Posted on 07/08/2011 6:45:20 AM PDT by Zakeet
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%.
Some key jobs categories:
Employment in government continued to trend down over the month (-39,000). Federal employment declined by 14,000 in June. Employment in both state government and local government continued to trend down over the month and has been falling since the second half of 2008.Manufacturing employment changed little in June. Following gains totaling 164,000 between November 2010 and April 2011, employment in this industry has been flat for the past 2 months. In June, job gains in fabricated metal products (+8,000) were partially offset by a loss in wood products (-5,000).
Construction employment was essentially unchanged in June. After having fallen sharply during the 2007-09 period, employment in construction has shown little movement on net since early 2010.
There is no sugarcoating this report. Absolutely abysmal.
And this is why we need more Quantitative Easing
Private Business is on strike until Obama is gone.
What’s even more stunning is that this data is even being reported.
I thought that the MSM had completely compromised their credibility when BJ Clintoon occupied the White House; but their non-stop fellation of Zero has been amazing.
Wonder if that worm is starting to turn?
“There is no sugarcoating this report. “
Yes, there is: ‘underground employment’.
I bet he starts using that meme today.
And there is some truth to iy- avoiding taxes and regs and keeping onesself eligible for benefits. All reasons he has made more powerful.
“Barky is planning a special announcement on the jobs report. I can hardly wait for his latest alibi. “
We will be ordered to go out and destroy all the ATM’s.
I wonder what Obomber will do
a)Go batscat crazy from the stress of destroying tens of millions of people for satan
b)Give the bankers/unions/corps another trillion phoney dollars
c) start WWIII
d)all the above
Hey this is just a “soft patch”. Wonder if Obama will use that one?
More Socialism. The only solution to Socialist destruction is more socialism to a Socialist. That is why it is always a race to the bottom.
Summer of recovery.
This is just f’ing disastrous. There’s no other way to put it.
Shortly to be blamed by Obama on the Republicans, for “holding a gun at the head of the economy” to preserve “tax breaks for millionaires and billionaires” and, of course, those awful “corporate jet owners”.
You forgot a choice: stand there with wood because he loves destroying the western way of life and capitalism so much!
This isn’t a “disaster” for them, this is deliberate.
Maybe he’ll announced a few openings at the White House.
I guess the big box stores and the fast food chains must have enacted a hiring freeze.
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