September NFP Prints At 103,000, Beats Consensus, Even As U-6 Comes At Highest Since December 2010, Manufacturing Jobs Lost

Tyler Durden's picture

So much for the recession? September NFP prints at 103,000 on expectations of 60,000, with August revised to 57,000 from that roulette busting double zero. The unemployment rate held at 9.1 percent, as expected. From the report: "The increase in employment partially reflected the return to payrolls of about 45,000 telecommunications workers who had been on strike in August. In September, job gainsoccurred in professional and business services, health care, and construction. Government employment continued to trend down." Average hourly earnings also came in line with expectations at 0.2%, with the previous revised from -0.1%, to -0.2%. Yet not all is good: manufacturing jobs declined by 13K on expectations of an unchanged number. And, oh yes, real unemployment, U6, printed up from 16.2% to 16.5%, the highest since December 2010.


From the report:

Both the labor force and employment increased in September. However, the civilian labor force participation rate, at 64.2 percent, and the employment-population ratio, at 58.3 percent, were little changed. (See table A-1.)


The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) rose to 9.3 million in September. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)


In September, about 2.5 million persons were marginally attached to the labor force, about the same as a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)


Among the marginally attached, there were 1.0 million discouraged workers in September, down by 172,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.5 million persons marginally attached to the labor force in September had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities. (See table A-16.)

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
HelluvaEngineer's picture

Oh Lord.  Queue the trolls.

Bartanist's picture

Look! One got the first post! Gratz Troll!

HelluvaEngineer's picture

Who pissed in your Cheerios?

MillionDollarBonus_'s picture

This is a direct result of Obama's previous jobs bills. It took some time, but those investments are finally paying off. This is yet another example of the success of fiscal and monetary stimulus. For those libertarians who STILL don't get it, the following equation explains the result:


Libertarians have been DEAD wrong for the last 5 years. Where's total Armageddon and economic collapse? Where's the hyperinflation? I'm still waiting.

infotechsailor's picture

u forgot to end with your closing sarcasm tag /SARC to signify that your entire comment was sarcasm... it was sarcasm, right?...




 "The increase in employment partially reflected the return to payrolls of about 45,000 telecommunications workers who had been on strike in August.

Encroaching Darkness's picture

Oh, it wasn't sarcasm, he's serious(ly delusional).

And the real number for unemployment isn't really calculable, as no one knows how many have given up and are eating on savings, exist in homeless shelters without unemployment benefits, went overseas and are STILL looking for work, etc. The real number closest is probably John Williams' at Shadowstats, and even it should haunt every politician in WDC with endless nightmares.

Play with the numbers all you want; the truth will piss everyone off, and the darkness is still coming. I don't get any thrills from this; it's already a miserable time to be unemployed, broke, young and hopeless, old and without prospects of getting back on the job, or anything else except already wealthy and connected.

Then again, it will suck for them too, after a while. Beans, bullion, bullets, beer, what else have you put by?

stirners_ghost's picture

What are they standing in line for?

shaxmatist's picture

Tyler is amazing. He'll take an incredibly bullish report and nitpick the smallest pessimistic tidbits he can find and make it sound like it was bad!

The term permabear doesnt even begin to describe whats going on in his mind.


taraxias's picture

It's not a case of what Tyler says or anyone else for that matter. Are you incapable of critical thinking?


cosmictrainwreck's picture

hahaha...good one! yer just pulling our crank, right? right?

shaxmatist's picture

There is no crank.. the report was the best economic news we got all year. But I guess if you look at the world with shit stained glasses, everything looks like shit?

fuu's picture

"the report was the best economic news we got all year"


103,000 - 45,000 = 58,000

US Median HOUSEHOLD income: $50,046/yr from here.

58,000 * $50,046 = $2,902,668,000/yr

We're all fucking saved!!!

<saddles up his unicorn and rides off into the crepuscular sunset>



Problem Is's picture

"Overall this was a weak report, and only looked decent because expectations were so low."

Calculated Risk

So how do I put this politely...

STFU shaxmatist, you Obummer-bot, Bullshit Barry the Wall Street puppet, TARP lovin', sock puppet shill...

pods's picture

If this was the best economic news all year we are doomed. 


Strike Back's picture

Right, because we're going to be able to treat, teach, and recover striking workers our way out of this recession.  The glasses are on your face.

From the decidedly perma-bullish and mainstream NY Times: "The private sector added 137,000 jobs in September, although that included about 45,000 Verizon workers who had been on strike during August and returned to work by September. As has been the case throughout most of the downturn and tepid recovery, health care and education were among the strongest sectors, adding 45,000 jobs in September."

