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US Added Just 96,000 Jobs In August, Far Less Than Expected; Unemployment Rate Slides To 8.1%
In August, two months ahead of the presidential election ahead of which this number will be one of the most critical and talked about, the US generated just 96,000 non-farm payroll jobs, on expectations of 130K additions, and compared to the July number of 163,000, now revised to 143,000K. Private payrolls rose by a modest 103,000, much lower than the expected number of 142K, and down from July's revised 162K. -15,000 manufacturing jobs were lost, compared to the expected +10K, and sadly just a little bit short of Obama's recent promise to add 1 million manufacturing jobs by 2016. Finally, while the unemployment rate came lower (surprise, surprise: this is what appears in newspapers) at 8.1%, far lower than expectations of 8.3%, and below last month's 8.3%, the broad total underemployment rate (U-6) continues to be sticky at 14.7%. Birth Death added 87,000, up from July's 52,000. The reason for the drop in the unemployment rate: labor force participation dropped to 63.5%, down from 63.7%. Oddly enough, this report leaves the NEW QE door open, even as Obama can take the accolade for a declining unemployment rate. Win-win for everyone.
From the report:
Total nonfarm payroll employment rose by 96,000 in August. Since the beginning of this year, employment growth has averaged 139,000 per month, compared with an average monthly gain of 153,000 in 2011. In August, employment rose in food services and drinking places, in professional and technical services, and in health care.
Employment in food services and drinking places increased by 28,000 in August and by 298,000 over the past 12 months.
Employment in professional and technical services rose in August (+27,000). Job gains occurred in computer systems design and related services (+11,000) and management and technical consulting services (+9,000).
Health care employment rose by 17,000 in August. Ambulatory health care services and hospitals added 14,000 and 6,000 jobs, respectively. From June through August, job growth in health care averaged 15,000 per month, compared with an average monthly gain of 28,000 in the prior 12 months.
Utilities employment increased in August (+9,000). The increase reflects the return of utility workers who were off payrolls in July due to a labor-management dispute.
Within financial activities, finance and insurance added 11,000 jobs in August. Employment in wholesale trade continued to trend up. Employment in temporary help services changed little over the month and has shown little movement, on net, since February.
Manufacturing employment edged down in August (-15,000). A decline in motor vehicles and parts (-8,000) partially offset a gain in July. Auto manufacturers laid off fewer workers for factory retooling than usual in July, and fewer workers than usual were recalled in August.
Employment in other major industries, including mining and logging, construction, retail trade, transportation and warehousing, information, and government, showed little change over the month.
The average workweek for all employees on private nonfarm payrolls was unchanged at 34.4 hours in August. The manufacturing workweek declined by 0.2 hour to 40.5 hours, and factory overtime was unchanged at 3.2 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours. (See tables B-2 and B-7.)
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BTFD BITCHEZ!!!!!
Another swing and miss. The job situation is horrible, no way to spin it.
Completely Layoff/closing list below
http://www.dailyjobcuts.com
-
OH, there is ALWAYS a way to spin it.
And futures are up. It's another great day in the most distorted market in history.
LOWEST PARTICIPATION RATE IN OVER 30 YEARS ... Is it still Bush's fault?????????
We're so freakin doomed
Dude....relax. We missed it by jiiiiiiiiiiiiist that much.
Republica Bananitta ...
Cue the "7 handle" on the last print before the elections... You can probably bet the house on that...
Surprise, Goldman gets the numbers before everyone else. Either that or Hatzius can write a report, get it through compliance and publish it in 10 minutes.
Which raises the question: WHEN did they actually get the report. And did they trade on it in advance?
what do you think?
Well the shit is so predictable they might "pre-make" one or a couple of versions.
I'm just waiting for their "Dewey defeats Truman" moment.
