Jun 24

Recovery!


france-jobseekers

–  French Unemployment Hits Record High: 80th Consecutive Month Of Rising Joblessness (ZeroHedge, June 24, 2015):

While French president Hollande is busy “grilling” (in the words of The Local) president Obama over the latest US “spying on its allies” snafu, the French economy continues to deteriorate and according to the latest French labor ministry data, in May the number of French jobseekers rose by another 0.5%, or 16,200, to 3.552 million, 10k more than expected, and a new all time high.

The number was 5%, or 168,500 greater, compared to a year ago as the so-called European recovery has yet to have a positive impact on what is supposed to be Europe’s second strongest economy.

Most troubling: this is the 80th consecutive month of increasing Y/Y unemployment, yet stocks are delighted of course.

Continue reading »

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Jun 16

Related info:

93 Million Americans Remain Out Of The Labor Force Despite Nearly 400K Work Pool Increase


What’s The Real Unemployment Rate In The US? (Of Two Minds, June 16, 2015):

By my reckoning, roughly 60% of the civilian work force is fully employed and 40% are marginally employed or unemployed.

Officially, the unemployment rate in the U.S. is 5.6%, meaning 5.6% of the work force is temporarily out of a job and actively seeking another one. This low number reflects nearly full employment, as 3% to 4% of the work force is typically in the process of quitting/being laid off and finding another job. Continue reading »

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Jun 05

“The Job Numbers Literally Do Not Add Up” (ZeroHedge, June 5, 2015):

The last time the Establishment Survey was as robust as the past year or so was 1999; then, the average productivity was 3.7%! That number actually makes sense intuitively, since businesses would have good reason to go on a hiring spree. Porting that to the current period, as in the mathematical construction of productivity here, would mean, holding output constant, that total hours in the past five quarters would have been not +2.7% but -1.7%. These numbers literally do not add up.

 …

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Jun 01

HSBC

HSBC Joins JPMorgan: Prepares To Unveil Up To 20,000 Job Cuts (ZeroHedge, June 1, 2015):

The banking system must be doing great… just days after JPMorgan announced mass layoffs, SkyNews reports that HSBC is preparing to announce a revised headcount target, which insiders said that it was likely to be between 10,000 and 20,000 job cuts.

As Sky News reports,

HSBC will next week set out plans to cut thousands more jobs across its global workforce as it tries to reassure shareholders that its focus on costs remains undiminished after a series of reputational crises.

Continue reading »

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Jun 01

Hollandehollande113

French Unemployment Surges By Most In 7 Months To New Record High (ZeroHedge, June 1, 2015):

Is it any wonder Marin Le Pen’s Front National Party is a) leading in the polls, and b) pushing for an EU in/out referendum? Whatever it is that France (and/or Europe) is doing, is not working. Despite all the promises, French unemployment has risen practically non-stop for 4 years and just hit a new all-time record…

Hollande #Fail

unemployment-france

But of course none of that matters… the CAC 40 is surging… Continue reading »

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May 07

The Texas Job Recession Is Now Literally “Off The Chart” (ZeroHedge, May 7, 2015):

The paradoxical, utterly nonsensical “data” releases continue.

On one hand, the government’s Department of Labor reported earlier today that in the past week just 265K people were laid off: the lowest number since early 2000. On the other, private data aggregator Challenger reported that in April, there were a whopping 61,582 job cuts, a 68% surge from March, and up 53% from a year ago. This was the highest monthly total since May 2012 and the highest April total since 2009! Continue reading »

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May 03

H/t reader M.G.:

“Article on disparity of true joblessness with the current mendacious 5.5% US figures……Who believes these numbers?”

Related info:

Americans Not In The Labor Force Soar To Record 93.2 Million As Participation Rate Drops To February 1978 Levels


Recovery

Official ‘unemployment’ rate understates true U.S. joblessness (Al Jazeera, May 2, 2015):

Discouraged workers, stagnant wages and underemployment mean labor force has less participation than formally indicated

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Apr 30

–  European Unemployment By Country: Youth Unemployment In Greece, Spain Remains Over 50% (ZeroHedge, April 30, 2015):

But the scariest data, once again, is revealed in the table of European youth unemployment. Here we see that both Spain and Greece now share the same youth unemployment figure of 50.1%, while Italy has reversed its recent improving trend, and is now at 43.1% and rising.

youth unemployment_0

For anyone asking why Europe’s politicians are terrified at the anti “austerity” wave that is just over the horizon, the table above should have all the answers.

