The Ugly Jobs Report!

The following is the latest report from Agora Financial in which the jobs report is described as "Ugly" in fact..its worst than that...



A search of our archives reveals the last time the word “fugly” appeared in The 5 was on the first Friday of June last year… in which we used this borderline-vulgar portmanteau to describe the Labor Department’s May jobs report.
On this first Friday of June 2012, it’s deja vu…

As then, the statisticians at BLS could conjure only a five-figure number of new jobs in May. This time, it’s 69,000.

Whoops, the “expert consensus” was looking for 150,000. And 150,000 is no great shakes — barely enough to keep up with population growth.

Worse… the number would be negative were it not for the “birth-death model”… in which the statisticians guess at the number of jobs created by new business owners, who are too busy to respond to BLS surveys.

Worser… the already dismal figures for April and March were revised down. The “new jobs” number has now fallen every month since January.

January happens to be the last time we took a gander at the chart from Calculated Risk plotting job losses and recoveries in every postwar recession. The red line is what passes for recovery 4½ years after the “official” start of the recession in December 2007.






[Click to enlarge]


Meanwhile, U-3 unemployment ticked up to 8.2%. The U-6 figure, including “discouraged workers” and part-timers who want full-time work, moved up for the first time in three months, to 14.8%.

Throw in the discouraged workers who gave up looking for work more than a year ago and you get to 22.7%. That’s how the unemployment rate used to be measured during the Carter administration, and how ShadowStats’ John Williams figures it this morning.

This number is identical to a year ago.

Read Further!

http://5minforecast.agorafinancial.com/printrallycrashprintrally/