers healthcare and pensions. In reality the taxpayer is subsidizing the extreme wealth transfer from workers to company executives.

Nobody will care about this today. The same as nobody cared about subprime in 2002.But you can be damn sure they will in 5-10 years from now.

Fri, 02/03/2012 - 12:57 | 2123631 Village Smithy
Village Smithy's picture

It seems so simple doesn't it? We are steeling from our future at an ever increasing rate. No one, especially the MSM, ever seems to contrast "good news" with the incredible parabolic run up in debt. What pisses me off is that ZH will take a lot of shit for the pessimism today but I think that most of us believe we are making things far worse in the future by refusing to face reality.

Fri, 02/03/2012 - 13:17 | 2123705 Money 4 Nothing
Money 4 Nothing's picture

Here is some reality for you.

16 Trillion of Nation debt. (our biggest National Security threat besides our President)

16-18% unemployement.

200 Trillion in unfunded liabilities.

1 Quadrillion in Derivitives. Not including "dark pools"

Good Morning sunshine.

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