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US Added Just 96,000 Jobs In August, Far Less Than Expected; Unemployment Rate Slides To 8.1%

Tyler Durden's picture




 

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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Fri, 09/07/2012 - 08:36 | 2771054 The Wizard of Oz
The Wizard of Oz's picture

BTFD BITCHEZ!!!!!

Fri, 09/07/2012 - 08:37 | 2771060 Shocker
Shocker's picture

Another swing and miss. The job situation is horrible, no way to spin it.

Completely Layoff/closing list below

 

http://www.dailyjobcuts.com

 

-

Fri, 09/07/2012 - 08:38 | 2771067 Boilermaker
Boilermaker's picture

OH, there is ALWAYS a way to spin it.

Fri, 09/07/2012 - 08:41 | 2771091 Hype Alert
Hype Alert's picture

And futures are up.  It's another great day in the most distorted market in history.

Fri, 09/07/2012 - 08:44 | 2771098 bdc63
bdc63's picture

LOWEST PARTICIPATION RATE IN OVER 30 YEARS ... Is it still Bush's fault?????????

We're so freakin doomed

 

Fri, 09/07/2012 - 08:45 | 2771116 GetZeeGold
GetZeeGold's picture

 

 

Dude....relax. We missed it by jiiiiiiiiiiiiist that much.

 

Fri, 09/07/2012 - 08:50 | 2771143 BaBaBouy
BaBaBouy's picture

Republica Bananitta ...

Fri, 09/07/2012 - 09:01 | 2771212 francis_sawyer
francis_sawyer's picture

Cue the "7 handle" on the last print before the elections... You can probably bet the house on that...

Fri, 09/07/2012 - 09:12 | 2771272 Popo
Popo's picture

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?

Fri, 09/07/2012 - 09:21 | 2771321 Xibalba
Xibalba's picture

what do you think? 

Fri, 09/07/2012 - 09:33 | 2771381 Dr Benway
Dr Benway's picture

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.

Fri, 09/07/2012 - 09:42 | 2771383 Pegasus Muse
Pegasus Muse's picture

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 

 

Fri, 09/07/2012 - 09:12 | 2771276 Oh regional Indian
Oh regional Indian's picture

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

Fri, 09/07/2012 - 09:18 | 2771309 Dr. Richard Head
Dr. Richard Head's picture

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.

Fri, 09/07/2012 - 09:31 | 2771379 i_fly_me
i_fly_me's picture

Buy GC and SI calls ... same thing.

Fri, 09/07/2012 - 09:59 | 2771479 Spastica Rex
Spastica Rex's picture

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.

Fri, 09/07/2012 - 10:21 | 2771560 Nobody For President
Nobody For President's picture

And I'M still waiting for my flying car, damnit.

And full unemployment.

Guess I'm gonna get the latter first...

Fri, 09/07/2012 - 08:54 | 2771169 bobnoxy
bobnoxy's picture

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.

Fri, 09/07/2012 - 10:30 | 2771597 takinthehighway
takinthehighway's picture

In your haste to create a ZH account, you came up short on your screen name..."bobnoxious" would be more fitting.

Fri, 09/07/2012 - 08:54 | 2771171 EscapeKey
EscapeKey's picture

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

 

Fri, 09/07/2012 - 10:13 | 2771279 Ag Tex
Ag Tex's picture

It's looking to be inconsequential at this point.

Fri, 09/07/2012 - 08:57 | 2771199 MillionDollarBonus_
MillionDollarBonus_'s picture

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?

Fri, 09/07/2012 - 09:04 | 2771226 LongSoupLine
LongSoupLine's picture

nothing at all...just like all those well off Facebook stock holders...know what I mean MDL?

Fri, 09/07/2012 - 09:09 | 2771252 Ignorance is bliss
Ignorance is bliss's picture

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.

Fri, 09/07/2012 - 09:09 | 2771256 Zero Debt
Zero Debt's picture

Sit down and listen, and let the the price of gold (and silver) speak to you.

Fri, 09/07/2012 - 09:09 | 2771259 Everybodys All ...
Everybodys All American's picture

Well playing ... not well paying.

Fri, 09/07/2012 - 09:15 | 2771298 Fantasy Planet
Fantasy Planet's picture

And how many fell off the grid you stupid wonk?

Fri, 09/07/2012 - 09:16 | 2771303 Al Gorerhythm
Al Gorerhythm's picture

Way to go MDB. No Forseeable Problems. Thanks for the giggles.