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Apr 03

Americans Not In The Labor Force Soar To Record 93.2 Million As Participation Rate Drops To February 1978 Levels (ZeroHedge, April 3, 2015):

So much for yet another “above consensus” recovery, and what’s worse it is, well, about to get even worse, because while the Fed keeps baning some illusory drum that slack in the economy is almost non-existent, the reality is that in March the number of people who dropped out of the labor force rose by yet another 277K, up 2.1 million in the past year, and has reached a record 93.175 million.

Indicatively, this means that the labor force participation rate dropped once more, from 62.8% to 62.7%, a level seen back in February 1978, even as the BLS reported that the entire labor force actually declined for the second consecutive month, down almost 100K in March to 156,906.

LFP-Labor-Force-Participation-Rate

Why is this important? Because as long as the true employment rate, that of the civilian employment to total population, remains at depression levels, there will be no incrases in average hourly earnings. Continue reading »

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Mar 20

How Many Shale Oil Plays Make Money At $37 Per Barrel? (Spoiler Alert: None) (The Burning Platform, March 18, 2015):

I’m tossing you a softball. Now think carefully. The choices are:

A. Zero

B. Zero

C. Zero

D. Zero

I know Americans are math challenged and need a calculator to subtract 10 from 20, but I think even a CNBC bimbo or Princeton economic professor could get this one right.

Last year there was much banter from the Wall Street shysters and Bakkan shale oil experts about the true breakeven price for shale oil not being $80 (which is the truth) but actually being as low as $58 a barrel. They were spreading this lie in order to keep idiot investors buying the stocks and bonds of these fly by night shale oil companies.

bakkan-shale-oil Continue reading »

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Mar 14

From the article:

“That the manner in which we live today is about to drastically change, and that this coming change is being hidden from us deliberately by those who wish to use a tactic of financial shock and awe to their ultimate advantage.”

Related info:

One Last Look At The Real Economy Before It Implodes – Part 1


debt slave1

One Last Look At The Real Economy Before It Implodes – Part 2 (ALT-MARKET, March 11, 2015):

Consumer spending in the U.S. accounts for approximately 70 percent of gross domestic product, though it is important to note that the manner in which “official” GDP is calculated is highly inaccurate. For example, all government money used within the Medicare coverage system to pay for “consumer health demands,” as well as the now flailing Obamacare socialized welfare program, are counted toward GDP, despite the fact that such capital is created from thin air by the Federal Reserve and also generates debt for the average taxpayer. Government debt creation does not beget successful domestic production. If that was a reality, then all socialist and communist countries (same thing) would be wildly enriched today. This is simply not the case.

That said, the swift decline in manufacturing jobs in the U.S. over the past two decades, including a considerable 33 percent overall decline in manufacturing jobs from 2001 to 2010, leaves only the consumer and service sectors as the primary areas of employment and “production.” The service sector provides about three out of every four jobs available in America, according to the Bureau of Labor Statistics. Continue reading »

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Mar 09

Nearly At ‘Full Employment’? 10 Reasons Why The Unemployment Numbers Are A Massive Lie (Economic Collapse, March 8, 2015):

On Friday, we learned that the official “unemployment rate” has fallen to 5.5 percent. Since an unemployment rate of 5 percent is considered to be “full employment” by many economists, many in the mainstream media took this as a sign that the U.S. economy has almost fully “recovered” since the last recession.  In fact, according to the Wall Street Journal, some Federal Reserve officials believe that “the U.S. economy is already at full employment“.  But how can this possibly be?  It certainly does not square with reality.  Personally, I know people that have been struggling with unemployment for years and that still cannot find a decent job.  And I get emails from readers all the time that are heartbroken because they are suffering through extended periods of unemployment.  Continue reading »

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Feb 25

This Is Why Hewlett-Packard Is Firing 58,000 (ZeroHedge, Feb 24, 2015):

The biggest scandal in today’s release of Hewlett Packard Q1 earnings was not that, just as the Nasdaq is knocking on 5000’s door, it reported revenues of $26.8 billion missing consensus expectations of $27.3 billion, while beating non-GAAP EPS by 1 cent to $0.92 (up from $0.90 a year ago) entirely due to a massive reduction in outstanding stock and some truly gargantuan non-GAAP addbacks (GAAP EPS declined from $0.74 a year ago to $0.73) pushing the stock down 7% after hours.