Republica Bananitta ...
http://www.flickr.com/photos/expd/7928023370/
All hail the Banana-In-Chief
The source of our national grief
A slippery fool
A Kleptocrat tool
And Romney provides no relief
The Limerick King
WB7 'killing it' with this stuff:
http://www.zerohedge.com/contributed/2012-09-06/runninh-mates
fav
http://www.flickr.com/photos/expd/7923832788/in/photostream/
Read a very interesting "Futurist" piece today which said that the entire economy would be gamified.
Made perfect sense. Who needs roads and bridges when you'll have nowhere to go?
In Farmville on the other hand, your virtual tomatoes will sell briskly and you can always meet your girlfriend in the "park" for a little sumthin sumthin...
Virtualization, no 3D glasses required, that is the goal. Better get that Second Life account and buy some Un-real estate while you can.
ori
Is there a way to buy puts options on unemployment checks and food stamps? I've got $6k after paying all of my masters this month.
Buy GC and SI calls ... same thing.
When I was a kid, my pop was into "futurism." He subscribed to Futurist Magazine, read "Future Shock" and stuff like that. As a 10 year old, I read all that stuff too. I remember a lot of what I read, and I remember as a 10 year old, believing it had to be true because it was in a book.
One of the central themes of '70s futurism was the idea that there wouldn't be much work to be done in the future (now). What the futurists got wrong was the consequence of this dearth of work. Their view was that robotics and automation would usher in a period of complete freedom for the bulk of humanity, with people spending their time in leisure pursuits and self improvement.
I'm still waiting for my self-cooling beverage cans.
And I'M still waiting for my flying car, damnit.
And full unemployment.
Guess I'm gonna get the latter first...
As even you could see...never mind. But the chart clearly shows the labor force particpiation rate dropping a lot right around the time Bush took office. You must have missed that in your haste to hammer Obama.
You could have had more time, you know? You could have looked at that big chart in the middle of this post.
In your haste to create a ZH account, you came up short on your screen name..."bobnoxious" would be more fitting.
Bush, Obama, Romney... people still make these retarded questions of whose fault it is?
It's fucking Jamie Dimon's fault. Bernanke. Rubin, Greenspan, Corzine. etc etc
It's looking to be inconsequential at this point.
96,000 jobs isn't bad at all. That's almost a 100k people that now have secure, well-paying jobs. What's wrong with that?
nothing at all...just like all those well off Facebook stock holders...know what I mean MDL?
True...96K fast food jobs are great. You get free food from the dumpster so that we can cut back on escalating food expenses. Even illegal aliens find that they can do better in their country of origin. These are fine American jobs for the new Amerika. My kid can hardly wait to graduate from college so she can shovel french fries.
Sit down and listen, and let the the price of gold (and silver) speak to you.
Well playing ... not well paying.
And how many fell off the grid you stupid wonk?
Way to go MDB. No Forseeable Problems. Thanks for the giggles.
the margin of error is 100k.
"Recent calculations from the Employee Benefit Research Institute show that roughly 44% of those born between 1948 and 1978—baby boomers and Generation X—won't have adequate retirement income, and that is assuming interest rates go back up in 2014. But the current environment is weighing even on those heading into retirement with what seems like a tidy sum."
http://finance.yahoo.com/news/making-retirement-assets-last-040100480.html
He's a troll, but he's OUR troll, and he is one of the best!
Yes its Bush's fault. He isnt employed or unemployed. He has disappeared entirely and therefore not counted in the participation rate.
He's preparing his witness testimony and plans for relocation.
That was a goldilocks number - Not negative for people to say "Bernanke you are wrong" Not big to say "bernank, stop" and the 8.1% fall with low number => could go up, drop from long term "participatioin" rate as the unemployed fall off the BLS counting... => STRUCTURAL UNEMPLOYMENT.
15K KFG jobs lost? Bad news => STRUCTURAL UNEMPLOYMENT
Productivity revised up? could grow on that.