Fri, 09/07/2012 - 09:24 | 2771341 Xibalba
Xibalba's picture

the margin of error is 100k.

Fri, 09/07/2012 - 09:25 | 2771346 Arnold Ziffel
Arnold Ziffel's picture

 

 

"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

Fri, 09/07/2012 - 10:24 | 2771572 Nobody For President
Nobody For President's picture

He's a troll, but he's OUR troll, and he is one of the best!

Fri, 09/07/2012 - 09:07 | 2771240 bigwavedave
bigwavedave's picture

Yes its Bush's fault. He isnt employed or unemployed. He has disappeared entirely and therefore not counted in the participation rate.

Fri, 09/07/2012 - 09:39 | 2771409 Yes_Questions
Yes_Questions's picture

 

 

He's preparing his witness testimony and plans for relocation.

Fri, 09/07/2012 - 08:44 | 2771112 trebuchet
trebuchet's picture

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 

 

 

Fri, 09/07/2012 - 08:46 | 2771118 trebuchet
trebuchet's picture

which reminds me, .. Goldilocks.. MMMMMM      ZH made my day  :)

Fri, 09/07/2012 - 08:52 | 2771164 pan
pan's picture

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.

Fri, 09/07/2012 - 08:48 | 2771129 EscapeKey
EscapeKey's picture

The jobs situation is GREAT news... for Wall Street.

This report = QE = big bonuses.

Fri, 09/07/2012 - 08:37 | 2771064 camaro68ss
camaro68ss's picture

Forward bitchez!!! Buhahahaha

Fri, 09/07/2012 - 08:42 | 2771090 tocointhephrase
tocointhephrase's picture

What dip? Gold got a stiffi

Fri, 09/07/2012 - 08:44 | 2771110 Hype Alert
Hype Alert's picture

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?

Fri, 09/07/2012 - 08:44 | 2771113 TrillionDollarBoner
TrillionDollarBoner's picture

GOLDEN BONER!

Fri, 09/07/2012 - 08:56 | 2771186 Stackers
Stackers's picture

SILVER WOODY !

Fri, 09/07/2012 - 09:27 | 2771357 GoldenTool
GoldenTool's picture

Leave my family out of this please.

 

"Do unto others."

Fri, 09/07/2012 - 08:47 | 2771127 LongSoupLine
Fri, 09/07/2012 - 08:52 | 2771160 Gief Gold Plox
Gief Gold Plox's picture

And if they don't announce QE at the next FOMC? What happens?

Now that's the BTFD I'd like to see!

Fri, 09/07/2012 - 09:19 | 2771311 Al Gorerhythm
Al Gorerhythm's picture

WFD? SIlver jumps and gold breaks 2% rule. Youch, JPM.

Fri, 09/07/2012 - 08:37 | 2771057 Debtonation
Debtonation's picture

Deploy the kraQE3n!

Fri, 09/07/2012 - 08:51 | 2771151 LongSoupLine
LongSoupLine's picture

Employee: "uhh, sir, you have a wet spot on your pants..."

Bennie B.: "whoops, sorry, just a reaction to the moment."

Fri, 09/07/2012 - 08:38 | 2771058 Meesohaawnee
Meesohaawnee's picture

bullish!!

Fri, 09/07/2012 - 08:58 | 2771206 ghengis86
ghengis86's picture

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...

Fri, 09/07/2012 - 08:37 | 2771061 Boilermaker
Boilermaker's picture

SURPRISE!!!

Fri, 09/07/2012 - 08:37 | 2771062 Zero_Sum
Zero_Sum's picture

QE3 is on like Donkey Kong. Witness immediate ramp-up in metals.

Fri, 09/07/2012 - 08:37 | 2771066 imapopulistnow
imapopulistnow's picture

A half million leave the labor force and the unemployment rate drops 2/10ths.  Manipulation perhaps?

Fri, 09/07/2012 - 08:50 | 2771142 GeezerGeek
GeezerGeek's picture

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?'

Fri, 09/07/2012 - 09:02 | 2771219 Rip van Wrinkle
Rip van Wrinkle's picture

So it'll come to the stage where no one is working and there's no unemployment.

 

Obamanomics for ya!!

