Skip to comments.US PAYROLLS BEAT EXPECTATIONS, UNEMPLOYMENT RATE RISES
Posted on 03/07/2014 5:50:10 AM PST by John W
The Bureau of Labor Statistics says 175,000 workers were added to nonfarm payrolls in December, well above Wall Streets consensus estimate of 149,000.
162,000 of those hires were to private payrolls, above expectations for a 145,000 rise in the ranks of private-sector workers.
The unemployment rate unexpectedly rose to 6.7% from 6.6%. Labor force participation was unchanged at 63.0%.
610,000 were unable to work due to inclement weather in February, above the historical February average of 317,000.
(Excerpt) Read more at businessinsider.com.au ...
LOTS of part time hires. An effect of ObamaCare? CNBC pretends not to know.
I’m betting this new 175K jobs number will be “revised” down next month by a lot.
The economy added 175,000 jobs in February while the unemployment rate rose to 6.7 percent, according to the latest data from the Bureau of Labor Statistics. Analysts had expected 149,000 jobs to be added. Upward revisions for December and January added an extra 25,000 jobs.
Food services and drinking places continued to add jobs, with 21,000 more in February and an average of 27,000 added each month over the last year. Professional and business services also added 79,000 jobs.
Unemployment rate by education:
No HS diploma: 9.8%
HS diploma: 6.4%
Some higher ed: 6.2%
College degree or more: 3.4%
Babysit for 1 hour and that's a new job. Those are the sorts of things are included in the monthly job estimating model.
Which means the figures are largely made up BS. There's really not that much actual job reporting and compiling that goes on. It's all from the birth/death model and the estimating, etc.
Consider this report without the benefit of a 1.5 million “jobs” season adjustment.
I should add that the monthly and quarterly revisions are based on more actual data, hence all the downward revisions.
December and January were both revised up. Dec +9K and Jan +25K.
How would you describe the status of the US economy?
School of Hard Knocks: 0.0%
ahh... it just wouldn’t be an economic report during the Obama years without the word “unexpected”
*unexpectedly* down no doubt :)
Short version: Continued slow/sub-optimal recovery.
Long version: Conditions continue to improve albeit very slowly compared to other recoveries. The consumer is back after focusing on their balance sheets for several years. Housing is improving off the all-time lows of 2009 and stagnation through 2012. Businesses are generating record profits but are reluctant to spend/invest because of crushing government regulation and uncertainty. Still plenty of slack in labor and manufacturing. There is plenty of upside in this recovery which is decidedly sub-optimal. But there has been a recovery for a while.
Largest Law Firm (IIRC) in United States goes Bankrupt. Law Firm under investigation for fraud. 3,000+ attorneys (IIRC). Comparisons to Enron being leveled by media against Law Firm. Wonder what the real story is and why does the real story always make its way out through an opinion, a non opinion or additional fraud which one could call complacency known as a media?
That’s a revealing number. Not going to college is fine, but you’d better know what you’re doing?