Two transmission mechanisms for monetary policy to hel p long term unemployment (since low interest rates are not doing it, just helping to substitute capital for labour where prospects are positive but not growth) are
1. WEALTH EFFECT - LETS GET PEOPLE FEELING RICH BITCHEZ
2. EXCHANGE RATE - LETS GET EXPORTING WITH WEAKER DOLLAR
which reminds me, .. Goldilocks.. MMMMMM ZH made my day :)
Yes, like it's a huge miss for the Obama administration. However they are up against Romney so it should not affect Obama's chances of getting re-elected.
The jobs situation is GREAT news... for Wall Street.
This report = QE = big bonuses.
Forward bitchez!!! Buhahahaha
What dip? Gold got a stiffi
Pity the fools that have saved their money for retirement and have it in a bank account. If this doesn't cause a run on the banks and into gold, I'm not sure what will. Unintended consequences?
GOLDEN BONER!
SILVER WOODY !
Leave my family out of this please.
"Do unto others."
Wall Street Live Feed!!
http://www.youtube.com/watch?v=EMdaVgiawRs
And if they don't announce QE at the next FOMC? What happens?
Now that's the BTFD I'd like to see!
WFD? SIlver jumps and gold breaks 2% rule. Youch, JPM.
Deploy the kraQE3n!
Employee: "uhh, sir, you have a wet spot on your pants..."
Bennie B.: "whoops, sorry, just a reaction to the moment."
bullish!!
I'm so sick of this bullshit. Good is bullish; bad is bullish-er; completely fucked is buy with both hands. Wake me up when this house of cards finally comes down; the bullish fuckwads have succeed in bringing about my wish to see this shit burn to the ground just to see the cognitive dissonance of the cheerleaders even if I am wiped out of my paper wealth.
What makes it worse is that boating accident last week where I lost all my gold, silver, lead, CNC milled alloys and chromoly stainless...
SURPRISE!!!
QE3 is on like Donkey Kong. Witness immediate ramp-up in metals.
A half million leave the labor force and the unemployment rate drops 2/10ths. Manipulation perhaps?
Obama can't wait until the last report before the election to have the UE rate fall below 8%. That would look too fishy. But if a trend can be established...he can say 'llok, things are finally improving, so vote for me.' Most sheeple don't see the true story and wouldn't understand it if they did. Higher math like understanding the BLS numbers is too difficult for them. Their math is limited to 'how much is left to spend on my EBT card?'
So it'll come to the stage where no one is working and there's no unemployment.
Obamanomics for ya!!
More Q More Q gold oil SP moving higher......real people real jobs down.....fuck reality
wages were flat, meaning more permanent jobs eliminated while the economy "added" 96K burger flippers and coffer pourers.
QE4evr.
Just.need.more.central.planning.
L0L!!!
great buzz-word collection!
ain't it AWFUL? L0L!!!
Guaranteed - next mo. will be 7.9%. There's an election to be stolen!
If elected I promise to withdraw all troops and close the IRS first thing, then fix all unemployment by April, balance the budget before summer recess and pay off the national debt by the end of my second year. Free sex for everyone!
That sure validated the ADP numbers.
i said yesterday. ADP has as much cred with me as the NAR
more people not working...just left the marketplace....less and less working....but more on Foodstamps.....hmmmm...4 years into this administration....this is not good...participation rate lowest in 31 years....31 years....WOW
That's perfect! It's George HW's faiult!
Ben: Fire up all the presses, have the bails sitting on the Helo-pad by 10am! Just DO IT, Dammit!
This is bullish for short volatility:)
Pathetic..The reported unemployment rate will be 7.8% come election day.
In a few more months the unemployment rate will be zero as all able bodied people start taking disability!
Cue Buck Fernankie! Mr. Fernankie....you're on..........
What a fuckin disgrace and this fool wants 4 more years? Why doesnt the crime ring running this game just put the unemployment rate at 7.9% and leave it there, it doesnt matter, its nothing more than another manipulation and LIE!
Must be because of the hurricane...or something.
Don't be silly.
It's because of the snow.