Fri, 09/07/2012 - 08:38 | 2771070 The Axe
The Axe's picture

More Q   More Q     gold oil SP   moving higher......real people  real jobs     down.....fuck reality

Fri, 09/07/2012 - 08:38 | 2771071 101 years and c...
101 years and counting's picture

wages were flat, meaning more permanent jobs eliminated while the economy "added" 96K burger flippers and coffer pourers.

Fri, 09/07/2012 - 08:39 | 2771073 lizzy36
lizzy36's picture

QE4evr.

Just.need.more.central.planning.

Fri, 09/07/2012 - 08:56 | 2771184 slewie the pi-rat
slewie the pi-rat's picture

L0L!!!

great buzz-word collection!

ain't it AWFUL?  L0L!!!

 

 

Fri, 09/07/2012 - 08:39 | 2771074 Fantasy Planet
Fantasy Planet's picture

Guaranteed - next mo. will be 7.9%.  There's an election to be stolen!

Fri, 09/07/2012 - 13:38 | 2772373 monad
monad's picture

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!  

Fri, 09/07/2012 - 08:39 | 2771075 grunk
grunk's picture

That sure validated the ADP numbers.

Fri, 09/07/2012 - 08:41 | 2771089 Meesohaawnee
Meesohaawnee's picture

i said yesterday. ADP has as much cred with me as the NAR

Fri, 09/07/2012 - 08:40 | 2771076 youngman
youngman's picture

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

Fri, 09/07/2012 - 08:56 | 2771187 Temporalist
Temporalist's picture

That's perfect!  It's George HW's faiult!

Fri, 09/07/2012 - 08:39 | 2771078 ZeroAvatar
ZeroAvatar's picture

Ben:  Fire up all the presses, have the bails sitting on the Helo-pad by 10am!  Just DO IT, Dammit!

Fri, 09/07/2012 - 08:39 | 2771079 hugovanderbubble
hugovanderbubble's picture

This is bullish for short volatility:)

Fri, 09/07/2012 - 08:40 | 2771080 Dr. Engali
Dr. Engali's picture

Pathetic..The reported unemployment rate will be 7.8% come election day.

Fri, 09/07/2012 - 08:40 | 2771081 pbmatthews
pbmatthews's picture

In a few more months the unemployment rate will be zero as all able bodied people start taking disability!

Fri, 09/07/2012 - 08:39 | 2771082 SmoothCoolSmoke
SmoothCoolSmoke's picture

Cue Buck Fernankie!  Mr. Fernankie....you're on..........

Fri, 09/07/2012 - 08:41 | 2771084 MFLTucson
MFLTucson's picture

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!

Fri, 09/07/2012 - 08:41 | 2771085 Rattling Bones
Rattling Bones's picture

Must be because of the hurricane...or something.

Fri, 09/07/2012 - 08:53 | 2771163 grunk
grunk's picture

Don't be silly.

It's because of the snow.

Fri, 09/07/2012 - 09:25 | 2771348 Hype Alert
Hype Alert's picture

People were so busy with back to school shopping they didn't want to look for jobs.

Fri, 09/07/2012 - 08:41 | 2771087 caimen garou
caimen garou's picture

at this pace we should see unemployment rate below 7% by nov. and o bonehead can claim victory! HA HA!

Fri, 09/07/2012 - 08:41 | 2771088 Cursive
Cursive's picture

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.

Fri, 09/07/2012 - 08:43 | 2771101 MFLTucson
MFLTucson's picture

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.

Fri, 09/07/2012 - 09:14 | 2771093 Ricky Bobby
Ricky Bobby's picture

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. 

Fri, 09/07/2012 - 08:43 | 2771095 death_to_fed_tyranny
death_to_fed_tyranny's picture

Who would have known. sarc off

Fri, 09/07/2012 - 08:43 | 2771097 mademesmile
mademesmile's picture

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.

Fri, 09/07/2012 - 13:19 | 2772276 James
James's picture

This is the winter of our discount tents!

Fri, 09/07/2012 - 08:43 | 2771099 youngman
youngman's picture

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

Fri, 09/07/2012 - 08:56 | 2771195 GeezerGeek
GeezerGeek's picture

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.

Fri, 09/07/2012 - 09:04 | 2771227 SokPOTUS
SokPOTUS's picture

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.

Fri, 09/07/2012 - 09:35 | 2771389 Taffy Lewis
Taffy Lewis's picture

@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.

Fri, 09/07/2012 - 13:53 | 2772451 Absinthe Minded
Absinthe Minded's picture

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.

