Both surveys from the Bureau of Lies and Scams showed a huge increase in jobs during October. That’s funny, because Challenger, Grey and Christmas keeps showing lay-off announcements up 40% over last year. Of course, the good old Birth/Death adjustment added 165,000 phantom jobs into the calculation, so I’m sure its accurate. Everyone knows there are new businesses opening every day, hiring hundreds of thousands of high functioning millennials. Supposedly the single biggest driver of new jobs was among those with a high school education or less. I’m sure those are high paying jobs.
The Federal Reserve had already decided they needed to raise rates by .25% before year end to bolster their non-existent credibility. What better than an employment report that was 50% higher than the highest Wall Street bank estimate. What a coincidence. I wonder how the soaring USD will impact the profits of our international conglomerates? Oops.
So the market sold off in August and September because the economy was clearly weakening. Then the market rallied in October because a weak economy meant the Fed would never raise rates again. Now this employment report supposedly clinches a Fed rate hike in December. Now for all the housing bulls, the 10 Year Treasury yield has spiked from 1.9% at the beginning of October to 2.3% as of this morning. And that’s before the Fed even raises rates. Can this weakening economy, with global trade going into the toilet, withstand interest rates going up by even 1%? Not a chance.
Let the spin begin. The CNBC bimbos and boobs have been using the storyline of bad economic news is good for the stock market. Now they have to pivot 180 degrees and propagandize that good economic news is actually good for the stock market. This entire bubble economy has been solely dependent upon 0% interest rates for the last six years. We’ll see how it does now.
October Jobs Soar To 271K, Smash Expectations, Unemployment Rate 5.0%, Hourly Earnings Spike
Submitted by Tyler Durden on 11/06/2015 08:33 -0500
If there was any doubt if the Fed would hike rates in December, it is gone now: October payrolls soared by 271K, smashing not only consensus of 184K, but the highest expected print. This was the highest monthly print since December 2014 when the gain was 329K and pushed the YTD average monthly gain from 199K to 206K.
The unemployment rate dropped from 5.1% to 5.0%, the lowest since April 2008, and most importantly, the average hourly earnings rose from 0.2% to 0.4%, the highest hourly earnings jump since 2009!
The wage gain was even more dramatic:
The breakdown from the report:
Total nonfarm payroll employment increased by 271,000 in October. Over the prior 12 months, employment growth had averaged 230,000 per month. In October, job gains occurred in professional and business services, health care, retail trade, food services and drinking places, and construction. (See table B-1.)
Employment in professional and business services increased by 78,000 in October, compared with an average gain of 52,000 per month over the prior 12 months. In October, job gains occurred in administrative and support services (+46,000), computer systems design and related services (+10,000), and architectural and engineering services (+8,000).
Health care added 45,000 jobs in October. Within the industry, employment growth continued in ambulatory health care services (+27,000) and in hospitals (+18,000). Over the past year, health care has added 495,000 jobs.
Employment in retail trade rose by 44,000 in October, compared with an average monthly gain of 25,000 over the prior 12 months. In October, job gains occurred in clothing and accessories stores (+20,000), general merchandise stores (+11,000), and automobile dealers (+6,000).
Food services and drinking places added 42,000 jobs in October. Over the year, the industry has added 368,000 jobs.
Construction employment increased by 31,000 in October, following little employment change in recent months. Employment in nonresidential specialty trade contractors rose by 21,000. Over the past 12 months, construction has added 233,000 jobs.
Employment in mining continued to trend down in October (-5,000). The industry has shed 109,000 jobs since reaching a recent employment peak in December 2014.
Employment in other major industries, including manufacturing, wholesale trade, transportation and warehousing, information, financial activities, and government, showed little or no change over the month.
The average workweek for all employees on private nonfarm payrolls remained at 34.5 hours in October. The manufacturing workweek edged up by 0.1 hour to 40.7 hours, and factory overtime edged up by 0.1 hour to 3.3 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls edged up by 0.1 hour to 33.7 hours. (See tables B-2 and B-7.)
In October, average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents to $25.20, following little change in September (+1 cent). Hourly earnings have risen by 2.5 percent over the year. Average hourly earnings of private-sector production and nonsupervisory employees increased by 9 cents to $21.18 in October. (See tables B-3 and B-8.)
The change in total nonfarm payroll employment for August was revised from +136,000 to +153,000, and the change for September was revised from +142,000 to +137,000. With these revisions, employment gains in August and September combined were 12,000 more than previously reported. Over the past 3 months, job gains have averaged 187,000 per month.