People were so busy with back to school shopping they didn't want to look for jobs.
at this pace we should see unemployment rate below 7% by nov. and o bonehead can claim victory! HA HA!
5 years ago, this number would have been meaningful, as in meaningfully bad. Abysmal. Market moving bad. Now, /ES edges a little higher, the only market participants left are central planning nuthuggers, zombies who inexoribly buy any weakness because they believe the Bernanke Put will always be there. Tragedy is forged from complacency.
The volujme is made up entirely of central planners and has been for the past 2 years, why make an issue of it now? Its all part of the con game in DC.
Just think without all this central planning and intervention there would be no jobs at all, so really the Regime and the Fed have created 90 million new jobs. Forward comrades - Utopia is just around the corner, we just need 4 more years to complete the plan.
Who would have known. sarc off
Labor participation rate is the lowest since 1981. As you know, that's the ONLY reason the unemployment rate is dropping. You don't count if in college or the Sea of Despondence.
This is the winter of our discount tents!
The dtails..manufacturing way down....the "good" jobs down....part time service jobs..up.....so our work force is becoming dumbed down...and not paid very much...deficits to 2 trillion a year easy...got gold
Fortunately for Obama, hamburger-flipping jobs are only bad if a Republican is president. Under Democratic leadership, any job is a good job. This is rather like other statistics. Has anyone heard about homelessness under Obama? I guarantee that, if Romney is elected, we'll be reading about record levels of homelessness by February 2013. Ditto war deaths in Afghanistan. We're lucky to have such a benevolent MSM; if they told the truth, the entire country would resemble South Park's Tweak.
We've already got all of the burgers we need. The *new* service jobs are stripper/lap dancers. Most of that is 'under the table' work, though. Figuratively,*and* literally.
@GeezerGeek: So true. If Romney wins, the MSM will turn on a dime and we'll be closer to panic and the FEMA camps than ever before.
No matter who wins, current day America is becoming or is South Park, not the other way around.
It is such a joke, I've got the inlaws saying that if I write in Ron Paul it is just as good as a vote for Obama. You know I don't really give a f#*k. Romney won't do s&^t. You really think he's going to tell Apple," Shut down Foxconn, we need those manufacturing jobs here in America." He will ki$$ a$$ just like every other money grubbing politician in Washington. The poor children.
They are wrong. A vote for Ron Paul is (half) a vote for Romney.
No QE , unemployment rate dropped.
Doesn't work that way. Everything is good news. Unemployment is down, good. Labor participation dropped 368K, good as we will print. Only 96K jobs, good.
Gotta.be.bullish.rigjt? WhatTheFUcKisn't??
Hmmm, I see it tok about 4 mins. for the "Bad news is good" exlir to kick in. What a joke.
Just Stack It
there ya go. grand total of 12 minutes to QE ramp...come on ben has his orders.. Ramp it up so the sheep wont wake.
Exactly.
How f'ing pathetic can this get?
whats pathetic is they make it so obvious.. dont even try to hide it.
The mistake is thinking people care about the stock market anymore. The price of gas and food has more to do with the perception of the economy.
Nobody that lives in the real world cares about Amazon hitting all time highs when they see a 12oz box of Corn Flakes hit $6.
And...AIR BRAKES applied and Ben ass slamming the ES higher again.
Jesus, what a f'ing facade.
...you're young and you got your health, what do you want with a job? [/evelle] [/raising arizona]
I tried to stand up and fly straight, but it wasn't easy with that sumbitch Obama** in the White House. I dunno. They say he's a decent man, so maybe his advisors are confused. [/hi] [/raising arizona]
**seasonally adjusted to current conditions
"The gubmint do take a bite, don't she?"
The more QE, the more jobs that are lost. When you don't need production to make profit, the further the economy detaches from actual business.
Ben can't launch QE3. If he does gasoline will g to $5 a gallon and a meal at McDonalds will hit $10. The economy will come to a screaching halt. Every full time job will be lost.