Fri, 09/07/2012 - 17:40 | 2773232 MisterMousePotato
MisterMousePotato's picture

They are wrong. A vote for Ron Paul is (half) a vote for Romney.

Fri, 09/07/2012 - 08:43 | 2771100 the not so migh...
the not so mighty maximiza's picture

No QE , unemployment rate dropped.

Fri, 09/07/2012 - 09:27 | 2771361 Hype Alert
Hype Alert's picture

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.

Fri, 09/07/2012 - 08:43 | 2771103 Fidel Sarcastro
Fidel Sarcastro's picture

Gotta.be.bullish.rigjt? WhatTheFUcKisn't??

Fri, 09/07/2012 - 08:43 | 2771105 SmoothCoolSmoke
SmoothCoolSmoke's picture

Hmmm, I see it tok about 4 mins. for the "Bad news is good" exlir to kick in.  What a joke.

Fri, 09/07/2012 - 08:43 | 2771106 ArrestBobRubin
ArrestBobRubin's picture

Just Stack It

Fri, 09/07/2012 - 08:44 | 2771109 Meesohaawnee
Meesohaawnee's picture

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.

Fri, 09/07/2012 - 08:45 | 2771114 Boilermaker
Boilermaker's picture

Exactly.

How f'ing pathetic can this get?

Fri, 09/07/2012 - 08:50 | 2771147 Meesohaawnee
Meesohaawnee's picture

whats pathetic is they make it so obvious.. dont even try to hide it.

Fri, 09/07/2012 - 08:49 | 2771138 adr
adr's picture

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.

Fri, 09/07/2012 - 08:44 | 2771111 Boilermaker
Boilermaker's picture

And...AIR BRAKES applied and Ben ass slamming the ES higher again.

Jesus, what a f'ing facade.

Fri, 09/07/2012 - 08:48 | 2771115 buzzsaw99
buzzsaw99's picture

...you're young and you got your health, what do you want with a job? [/evelle] [/raising arizona]

Fri, 09/07/2012 - 09:23 | 2771315 Shitters_Full
Shitters_Full's picture

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

Fri, 09/07/2012 - 09:56 | 2771476 aheady
aheady's picture

"The gubmint do take a bite, don't she?"

Fri, 09/07/2012 - 08:45 | 2771117 adr
adr's picture

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.

Fri, 09/07/2012 - 08:46 | 2771121 apberusdisvet
apberusdisvet's picture

As Santelli says:  the unemployment number will be 7.9% the Friday before election day; that's all you need to know.

Fri, 09/07/2012 - 08:49 | 2771132 firstdivision
firstdivision's picture

Work week fell to 34.4...that's bullish

Fri, 09/07/2012 - 08:48 | 2771136 cherry picker
cherry picker's picture

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.

Fri, 09/07/2012 - 10:14 | 2771539 sschu
sschu's picture

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

Fri, 09/07/2012 - 10:34 | 2771608 Kayman
Kayman's picture

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.

 

Fri, 09/07/2012 - 17:43 | 2773242 MisterMousePotato
MisterMousePotato's picture

In one of the Star Trek movies, Spock lifted an eyebrow and observed, "It is not logical for a parasite to kill its host."

Fri, 09/07/2012 - 14:00 | 2772486 tip e. canoe
tip e. canoe's picture

methinks we're well beyond that point at this point.   then again, Rome wasn't dismantled in a day.

Fri, 09/07/2012 - 08:56 | 2771140 scatterbrains
scatterbrains's picture

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 ?

Fri, 09/07/2012 - 09:02 | 2771221 adr
adr's picture

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.

Fri, 09/07/2012 - 08:50 | 2771146 lizzy36
lizzy36's picture

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.

Fri, 09/07/2012 - 08:50 | 2771149 disabledvet
disabledvet's picture

And the New York Times turns on the Obama Administration

Fri, 09/07/2012 - 09:19 | 2771167 GetZeeGold
GetZeeGold's picture

 

 

Molly geez.....times ARE tough!

 

Fri, 09/07/2012 - 08:52 | 2771162 tocointhephrase
tocointhephrase's picture

$1764....nearly there (again)

Fri, 09/07/2012 - 09:15 | 2771177 ArrestBobRubin
ArrestBobRubin's picture

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.

Fri, 09/07/2012 - 09:31 | 2771376 BeerBrewer09
BeerBrewer09's picture

Grabbed 50 at $27.

