The Market Ticker
Commentary on The Capital Markets- Category [Employment]

You have to love the Bureau of Lies and Scamsnot only does this report suck but they revised the last two months down big as well.


Total nonfarm payroll employment increased by 142,000 in September, and the unemployment rate was unchanged at 5.1 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care and information, while mining employment fell.


Note that nasty monthly downturn.  But more to the point, look at the annualized figures that have failed to show any good trend change in the upward direction, just as was the case all along.

Corrected for population growth there goes the neighborhood.

And finally, if you had any sort of belief that the population-corrected employment rate was improving (a case that was reasonable to make the last few months), well....

Now about the internals -- 

The unadjusted figures show a loss of 248,000 jobs.  What's worse is that over a million people left the workforce -- they gave up.  At the same time 229,000 people were added to the workforce.  There's the explanation for the 'unch' in the unemployment rate -- giving up means you're not "unemployed" any more!

This report is utterly awful.

What's even better is that of the so-called "growth" had 34,000 of it in "health care", with about half of it in hospitals.  This with, as I've noted, radically outrageous increases in health insurance cost that are just now hitting the economy.  That will end well, I'm sure.

The workweek fell by 0.1 hour; it stands at 34.5.  Obamacare part-time jobs anyone?  Oh yeah, that's special.  Manufacturing hours were down and factory overtime slackeneed.

What I find amusing from the internals is in table A-4; according to that table nobody lost ground based on educational achievement.  Uh huh.  Sure...... there were no employment:population ratio decreases anywhere in the table?

How did that happen, may I ask, with this weak of a report on an unadjusted basis, when the aggregate number showed a decline?  Isn't it funny when the numbers don't add up and check with each other?  Every once in a while our fabulous government agencies manage to stick something out in the wild without checking their work first to make sure that the internals are plausible given whatever the headlines claim.  (Ed: It has been pointed out that it's technically possible for this result to occur; all job losses would have to have occurred in teens, basically.  Possible? Sure. Likely? Uh... no.)

I find that highly amusing, and perhaps it's the real story in this report, validating what I've called the people who compile this ditty every month ever since I began presenting it for you: The Bureau of Lies and Scams.

Welcome (back) to the recession that never left but was merely papered over folks.

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