There were just 169K new jobs created in August.
What’s worse. Last month was revised SHARPLY down from 162 to 104K. That is quite ominous.
The unemployment rate did, however, drop to 7.3%, but that’s basically just due to continued exodus from the workforce.
The participation rate fell from 63.2% from 63.4%.
Read more: http://www.businessinsider.com/the-august-jobs-report-2013-9#ixzz2e7HtVAnz
Payrolls in the U.S. climbed less than projected in August after smaller gains the prior two months, indicating companies are being deliberate in their hiring as they wait for a pickup in demand. The unemployment rate unexpectedly fell as more people left the labor force.
http://www.bloomberg.com/news/2013-09-06/payrolls-in-u-s-rose-less-than-forecast-jobless-rate-at-7-3-.html
The gain of 169,000 workers last month followed a revised 104,000 rise in July that was smaller than initially estimated, Labor Department figures showed today in Washington.
http://www.bloomberg.com/news/2013-09-06/payrolls-in-u-s-rose-less-than-forecast-jobless-rate-at-7-3-.html
And the DOW is looking higher!!
WHY? Because the jobs report sucked and the Fed is holding off on Tapering
What a sick sick Country we live in.
http://finance.yahoo.com/news/faster-u-job-gains-expected-053055579.html
August Jobs Rise 169K, Less Than Expected, Unemployment Rate 7.3%, Huge Downward Revision To July Print
A messy report out of the gate with the number of jobs added in August at 169K, or as predicted by ADP, worse than the 180K expected, however this was offset by the Unemployment Rate dropping from 7.4% to 7.3%, on expectations of an unchanged print.However what has shocked the market is the revision to the July jobs number from 162K to only 104K, resulting in a net drop of 74K jobs, and breaking the average 2013 jobs gain of 200K which previously was said by the Fed to be the key threshold level for tapering. The question now is: is this print bad enough to delay the taper?
http://www.zerohedge.com/news/2013-09-06/august-jobs-rise-169k-less-expected-unemployment-rate-73
Record 90.5 Million Out Of Labor Force As Half A Million Drop Out In One Month; Labor Force Participation Rate Plunges To 1978 Levels
And what is even worse, the Labor Force Participation Rate declined from 63.4% to 63.2%: the is the lowest print since August 1978!
Whether or not this means the Fed will continue QE at this point is largely irrelevant: what is more relevant is that the Fed so far has failed miserably at its core mandate: to boost real employment.
http://www.zerohedge.com/news/2013-09-06/record-905-million-out-labor-force-half-million-drop-out-one-month-labor-force-parti
Most New Jobs Were Part-Time Jobs
http://www.businessinsider.com/most-new-jobs-were-part-time-jobs-2013-9
Santelli Blasts Bad-Jobs Bullish Market Response: “What Are We A Banana Republic?”
Bond yields snapped lower, equity prices surged higher, gold and silver prices ripped higher, and the USD snapped dramatically lower (as JPY surged) on the worse-than-expected payrolls print (and terrible downward revision). The sad reflection of bad-news-is-good-news reaction of US capital markets to this ‘most important number in the world’ is summed up perfectly by CNBC’s Rick Santelli as he exclaims how sad this reaction is and asks “what are we a banana republic?” Well, yes, Rick, it appears we are…
http://www.zerohedge.com/news/2013-09-06/santelli-blasts-bad-jobs-bullish-market-response-what-are-we-banana-republi
Real Unemployment Rate Rises To 11.4%, Difference Between Reported And Real Data Rises To Record
As frequent readers know, for the past three years we have compiled data looking at the US unemployment rate assuming a realistic labor force participation rate, which is the trendline average of the past three decades, or in the mid-65% area. Using such an approach allows us to estimate what the true unemployment (U3, not U6 underemployment) rate is. We can report that as a result of the latest monthly collapse in the labor force whose only purpose was to lower the unemployment rate from 7.4% to 7.3%, the actual implied unemployment rate just rose from 11.2% to 11.4%.
This can be seen on the chart below. Also can be seen that the spread between the reported manipulated unemployment rate and the real rate accounting for a realistic labor force participation, just hit a record high 4.1%. In other words, unemployment data manipulation by the BLS was never been greater in the history of the US than in the past month.
http://www.zerohedge.com/news/2013-09-06/real-unemployment-rate-rises-114-difference-between-reported-and-real-data-rises-rec
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