Breaking News: U.S. Added 146,000 Jobs in November; Unemployment at 7.7%

bls.gov

S&P futures soar.

boards of FL wrote:S&P futures soar.

This will be unacceptable to House Republicans....look out for a presser from Boehner to kill the mood. I just hope we can get another $20 out of Apple first.

Margin Call wrote:

boards of FL wrote:S&P futures soar.

This will be unacceptable to House Republicans....look out for a presser from Boehner to kill the mood. I just hope we can get another $20 out of Apple first.

"We're nowhere on these talks. I mean nowhere. We have made no progress at all. The president has shown zero leadership here. We are no closer to a deal today than we were last year. We are going over the cliff. I repeat. We are going over the cliff."

President Obama was accused of somehow manipulating the data right before the election......hmmmmmmm. Why would he manipulate the data right after the election? I am confused.

Yep...

Boehner to hold 11AM news conference on fiscal cliff.

Looks like all this holiday season temp hiring hoohaw isn't doing much to inspire consumer confidence...

"The Thomson Reuters/University of Michigan's preliminary reading of the overall index on consumer sentiment plunged to 74.5 in early December, the lowest level since August.

It was far below November's figure of 82.7 and the median forecast of 82.4 among economists polled by Reuters."

http://www.reuters.com/article/2012/12/07/us-usa-economy-sentiment-idUSBRE8B60QC20121207

Glad government unemployment is down, wonder how much adding government jobs adds to unemployment numbers. At least someone is hiring.

http://cnsnews.com/news/article/unemployment-plunges-38-government-workers-government-adds-35000-jobs-november-544000

Margin Call wrote:bls.gov

You left out a minor detail. It takes 125,000 to 150,000 new jobs per month to keep up with immigration and population growth.

http://www.zerohedge.com/news/2012-12-07/146000-jobs-added-november-beat-expectation-85000-unemployment-rate-lower-77

Also...

Confused why the unemployment rate dropped? The same, favorite BLS adjustment - a drop in the labor force participation rate which declined by 0.2% to 63.6% once again, as the number of people out of the labor increased by over 540K to 88,883,000.

alecto wrote:Glad government unemployment is down, wonder how much adding government jobs adds to unemployment numbers. At least someone is hiring.

Government jobs actually declined.

October government jobs: 21,963
November government jobs: 21,962 (-1)

October private sectors jobs: 111,743
November private sector jobs: 111,890 (+147)

nochain wrote:Looks like all this holiday season temp hiring hoohaw isn't doing much to inspire consumer confidence...

"The Thomson Reuters/University of Michigan's preliminary reading of the overall index on consumer sentiment plunged to 74.5 in early December, the lowest level since August.

It was far below November's figure of 82.7 and the median forecast of 82.4 among economists polled by Reuters."

http://www.reuters.com/article/2012/12/07/us-usa-economy-sentiment-idUSBRE8B60QC20121207

Stalled fiscal cliff talks are weighing on the expectations component of consumer confidence.

boards of FL wrote:

nochain wrote:Looks like all this holiday season temp hiring hoohaw isn't doing much to inspire consumer confidence...

"The Thomson Reuters/University of Michigan's preliminary reading of the overall index on consumer sentiment plunged to 74.5 in early December, the lowest level since August.

It was far below November's figure of 82.7 and the median forecast of 82.4 among economists polled by Reuters."

http://www.reuters.com/article/2012/12/07/us-usa-economy-sentiment-idUSBRE8B60QC20121207

Stalled fiscal cliff talks are weighing on the expectations component of consumer confidence.

You don't say? What inspired this epiphany on your part? Watching the political idiots in D.C. joust for political points? Perhaps the partisan bickering, wailing, and gnashing of teeth by the house "leadership" and an intransigent BHO?

nochain wrote:You don't say? What inspired this epiphany on your part?

Reading the components of the report?

boards of FL wrote:

nochain wrote:You don't say? What inspired this epiphany on your part?

Reading the components of the report?

Stating the painfully obvious is a real talent. Congratulations. If the politicos don't get their act together there is a recession in our near future. That will be a real wake up call about the true state of the economy. Miniscule upticks like you hoot about to show how wonderful BHO is leading will be a thing of the past. One positive result may be the removal from office during upcoming election cycles of those most responsible. From both parties.

nochain wrote:Stating the painfully obvious is a real talent.

So says the guy who just shared low consumer confidence numbers during stalled fiscal cliff talks.

Markle wrote:You left out a minor detail. It takes 125,000 to 150,000 new jobs per month to keep up with immigration and population growth.

Right on track then!

Markle wrote:http://www.zerohedge.com/news/2012-12-07/146000-jobs-added-november-beat-expectation-85000-unemployment-rate-lower-77

Also...