If you don't get my treat and teach reference, do some research on how service sector employment is a cost and does not improve underlying economic structure.  Manufacturing jobs, which would actually help us pay down debt, have been lost.  This is bad news, not being nitpicky here. 

Schmuck Raker's picture

I'm with ya Shax. Details are for losers!

Tyler your ridiculous, and... and when will you learn that UNemployment does not matter?!

Only EMployment matters!


Jeff Lebowski's picture

Schmuck Raker

  • Personal information

Beltway Baby;Ski Bum;Cook;Carpenter;Scuba Bum;Family Caregiver. High School Educated. My favorite car is a bicycle. Haven't owned a TV for 10 years. I've traveled a bit.
For years I managed to ignore the follies of my fellow man, and my own. That convenience has recently been stripped from me.

Nascent_Variable's picture

The August number was revised from 0 to 57K.  If you don't see any shenanigans going on, you're fucking retarded.

Cassandra Syndrome's picture

Everything is under control.

Popo's picture

Watch them spin this as positive news.

Unemployment hasn't gone down (at all).  Manufacturing jobs lost.   No positive change... but we beat the estimates of a handful of analysts who are wrong more than 50% of the time.   Woohoo!  It's bullish!   </sarc>

Schmuck Raker's picture

I could tell by the erasure marks all over the report.

SheepDog-One's picture

Just all lies and manipulation at this point. 

Shocker's picture

If this wasn't more of the same it would be interesting. The numbers suck and pretty much everyone knows it. We continue to lose jobs, but somehow we always come out on top.

For a complete list -

scatterbrains's picture

When is that U6 crowd gonna finaly burn the fed down ? Maybe the fed needs to print one or two more rounds before it gets to that.

Clorox Cowboy's picture

But SD1, don't you see?  There's the solution to all our problems...we just need 250,000 workers each month to go on strike and then return to work the following month!  All hail the BLS!

lapedochild's picture

Futures seemed to like it...

HelluvaEngineer's picture

Dollar is in the process of tanking (again)

I think I need to buy a gun's picture

thats why the system in fiat money is broken,,,,,the only way the stock market goes up is if dollar weakens,,,,if we continue to weaken the dollar forever oil goes up forever......thats why the system has to change right there commodities need the gold standard and the stock market needs fiat money,,,,,introduce Reference point of course oil priced in gold probably won't go over well with the populace....

Problem Is's picture

"if we continue to weaken the dollar forever..."

"We'll worry about that next quarter" said the Bernank to Jeethner as they warmed up the Fed-copter for action... "Have you got a better plan, Timmah?"

Dreadker's picture

So an increase of 58k workers, lower than the forecast 59k is what actually happened... but good old knee jerk "we're saved" wall street response lol  And its still 9.1% unemployment but everything is ok now, all in on the hedge funds and derivatives ponzi scheme!


Loved the daily shows piece on occupy wall street.... Hippy Nazis XD lol

IBelieveInMagic's picture

does the dot represent a comment -- if so, how to view?

Problem Is's picture

He's a more efficient worker... can post more comments " . " by being to lazy to write...

sullymandias's picture

It originally said "..." but then he has second thoughts and went back and edited it.

LongSoupLine's picture

When market moving rumor tools are spent, move back to fixed data.  The fix is in and here's the ramp.  horseshit.

TradingJoe's picture

The Ramp will be Faded as we reached the "saturation level" and profit taking will ensue shortly, see ya @ 1010SP!

Zeilschip's picture

That's 100+ ES points in four days... I've a feeling tho, that unless Europe finds a way to have their bankrupt governments recapitalize their bankrupt banks and at the same time not let the PIIGS default, this bear rally squeeze will fade next week.

Joshua Falken's picture

These numbers are sooo open to revision they are next to worthless and yet the day trading lemmings jump off the cliff anyway.


swissaustrian's picture

I don´t buy the hopium. I stay sober

sabra1's picture

do U.S. teachers collect unemployment during summer holidays, and if so, are included in the septembers NFP when they return to work?

the not so mighty maximiza's picture

i was told they collect reguler paycheck

Corn1945's picture

They do not collect unemployment.

TheLooza's picture

its a celebration bitchez.

now, allow me to show you how the headfake game works.  this fucking slut closes red today.

SheepDog-One's picture

Probably time to chop the bulls horns now, certain we're now embarked on a no risk rally.

fuu's picture

Have you had your personal time with any of the robots yet?

TheLooza's picture

Learned the hard way never stick my weenie in things that got smoke coming out of'em. Them machines working overtime, these days. Hot metal.

So fucking horny though.


rubearish10's picture

This shot goes on for at least another month now.....