However none of that will seem to matter because the unproductive economic machine of Wall Street will continue to ramp higher and higher. Let's produce even more product that will never be sold to fake earnings.
You want to believe Lulu Lemon's report, fine. But you must have been one of those people crying during Obama's speech.
As Santelli says: the unemployment number will be 7.9% the Friday before election day; that's all you need to know.
No Jobs For Old Slaves
http://chartistfriendfrompittsburgh.blogspot.com/2012/09/no-jobs-for-old...
Work week fell to 34.4...that's bullish
Within my sphere of family and friends, my son and I are the only ones not recieving some kind of government assistance. I know people on disability who work out. I know people who lived off the government for years.
There are many.
They all vote and no, they will not vote in favor of aanyone who will take their life of couch potatoism and change it.
It is a sad state of affairs and reminds me of other state controlled populations where people referred to each other as comrade but would not think twice about sticking a knife in the back of someone who would try and achieve self sufficency.
This is the big voting block that you do not hear much about, the dependent class.
When they see politicians talking about the debt and deficit, they see their handouts being cut or eliminated.
We are very close to the point that pandering to this class is the SURE way to political victory.
sschu
sschu
That is a subset of the "receiving government checks" class, including politicians, government workers, government contractors, and corporate/banker subsidies.
They already are a larger voting block than private sector working people/businesses.
And that is the reason the country is going to hell in a handbasket. The parasites have overwhelmed the host.
In one of the Star Trek movies, Spock lifted an eyebrow and observed, "It is not logical for a parasite to kill its host."
methinks we're well beyond that point at this point. then again, Rome wasn't dismantled in a day.
hey look at the bright side... if we can fire/shit can enough people then domestic demand on gasoline will diminish... and the rest of us working for the banksters will fair better even if our wages are falling.. at least we may not see $6 dollar gas. The question is how many more folks do we need to remove from the driving/working population to impact gasoline ?
Ha, you think demand matters. We are back to 1996 levels of demand with what, 60 million more people and 20 million more cars on the road.
The Central Planners of the world have the top 10% backs.
Nothing bad will ever happen again.
Going for inflation or broke.
Damn the little people (other 90%).
Going all in so this time when it explodes, +/- 5 years, it will be done for good.
In the mean time lover yourself some hard assets.
And the New York Times turns on the Obama Administration
Molly geez.....times ARE tough!
$1764....nearly there (again)
Silver has taken off like a bat out of hell:
http://www.kitco.com/charts/livesilver.html#ny
That 1000 extra ounces I bought at 28 is looking mighty fine.
Grabbed 50 at $27.
and we justify a buck jump in crude. Yea that will get the jobs flowing.
Count down to panic buying on PMs 3-2-1-Ignition
Obama will put a chicken in every pot, an electric car in every driveway, and build a home for everyone. We will live in utopia as Obama's vision for America is realized. Vote Obama and worry and despair will be words that are never heard again.
Last night was like watching Kim Jung, Hitler, or Stalin speak complete with the pans to show the crying women. Half of America wants to live by the hand of the government.
The other half had better get ready to kill the moocher class before they get the orders from Obama to kill anyone not recieving government benefits.
Who needs manufacturing anyway? Consumerism is what our economy is all about.
/Sarc
At least we are creating all of these "Shovel Ready" jobs. Someone needs to keep all this bull shit coming.
Look at gold and silver! Happily I'm heavily invested in both.
As for the rest, I'm totally disgusted with this chicken-shit market and I'm bowing my reverence. Fuck you, central banker greaseball cum-eating, dogshit-facesmearing, weasel-cuntlicking, donkey-asssucking, GS-thumb-fucking dimwits! I hope you all die from painful deaths. Till then, good luck to the rest.
+1 (million)
Schumer: Paging Bernanke, paging Bernanke....get to work!
Buy physical gold and silver....get them while they`re hot.