Confused why the unemployment rate dropped? The same, favorite BLS adjustment - a drop in the labor force participation rate which declined by 0.2% to 63.6% once again, as the number of people out of the labor increased by over 540K to 88,883,000.

With an aging population, one would expect people to be dropping out of the workforce. It would be more worthwhile to look at the prime working ages of people ages 25-54 years old. The participation rate for that group has trended upwards this year and sideways since 2009.

Markle wrote:
You left out a minor detail. It takes 125,000 to 150,000 new jobs per month to keep up with immigration and population growth.

Since details matter:

http://www.marketwatch.com/story/ignore-november-jobs-data-hiring-trend-too-slow-2012-12-07?link=sfmw

"What’s important is not the month-to-month change, but the trends. In any given month, the change in employment across the nation is barely discernible in the data. Over the past year, for instance, employment has risen by an average of 157,000 per month"

snip

"That may seem like very slow growth, but the total population of those 16 to 65 grew by just 42,000 per month. "

nochain wrote:Looks like all this holiday season temp hiring hoohaw isn't doing much to inspire consumer confidence...

"The Thomson Reuters/University of Michigan's preliminary reading of the overall index on consumer sentiment plunged to 74.5 in early December, the lowest level since August.

It was far below November's figure of 82.7 and the median forecast of 82.4 among economists polled by Reuters."

http://www.reuters.com/article/2012/12/07/us-usa-economy-sentiment-idUSBRE8B60QC20121207

****************************************************

No rational person could be surprised with our dysfunctional government on display for all the world to see.

boards of FL wrote:
Stalled fiscal cliff talks are weighing on the expectations component of consumer confidence.

Stock market today:

Margin Call wrote:

boards of FL wrote:
Stalled fiscal cliff talks are weighing on the expectations component of consumer confidence.

Stock market today:

I kinda expected this. With the fiscal cliff talks being where they are, /ES had no business being in the $1420s.

boards of FL wrote:

Margin Call wrote:

boards of FL wrote:
Stalled fiscal cliff talks are weighing on the expectations component of consumer confidence.

Stock market today:

I kinda expected this. With the fiscal cliff talks being where they are, /ES had no business being in the $1420s.

Sellers are scared of a "we've made a deal" headline.....evidenced by the fact that /ES is flat on the day and week. We retraced the first selloff on the fiscal cliff deadlock. Makes sense that we might just sit here for a while unless the Fed can goose the market next Wednesday.

Margin Call wrote:

Markle wrote:You left out a minor detail. It takes 125,000 to 150,000 new jobs per month to keep up with immigration and population growth.

Right on track then!

Markle wrote:http://www.zerohedge.com/news/2012-12-07/146000-jobs-added-november-beat-expectation-85000-unemployment-rate-lower-77

Also...

Confused why the unemployment rate dropped? The same, favorite BLS adjustment - a drop in the labor force participation rate which declined by 0.2% to 63.6% once again, as the number of people out of the labor increased by over 540K to 88,883,000.

With an aging population, one would expect people to be dropping out of the workforce. It would be more worthwhile to look at the prime working ages of people ages 25-54 years old. The participation rate for that group has trended upwards this year and sideways since 2009.

Yes, right on track to make no progress whatsoever and continue going deeper and deeper in debt with fewer and fewer workers. What kind of economy will that build?

http://www.pbs.org/newshour/bb/politics/july-dec12/jobs_12-07.html

Markle wrote:

Margin Call wrote:

Markle wrote:You left out a minor detail. It takes 125,000 to 150,000 new jobs per month to keep up with immigration and population growth.

Right on track then!

Markle wrote:http://www.zerohedge.com/news/2012-12-07/146000-jobs-added-november-beat-expectation-85000-unemployment-rate-lower-77

Also...

Confused why the unemployment rate dropped? The same, favorite BLS adjustment - a drop in the labor force participation rate which declined by 0.2% to 63.6% once again, as the number of people out of the labor increased by over 540K to 88,883,000.

With an aging population, one would expect people to be dropping out of the workforce. It would be more worthwhile to look at the prime working ages of people ages 25-54 years old. The participation rate for that group has trended upwards this year and sideways since 2009.

Yes, right on track to make no progress whatsoever and continue going deeper and deeper in debt with fewer and fewer workers. What kind of economy will that build?

The percent of job losses since December 2007 is steadily declining, we have averaged more jobs created per month than are necessary to keep up with population growth over the last year (according to you), the unemployment rate is steadily declining even for marginally attached workers (not counted as part of workforce), the employment-population ratio is holding steady despite an aging population.

I can envision what a perfect jobs report looks like, but to say we are not making progress is foolish.