Fri, 09/07/2012 - 08:56 | 2771189 Meesohaawnee
Meesohaawnee's picture

and we justify a buck jump in crude. Yea that will get the jobs flowing.

Fri, 09/07/2012 - 08:56 | 2771191 WhiteNight123129
WhiteNight123129's picture

Count down to panic buying on PMs  3-2-1-Ignition

Fri, 09/07/2012 - 09:00 | 2771209 adr
adr's picture

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.

Fri, 09/07/2012 - 09:02 | 2771211 Coldsun
Coldsun's picture

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.

Fri, 09/07/2012 - 09:01 | 2771217 dingoj
dingoj's picture

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.

Fri, 09/07/2012 - 09:11 | 2771271 tocointhephrase
tocointhephrase's picture

+1 (million)

Fri, 09/07/2012 - 09:01 | 2771218 alfred b.
alfred b.'s picture

 

      Schumer:  Paging Bernanke, paging Bernanke....get to work!

    Buy physical gold and silver....get them while they`re hot.

 

Fri, 09/07/2012 - 09:06 | 2771232 Bennyandthejets
Bennyandthejets's picture

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.

Fri, 09/07/2012 - 09:15 | 2771297 caimen garou
caimen garou's picture

why fix everything when you can have a great service nation like ours! sarc on

Fri, 09/07/2012 - 09:16 | 2771301 JackT
JackT's picture

If you do that then there will be a lot of zombies to contend with

Fri, 09/07/2012 - 09:06 | 2771234 world_debt_slave
world_debt_slave's picture

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.

Fri, 09/07/2012 - 09:07 | 2771241 caimen garou
caimen garou's picture

the plunge protection team will have carple finger disease by this afternoon!

Fri, 09/07/2012 - 09:20 | 2771253 Temporalist
Temporalist's picture

Debt spiral?  It's just the coriolis effect.

 

Jobless Greeks Resolved to Work Clean Toilets in Sweden

http://www.bloomberg.com/news/2012-09-07/jobless-greeks-resolved-to-work...

Fri, 09/07/2012 - 09:10 | 2771261 Arnold Ziffel
Arnold Ziffel's picture

"EBT accepted here."

 

I see more and more of these signs every day.

Fri, 09/07/2012 - 09:12 | 2771277 Thought criminal
Thought criminal's picture

This market is really perverted beyond belief...

Fri, 09/07/2012 - 09:13 | 2771280 Laddie
Laddie's picture

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...

Fri, 09/07/2012 - 18:00 | 2773278 MisterMousePotato
MisterMousePotato's picture

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.

Fri, 09/07/2012 - 09:13 | 2771282 Fantasy Planet
Fantasy Planet's picture

Let's just skip to the adjusted numbers and call it 83K. 

Fri, 09/07/2012 - 09:13 | 2771283 AU5K
AU5K's picture

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.

Fri, 09/07/2012 - 11:09 | 2771768 Shizzmoney
Shizzmoney's picture

We've been in a jobless recovery for 12 years.

Fri, 09/07/2012 - 09:13 | 2771284 lostcause
lostcause's picture

Long live Crabby Patties!

Fri, 09/07/2012 - 09:14 | 2771288 goldfish1
goldfish1's picture

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."

 

Fri, 09/07/2012 - 09:15 | 2771294 JackT
JackT's picture

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

Fri, 09/07/2012 - 09:16 | 2771300 Everybodys All ...
Everybodys All American's picture

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.

Fri, 09/07/2012 - 09:18 | 2771306 slackrabbit
slackrabbit's picture

Krugman says this is Bullish!!!!

Fri, 09/07/2012 - 09:43 | 2771425 i_fly_me
i_fly_me's picture

It *is* bullish.  Watch the markets take off today.  Run hamsters, run!

Fri, 09/07/2012 - 09:18 | 2771308 Steverino
Steverino's picture

 

 

 

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....

Fri, 09/07/2012 - 09:24 | 2771338 blueridgeviews
blueridgeviews's picture

The BLS numbers mean nothing to all those people with out a job.

Fri, 09/07/2012 - 09:25 | 2771345 slackrabbit
slackrabbit's picture

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.....

Fri, 09/07/2012 - 09:27 | 2771359 orangegeek
orangegeek's picture

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/

Fri, 09/07/2012 - 09:28 | 2771363 rsnoble
rsnoble's picture

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.

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