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Another Dismal U.S. Jobs Report

AMERICA’S JOBLESS RECOVERY IS BACK …  For the second straight month the U.S. economy’s job creation engine sputtered – creating only 115,000 new positions in January. Analysts were expecting more than 180,000 jobs to be created. They were also expecting to see December’s abysmal data revised upward – another prediction that didn’t…

AMERICA’S JOBLESS RECOVERY IS BACK … 

For the second straight month the U.S. economy’s job creation engine sputtered – creating only 115,000 new positions in January.

Analysts were expecting more than 180,000 jobs to be created. They were also expecting to see December’s abysmal data revised upward – another prediction that didn’t pan out.

The only “good news” in this report? A minor upward adjustment in the size of the nation’s workforce – resulting in the labor participation rate increasing from 62.8 to 63 percent. All told, 91.4 million working age Americans were not part of the workforce in January – down from a record 91.8 million in December.

Of course as the official government release (below) notes, this shift was the result of “annual adjustment to the population controls.”

Also, as this chart from our friends at Zero Hedge makes painfully clear, the long-term trend lines are not good …

people not in the labor force

The official U.S. unemployment rate – a number that has lost much of its meaning – dipped from 6.7 to 6.6 percent. Meanwhile the nation’s underemployment rate – a broader, more accurate measure of joblessness – dipped from 13.1 to 12.7 percent.

Again, all of the numbers referenced in this post presume the integrity of the BLS data – which has come under fire in recent months.

JANUARY EMPLOYMENT SITUATION REPORT (.pdf)

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18 comments

GrandTango February 7, 2014 at 9:37 am

Duh….look who is the White House. And now he is not worried abut getting re-elected. So you may get numbers closer to accurate..but still the PT jobs are the only thing keeping the jobs market from Depression-era lows. I doubt they admit that…

That said: Obama desperately thinks he has a shot at the House…so expect the fudging (no pun) to start again around July or August.

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euwe max February 7, 2014 at 8:23 pm

Duh….

—-
I used to have a speech impediment. I traded it in for cataracts.

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Frank Pytel February 7, 2014 at 9:42 am

UnFuckinBelievable that DOW is up on crap jobs report. #ObamaFailsAgain

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Will Folks aka Sic February 7, 2014 at 9:45 am

The Dow is up because a second month of weak jobs data means the Federal Reserve is less likely to scale back its money printing …

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Frank Pytel February 7, 2014 at 10:31 am

I agree on some level that this is the mood on W street, but I do not think it will be the case. With the EM’s going to crap because of the fiat printing the probability is that Smellin’ Yellen will continue to pull back to distance the Fed from the collapse. ‘ ‘Merica told us to not QE. We listened. We told you so.’

http://alt-market.com/articles/1977-the-final-swindle-of-private-american-wealth-has-begun

Maybe. We’ll see.

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venomachine February 7, 2014 at 10:44 am

Dow seems to have gotten less and less coupled to the economy to me the last thirty years or so. If I had to point somewhere, I’d say after the S&L scandals in 87 or so.

Look at last years huge gains vs the economy.

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Candide February 7, 2014 at 11:01 am

Yep, the DOW is completely uncoupled from the main street economy. The DOW drivers are now money printing, big crony capitalist firms(ie., GE, Google, etc.), and TBTF banks.

The connected/rich people prosper, Sixpack Joe takes it up the ass.

Fascism wins the day.

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euwe max February 7, 2014 at 8:19 pm

I think it’s related to the mean menstrual cycle of the tea party women in Congress… and by mean I don’t mean mean.

I’m very methodical in my analysis of the stock market.. I once correctly predicted that the stock market would fall when Bush choked on a pretzel.

Have you been following the marijuana penny stocks like I suggested? Since my first mention, I’ve seen a 300% gain. It’s directly related to weak jobs data – mark my words!

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euwe max February 7, 2014 at 8:27 pm

Wealth is now detached from employment. You can make money in corporations without hiring hardly ANY Americans at all!

It’s like a poker game between the ultra rich… we bring their drinks.

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Frank Pytel February 8, 2014 at 4:20 am

Close. The welfare mentality, both corporate n personal have a lot to do with it.

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euwe max February 8, 2014 at 9:59 am

Close
——
Are you kidding? I split Robin Hood’s arrow!

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Frank Pytel February 8, 2014 at 11:00 am

You don’t win the scrabble contest by spelling half the word.

euwe max February 8, 2014 at 11:04 am

You sure can! Especially if half the word is a word too.

shifty henry February 8, 2014 at 6:27 pm

We really shouldn’t make jokes about health related
issues. Shifty’s daughter recently suffered through a terrible time. First off she got tonsillitis, followed by appendicitis and then pneumonia. After that she got rheumatism, and to top it off they gave her hypodermics and inoculations. Shifty thought she never would get through that spelling bee!

euwe max February 8, 2014 at 6:36 pm

The only other insect I’ve heard of that can spell is Louie Gohmert… though I can’t vouch for how well.

scotty February 7, 2014 at 10:22 am

Weak job report doesn’t reflect the fed printing money. The low interest rate is what keeps the printing going as long as the big banks can get the free money they loan it to there pals who go overseas with employment and others manipulate the market buying then selling. The skinny socialist is failing in that he wants equality in employment but torpedoes it by more give away programs.

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euwe max February 7, 2014 at 5:10 pm

Thank the gods for job creators!!!

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euwe max February 7, 2014 at 5:37 pm

Let’s see – the baby boomers.. are aging and retiring… and dying.

Reply

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