How does QE help boost jobs? Lowering the 10 year from 1.6 to 1.2 percent will change behavior? How? What's that famous insanity quote?, it applies here. How about doing the opposite, raising rates and see where that takes us? Lower food & gas costs for starters. Businesses that need to fail do so, and in their place comes new ones...preaching to the crowd here, but this is f'n ridiculous.
why fix everything when you can have a great service nation like ours! sarc on
If you do that then there will be a lot of zombies to contend with
I moved from Cali and got employment where I moved to. But it is only part time and minimum wage. I'm going to just start a new business again and start over.
the plunge protection team will have carple finger disease by this afternoon!
Debt spiral? It's just the coriolis effect.
Jobless Greeks Resolved to Work Clean Toilets in Swedenhttp://www.bloomberg.com/news/2012-09-07/jobless-greeks-resolved-to-work...
"EBT accepted here."
I see more and more of these signs every day.
This market is really perverted beyond belief...
And STILL no one talks about legal immigration. Millions legally enter the US each year, that is not even counting all the alphabet visas such as H-1B, etc.
Worse is the leapfrogging that goes on as immigrants, overwhelmingly people of color, go to the head of the line in front of White Americans, who are the least desired by the powerful elite.
This won't end pretty, that much is certain...
Not just the numbers (although that in and of itself is, as you point out, a huge problem). Did you know that the US government gives, eg, Pakistani immigrants $75,000 each to buy the local convenience stores. Ever wonder why so many all of a sudden are owned by Pakis, Indians, and muzzies? Not only that, they don't have to pay taxes on their income for five years.
Hm. Try competing with that as an American.
In five years, they 'sell' the store to their new immigrant cousin, and the process repeats.
Our government has openly declared war on us, and most don't seem to give a shit.
Let's just skip to the adjusted numbers and call it 83K.
Under bush, liberals harped about the 'jobless' recovery.
I guess this is the 'job loss' recovery, since total employment is still below the previous high.
We've been in a jobless recovery for 12 years.
Long live Crabby Patties!
win-win
"whatdya need? whatdya need...we got it right here. You need less jobs AND less unemployment...that's the silver package...we can get you a good deal on that. let me talk to my manager in the back."
Jim Rogers: The Next Recession Is Coming… "Be Very Worried"
I see two possible solutions to this jobs mess:
1. US follows China and creates thousands of jobs (possibly millions) by granting infrastructure upgrades.
2. China hires US workers to perform their infrastructure upgrades
/sarc
The only thing you need to know is the mainstream media is going to love saying the unemployment rate went down to 8.1% and you should celebrate with them that we are moving in the right direction with their boy. Forward.
Krugman says this is Bullish!!!!
It *is* bullish. Watch the markets take off today. Run hamsters, run!
Benny Cash - Fed'ral Reserve Blues
I hear the QE comin'
Rollin' 'round the bend,
I'm floating all the assets.
Until, I don't know when,
Stuck at the Fed'ral Reserve,
Printing dollar bills
And when this all stops working
I'm headin' for the hills....
The BLS numbers mean nothing to all those people with out a job.
And so the Banana Republic goes full circle after 2000 years, the east and middle east , get to roll their eyes ath the Western countries.....
The quality of government data will continue to decay as markets roll over and turn down. Yesterday's rise in the markets should be the last move up before the major turn down.
The gold bugs must be tickled pink - gold rose this morning sharply - and so did the Euro. Why? Because the US Dollar fell sharply this morning. Let's see how long the Euro rises - with all of its stored up economic prosperity.
US Dollar is the linch pin to all of this.
http://bullandbearmash.com/chart/usd-index-daily-september-05-2012/
Now how the fuck could anyone on this board miss this script? Market up +200 ahead of Obamas speech should've been easily seen. In all reality the market is topped but thru manipulation is being taken higher. Bad unemployment or not if the market holds most of yesterdays gains it's a confirmed breakout and we could easily keep moving higher into the election which im sure is the plan. I'd love to see it derailed personally.