Submitted by Tyler Durden on 07/08/2011 08:30 -0400
* Unemployment
Absolute disaster. Total jobs per the establishment survey: +18K on expectations of 105K, Private Jobs + 57K on expectations of 132K. Last month total was revised from 54K to 25K. Combined April and May revision down 44K. The household survey was down by 445K from 139,779 to 139,334. Birth death adjustment + 131K. Complete humiliation for Wall Street's economists, the lowest prediction of whom came Bob Brusca at +60K. From the NFP: "Nonfarm payroll employment was essentially unchanged in June (+18,000), and the unemployment rate was little changed at 9.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment in most major private-sector industries changed little over the month. Government employment continued to trend down." It is time for Joe LaVorgna to retire, with his 175K forecast, or off by a factor of 972%.
Birth Death:
http://www.zerohedge.com/article/stunner-nfp-just-18k?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
Just one reply to this article............ Kinda says it all,,,,,,,,,,,,,
by HowardBeale
on Fri, 07/08/2011 - 09:27
#1436011
"...how bad the real number is..."
&ucking bad. I'm a union rep. (15 years) and I can tell you that between 1 and 2 million educators/other-staff were permanently (not just for the summer) laid off as of July 1--give or take a month due to the 57,000 different districts across the country. Those are real people that no longer--many never will--have real jobs. That just can't $ucking hide something like that; I've mentioned this a couple of times here at ZH.
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Make that 2 replies, LOL and I agree with this,,,,,, scam,,,,,,
by malikai
on Fri, 07/08/2011 - 09:10
#1435903
It's just transient. We'll be back to green shoots on Monday.
Make that 3, I can't stop, haaaaaaaaaaaaaaaaaaa
by thunderchief
on Fri, 07/08/2011 - 08:59
#1435809
This will be shrugged off. That is the party line. Shrugged. Nothing to see here kids, just keep moving along. But keep in mind, the market rallied on all the bad reports during QE I/II. So everything will be fine.
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Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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