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drrayjo

41K New May Jobs In Us

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Thought she was off-air as the news broke. Said it all really.

400,000 odd census jobs included in the figs too, which will all be gone in a few months when the census is over.

When you have shipped your future abroad creating anything like real jobs becomes rather difficult.

Edited by OnlyMe

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Thought she was off-air as the news broke. Said it all really.

http://www.zerohedge.com/article/non-farm-payrolls-come-226k-after-census-411k-temporary-31k-and-birth-death-adjustment-215k

Non Farm Payrolls Come At -226K After Census (411K), Temporary (31K), And Birth-Death Adjustment (215K)

So much for that 700,000 expectation. At 431k, less 411k census, and 31k from temporary help services, it sure doesn't look good even without the 215k birth-death adjustment which only conspiracy theorists look at according to Mr. Liesman. 431k minus 411k minus 31k minus 215k = -226k. Nuf said. In other news, those unemployed longer than 27 weeks hits a new record at 46%. Nothing conspiratorial about that number.

From the report:

Nonfarm payroll employment increased by 431,000 in May, reflecting the addition of 411,000 temporary workers for Census 2010. Total private employment showed little change over the month (+41,000), following increases in March and April. In May, manufacturing, temporary help services, and mining added jobs, while employment in con-

struction declined. (See table B-1.)

Manufacturing employment increased by 29,000 over the month. Factory employment has risen by 126,000 over the past 5 months. Within manufacturing, both fabricated metals and machinery added jobs in May.

Temporary help services added 31,000 jobs over the month; employment in the industry has risen by 362,000 since September 2009.

Employment in mining continued to increase in May, with a gain of 10,000. Support activities for mining accounted for 8,000 of the over-the-month increase. Since October 2009, mining employment has expanded by 50,000.

In May, the average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.2 hours. The manufacturing workweek for all employees increased by 0.3 hour to 40.5 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls increased by 0.1 hour to 33.5 hours over the month. (See tables B-2 and B-7.)

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What were they expecting the figures to be?

700000 I read on Denninger.

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They were expecting 700000 new jobs and got 41000 - oh dear.

nice round figures...amazin

"sorry sir, you'll have to sign on next month, we need to keep the figures neat."

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They were expecting 700000 new jobs and got 41000 - oh dear.

These people should lower their expectations then they wouldn't keep on being disappointed all the time.

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http://www.nytimes.com/2010/06/04/business/economy/04workers.html?ref=business

After hemorrhaging jobs for months, the economy is finally starting to add them. Yet the unemployment rate is not really budging because of people like Regina Myles.

Ms. Myles, 51, has been out of work for three years. After a grueling job search yielded 150 interviews but no offers, she simply stopped looking last fall. Then this spring, with a $3,000 government-funded grant to help pay for a training course at a local beauty school in this Chicago suburb, she began applying for jobs online and in stores again.

“I just know if I am given this chance to finish this course I can make it,” Ms. Myles said after practicing a facial on a classmate at the International Skin Beauty Academy. “I feel like it is my time now.”

Millions of people became so discouraged during the brutal recession that they gave up the job search altogether. Some entered training programs to redirect careers; others focused on caring for family members. Some college graduates, despairing of their prospects, enrolled in graduate school, rather than hunt for jobs.

Now many of them are beginning to look for work again, encouraged by four consecutive months of job growth and reports of a strengthening economy. But the initial return to the labor force may prove dispiriting, since so many people are already chasing too few jobs.

Because the government does not count people as unemployed unless they say they are actively searching for work, many discouraged people have been hiding in the shadows.

Heidi Shierholz, an economist at the Economic Policy Institute in Washington, estimates about 2.4 million “missing workers” either left the labor force or did not enter it in the last 28 months. That is on top of the 15.3 million people who are officially counted as unemployed.

Although economists expect the jobs report scheduled for release on Friday to show that employers added perhaps half a million jobs in May, that kind of growth would have to be sustained for some time to absorb the backlog.

The jobless rate in the US could be in for a very nasty shock if all of those who've given up suddenly buy the VI recovery hype and start looking for all these jobs that are being created.

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Am I the only one who think it is funny how CNN always blames falls in the Dow on the problems in the euro area? When the dollar was tanking, every article on CNN about it talked about how it would boost American exports and how prices wouldn't go up because many commodities are priced in dollars. Or how the U.S. was such a big market that European exporters would likely have to eat the loss themselves rather than passing it on by raising dollar prices. Now that the euro is tanking, they are all on about how "the mighty dollar" is going up and how the euro is a doomed project. And how imports will now become cheaper. Yet, a dollar is still worth 33% euros than it were in 2001 and in fact the euro is only back to its 2006 levels. And speaking of debt, the U.S. doesn't seem like the one to talk. Their annual deficit is running close to the rate of Greece - and their debt-to-GDP ratio is what Greece's was in 2008.

Of course, the difference lie neither in absolute levels of debt or in the level of fiscal (ir)responsibility. The true difference is that the U.S. is a mcuh more powerful country than Greece and the major rating agencies are American companies. I would like to see what happened if Moody's or S&P threatened to lower the U.S. credit rating - likely a devastating "accident" is what would happen to that company, therefore it won't happen. Further, the U.S. has its fine printing presses. The U.S. Treasury keeps printing treasury bonds which are sold to banks who immediately borrow against them at an almost non-existent interest rate at the FED which just print the amount that is loaned. The result: Almost free financing of govt. debt and a nice earning on the interest-rate differential to the bank (which is not taking on any real risk). The only loser are the savers through inflation - but the inflation will happen so much further down the line that no one will be able to prove what caused it.

Edited by paradigm

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http://www.zerohedge.com/article/non-farm-payrolls-come-226k-after-census-411k-temporary-31k-and-birth-death-adjustment-215k

Non Farm Payrolls Come At -226K After Census (411K), Temporary (31K), And Birth-Death Adjustment (215K)

So much for that 700,000 expectation. At 431k, less 411k census, and 31k from temporary help services, it sure doesn't look good even without the 215k birth-death adjustment which only conspiracy theorists look at according to Mr. Liesman. 431k minus 411k minus 31k minus 215k = -226k. Nuf said. In other news, those unemployed longer than 27 weeks hits a new record at 46%. Nothing conspiratorial about that number.

Dont' get me wrong I think this was a bad number but I do think you have to remember the seasonal adjustment applied for May was negative 659k. So the actual non-seasonally adjusted NFP figure was around 1090k.

I am very skeptical about the Birth Death adjustment procedure but I am also pretty skeptical about the size of the seasonal adjustment they applied.

Frankly the market was always going to dump, it was weak going into the number ... I think people were just hoping that a good NFP number would allow them to sell at better levels.

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Thought she was off-air as the news broke. Said it all really.

Anyone know where I can find a clip of this? I've done the usual searches but no luck... yet

Thanks

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Anyone know where I can find a clip of this? I've done the usual searches but no luck... yet

Thanks

it was at 5pm or whenever exactly the news was released. they did a countdown type thing and the young brunette woman in one of the "boxes" just came out with it as they cut to an expert in jobless recoveries.

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clip_image001_thumb.gif

Check out the two red lines at the bottom. The solid one includes Census hiring, while the dotted line doesn’t include it.

What’s clear is that while we still have a rebound including Census hiring, we’re already flattening out on the dotted line. This is a shape not seen on the other lines. suggesting that the fall is extremely deep, and the recovery is shallow.

http://www.businessinsider.com/chart-of-the-day-the-scariest-job-chart-ever-just-got-even-scarier-2010-6

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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