Friday, September 3, 2010

Employment Report Beats Forecasts

The answer to my question may finally be yes. Bloomberg details:

Companies in the U.S. added more jobs than forecast in August, easing concern the economy was falling back into recession.

Private payrolls that exclude government agencies climbed 67,000, after a revised 107,000 increase in July that was more than initially estimated, Labor Department figures in Washington showed today. The median estimate of economists surveyed by Bloomberg News called for a gain of 40,000. Overall employment fell 54,000 for a second month and the unemployment rate rose to 9.6 percent as more people entered the labor force.

The household figures were even stronger (with strength across the board):

Source: BLS


  1. SPECTRE of DeflationSeptember 3, 2010 at 6:41 AM

    LOL! Unemployment is now 9.6% but let's spin this as good news. If we were using real numbers like U6 that 9.6% would be at least 17%, and intruth it's over 20%. This reminds me of the phrase, "AND THE BAND PLAYED ON".

    I could give you enough stats to make you sick to your stomach concerning the health of our economy and country, but why bother when you are putting up some pretty nice pictures that the elites have engineered? Never mind that assets of $52 Trillion in this country are matched or exceeded by our national debt and unfunded liabilities. Bizzaro world rules the day.

  2. SPECTRE of DeflationSeptember 3, 2010 at 6:49 AM

    By the way, I have been and still am long this market and loving every minute of this charade for as long as it lasts. Bizzaro world can also be very profitable.

  3. spectre... these aren't great #'s, but this definitely appears to be the bottom for the time being (at least), thus definitely good news on the margin.

    for the first time in years we are adding jobs to the economy so not sure how that is spin. i've shown "pretty nice pictures" of the U-6 rate which jumped to 16.7% before (and will be posting in about 10 minutes).

  4. As usual, more BS from the BLS.

    I'll wait patiently for the annual revision, which will certainly show a picture that is quite different from the one being painted right now.

    Why we cannot be trusted with the truth, I will never know.

  5. SPECTRE of DeflationSeptember 3, 2010 at 9:54 AM

    Bottom? This is a speed bump we hit at 100 MPH, and we are airborne with a nice view and the breeze blowing through our hair, but just wait till we hit the ground again. We usually call these things, "the scene of the crash". Just sayin'.