The biggest scandal was the company announced that having cut 44,000 workers so far, it will cut 58,000 jobs by the end of 2015.

From Bloomberg:

  • HP SAYS HAS CUT 44,000 JOBS TO DATE
  • HP SAYS EXPECTS TO CUT 58,000 JOBS BY END OF FISCAL 2015

Incidentally, just 10 years ago Hewlett Packard employed a total of 58,000 people in the entire US.

So why is the company axing 58 thousand workers? Simple: so it can cut enough costs on top and continue to fund its now exponential surge in stock buybacks, which in the just concluded quarter was a record $1.6 billion, an increase of 178% from a year ago, and 66% more than the company spent on CapEx, in the process making its shareholders even richer while its management team get massive equity-linked bonuses.

Rinse. Repeat.

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Feb 06

President Obama Explains How “The Crisis Has Passed” If The Unemployment Rate Is Rising – Live Feed (ZeroHedge, Feb 6, 2015):

Mission Accomplished? The “shadow of crisis has passed” but the unemployment rose… but The White House says you can ignore that because wages are growing (but Goldman says ignore that)… President Obama explains.

President Obama speaks…

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Feb 06

Layoffs Surge 17.6% YoY, Shale State Joblessness Soars, Initial Jobless Claims Rise (ZeroHedge, Feb 5, 2015):

It all makes perfect sense. Challenger announced this morning that layoffs in January soard 17.6% year-over-year with planned job cuts at the highest level in almost 2 years… Jobless claims in Shale states continues to trend higher as oil prices collapse… but initial jobless claims beat expectations – hovering near cycle lows – though did rise modestly WoW.

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Feb 04

civilian employment rate

Gallup CEO: “America’s 5.6% Unempoyment Is One Big Lie” (ZeroHedge, Feb 3, 2015):

The biggest threat to a corrupt regime is when truth moves away from the “conspiracy theory” fringes and into the mainstream. Which is why we thank Jim Clifton, Chairman and CEO of Gallup, for daring to tell the truth to those who care to listen.

Posted first on LinkedIn

The Big Lie: 5.6% Unemployment

Here’s something that many Americans — including some of the smartest and most educated among us — don’t know: The official unemployment rate, as reported by the U.S. Department of Labor, is extremely misleading. Continue reading »

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Jan 23

Total Announced Job Cuts In 2015 Just Topped 32,000 (ZeroHedge, Jan 22, 2015):

Presented with little comment aside to note the ironic timing of the surge in job cut announcements from North American firms since President Obama’s “Crisis Has Passed” State of The Union speech…

Job cuts announced by publicly traded firms in North America…

20150121_jobs

Data: Bloomberg

“unambiguously good” – aside from for these 32,102 people…

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Jan 17

Bank-of-America

Bank Of America Misses Revenue By $2 Billion As Trading Revenue Collapses; Fires Thousands (ZeroHedge, Jan 15, 2015)

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Jan 09

Labor Participation Rate Drops To Fresh 38 Year Low; Record 92.9 Million Americans Not In Labor Force (ZeroHedge, Jan 9, 2015):

Another month, another attempt by the BLS to mask the collapse in the US labor force with a goalseeked seasonally-adjusted surge in waiter, bartender and other low-paying jobs. Case in point: after a modest rebound by 0.1% in November, the labor participation rate just slid once more, dropping to 62.7%, or the lowest print since December 1977. This happened because the number of Americans not in the labor forced soared by 451,000 in December, far outpacing the 111,000 jobs added according to the Household Survey, and is the primary reason why the number of uenmployed Americans dropped by 383,000.

Labor Force Participation Rate

And another chart that will not be mentioned anywhere: the Civilian Employment to Population Ratio: at 59.2%, it is now unchanged for 4 months in a row. Continue reading »

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Dec 28

Crude price drop triggers major layoffs in US oil industry#

Crude price drop triggers major layoffs in US oil industry (RT, Dec 28, 2014):

Thousands of recently highly paid workers have been laid off after the oil price plummeted 50 percent in 2014. At least four American oil-producing states are already facing budget problems due to decreasing oil revenues.

The price plunge has affected petroleum production in all oil-extracting countries, including the US. Continue reading »

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