July Employment Report

[Tilted]

July Nonfarm Payrolls: -131,000

June Nonfarm Payrolls revision: to -221,000 from -125,000

May Nonfarm Payrolls revision: to +432,000 from +433,000

Unemployment Rate: 9.5% (from 9.5%)

Average Hourly Earnings: +0.2%

Private Sector July Payrolls: +71,000

The headline number includes the loss of 143,000 temporary Census worker jobs. That said, this report is still awful, especially when you consider the June revision. The private sector payrolls number for June was also revised downward, from +86,000 to +31,000.

This might be a bad day for the markets, I'm glad I trimmed some long term positions yesterday.

 

[edinsomd]

Stock futures are way down. It's not going to be a pretty day on Wall Street! Good thing Obama fired his economic advisor and the recession is over.

 

[Tilted]

Payrolls gained (or lost) in the last year by:

Federal Government: 201,000 (254,800 if you take out the Post Office)

State Governments: -20,000

Local Governments: -192,000

Private Sector: -41,000


EDIT: Corrected the numbers to reflect seasonally adjusted data.

 

[Tilted]

This week's initial jobless claims number hit 500,000 for the first time since last November.

Weekly Jobless Claims Post Surprise Jump, Hit 500,000

 

[Gilligan]

uh..once a trend is firmly established..and it has been..words like 'unexpected' (used to describe the increase in last week's numbers) and 'surprised' are not valid. CNBC needs some better editors...

The overall unemployment numbers for August are going to be horrible..with no improvement in sight for a very long time (years, according to credible analysts not employed by any of the media outlets).

Going to be a very interesting election this fall...

 

[chernmax]

And yet Obama continues with his 2010 Jedi Mind Trick Tour to tell people just the opposite!

 

[Tilted]

uh..once a trend is firmly established..and it has been..words like 'unexpected' (used to describe the increase in last week's numbers) and 'surprised' are not valid. CNBC needs some better editors...

The overall unemployment numbers for August are going to be horrible..with no improvement in sight for a very long time (years, according to credible analysts not employed by any of the media outlets).

Going to be a very interesting election this fall...

Unexpectedly in this context refers to the rise in UI Claims being contrary to consensus estimates as to what they would be. It's not an editorial characterization or an expression of the author's sentiments - it's an accurate indication of an existing condition. When used in economic reporting, often that term is kinda a term of art.

At any rate, the content of the article was generated by Reuters, not CNBC.

 

[chernmax]

And yet Obama continues with his 2010 Jedi Mind Trick Tour to tell people just the opposite!

Sorry I stand corrected, that was last week, news just reported Obama and his family leaving today for their summer vacation to Martha's Vineyard!

 

[Gilligan]

Unexpectedly in this context refers to the rise in UI Claims being contrary to consensus estimates as to what they would be. It's not an editorial characterization or an expression of the author's sentiments - it's an accurate indication of an existing condition. When used in economic reporting, often that term is kinda a term of art.

At any rate, the content of the article was generated by Reuters, not CNBC.

You missed my point. If every week's results are 'unexpected' then there is clearly a problem with whomever or whatever is 'expecting otherwise'. In plain English, what happens repeatedly has to become expected.

AND...I read a lot of economists who find nothing unexpected at all about the direction of employment claims.