GOD BLESS YOU, ADMIN!!! What you do is invaluable.
They are showing porn on CuNNt this morning. Male teleprompter readers are seen with erections showing through their pants. 271,000 JOBS!!!!! Female teleprompter readers nipples are hard as a rock. FIVE PERCENT UNEMPLOYMENT!!! I, myself, was so caught up on the moment that I had a spontaneous unscheduled ejaculation. But, thanks to you, Admin, I am all cleaned up now.
MSM whorefuks need to be quartered and hung.
Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banking mafia.
Larry Levin
Happy days are here again just in time for Christmas shopping.
Following are moar indications we are in FULL recovery!
Target aggressively closing stores nationwide citing falling profits. JC Penny is going on a store closing spree. Macy’s said in September it would close 40 stores. The world’s biggest shipping company (Maersk) is slashing 4,000 jobs on falling demand. A couple days ago, the Baltic Dry Index decreased by 23 points, reaching 657 points …. as it continues to fall towards its all time low of 509.
Hip hip hooray! Clap clap clap.
Moar evidence of a FULL REcovery, bitchezz!!
“After adjusting for inflation, US median household income, at $53,657 in 2014, is still 6.5% lower than pre-recession levels in 2007, and 7.2% lower than its peak in 1999.”
— https://www.census.gov/content/dam/Census/library/publications/2015/demo/p60-252.pdf
If you gunna lie, lie big.
Ten year treasury at 2.35% and rising. Stock market doesn’t like the “good” news so far.
Stucky I’m glad you’re still alive.Article a couple days ago said white guys like you we’re dropping like flies.
I told everyone i need someone to fuck with every day .Gives my life a simple pleasure. Thanks for being alive.bb
wish to thank all on this site for confirming i am nuts. prior to tbp i felt so alone.this recovery is so wonderful. assuming i may survive the coming winter, i am already excited by the prospect of seeing HSF’s farm and meeting the folks who visit here with their wisdom. thanks to jim and his efforts for the benefit of others we share a special bond. for reasons i never understood, my views were never welcomed nor understood, after 40 years in the wilderness of ideas, it is great fun to hear what others have to say.
GOOD NEWS = O’Niglets last day in the WH January 2017
BAD NEWS = Hitlery’s First day in the WH January 2017
The fun never ends here in Murica……..NO NEWS is GOOD NEWS…….tune out…..start really living.
@ Bea Lever You’re on a roll this morning! Yep, Ovomit will steer the bus until hitlery slides into the drivers seat and takes us to nirvana.
In my little city there are no, none, nada, nicht jobs. not even hamburger flippers. The only jobs are super specialized tech or engineering jobs and they want PhD’s with a million years experience who will work for $12.50 an hour.
The reason I threw that $12.50 figure out there is because that seems to be roughly the prevailing wage around here for basically anything that requires education, licensing or legitimacy. For example: driving a school bus; CDL B, Federal triple I criminal background check, DOT Medical Card, special endorsements on your DL, and when you meet those goals you get a 25 hour a week job with no benefits at $13/hr.
Wowee!
Our how’s this one (my favorite): Driving a tractor/trailer locally for a refuse outfit. CDL A license, DOT medical card, experience in ‘walking floor’ type trailers (involves using a PTO), no vehicle accidents, no criminal record, 2 years recent experience at driving a T/T a must, must be physically fit to drag 100 lb. tarps on and off the trailer, 35 hour work week, no benefits…….$12/hr
Holy Shit, where do I sign? I must be dreaming!
But wait there, cowboy, before you rush out to apply…..those jobs are all filled. They were listed months ago and are now apparently filled by happy, grateful Americans.
If the economy improves anymore like this I’ll have to take a 12 guage mouthwash.
bb
Yesterday was Ms Freud’s birthday and I promised her the whole day …. and NO postings on TBP. She said it was one of my nicest presents EVER! (I also got her a pretty necklace.)
You may continue fucking wif me at your leisure.
HAPPY BIRTHDAY TO MS FREUD !!!!
Good job Stucky, that is exactly what I would have done. ( explains 45 years of Lever bliss)
Hey Stuck, sell that house yet? If no don’t forget the St. Joseph trick.
@fear and loathing your not nuts . Be strong , have faith, being sane in a world that has gone insane may not be such a good thing . By this token , I’m not even remotely sane )))))