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

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.

U6:

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.)

Comments

[adr]

You know what happens in September? A whole bunch of temporary workers get added to the service industry stocking shelves for the holiday season. They are all let go in october when all the extra holiday floor personel are hired. All minimum wage jobs but it doesn't matter because to NFP data a job is a job.

If 100k people lose a $35-50k job and 75k of them take a $9 an hour job, is that good news?

I'll never understand how union workers going on strike count as unemployed. You don't get fired when you go on strike, your job never went away if you get it right back. How can that count as a job created. It is pure manipulated bullshit. If  you can't see the fact in that statement then you are just a tool of the rigged market.

The lolipop brigade came out in full force at the end of March 09 proclaiming a fixed economy, knockout earnings, and millions of jobs to be created. Two years later every green shoot other than equity values has withered and died. But that was the goal. If your welfare depends on strength in the Wall Street casino then you would do anything to jack it up. Even if it meant sending millions of others to the bread line.

[marcusfenix]

I see the parade of hopeium addled trolls is longer than usual this friday...

remind me again what time of year are we headed into?

that's right, the holiday season, the santa claus stimulus is kicking in.

it happens once a year, every year, just like last year job creation will increase (slightly) and unemployment will edge down (slightly).

for a month now I've seen the seasonal job listings beginning to pick up, the thing is because the wreckconomy is so bad these normal yearly bumps are that much more noticeable. just goes to show our economy is now entirely dependent on stimulus (or the rumor of) of one form or another to survive.

whether it's from Europe, the fed or jolly old saint nick...

[Sandy15]

It's the trolls of Occupy Wall St.  They are getting on their computers and ipads to post crap!!!

[Sandy15]

Jobs were added because the Protesters on Wall St. are getting paid.......WAKE UP PEOPLE.......VOTE these progressives out of office!!!!

[warchopper]

Finally people are waking up to what U-6 is. After blogging about it over on CNN, they finally threw up a chart on their webpage showing U-6 going up. With that said, BLS can now jump onto manipulating that number as well.

[karmete]

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