Dec 07

- BP Set To Slash 100s Of Jobs Amid Oil’s “Unequivocally Good” Slump (ZeroHedge, Dec 7, 2014):

The slump in oil prices has BP “concentrating minds on making the organisation more efficient” which means, as The FT translates, the ‘unequivocally good news’ of lower oil prices is accelerating plans for the oil giant to reduce its headcount. The Sunday Times reports, BP is to ax middle managers and freeze projects as Brian Gilvary, the finance director, said: “what you’ll see with this simplification plan is that headcounts are starting to come down across all of our activities in upstream, downstream and in the corporate centres — essentially the layers above operations.” Gilvary added that the company would slash the oil price assumption used to set its day-to-day budget.

As The Guardian reports,

BP will announce on Wednesday that hundreds of jobs will be lost at offices in London, Sunbury and Aberdeen as part of huge global staff cuts resulting from plunging oil prices and the Gulf of Mexico spill. Continue reading »

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Nov 11

Dr. Paul Craig Roberts was Assistant Secretary of the Treasury during President Reagan’s first term. He was Associate Editor of the Wall Street Journal. He has held numerous academic appointments, including the William E. Simon Chair, Center for Strategic and International Studies, Georgetown University, and Senior Research Fellow, Hoover Institution, Stanford University.

- More Lies from “Our” Government: The Latest Jobs Report (Paul Craig Roberts, Nov 10, 2014):

Just as the German media has destroyed its credibility with lies, the US government is consistently destroying Washington’s credibility both with its own citizens and the rest of the world.

Russia and China, the other two significant nuclear powers, no longer believe anything Washington says or any agreement that the US government signs. The Russian and Chinese governments have observed that Washington does not obey its own statutory law, much less international law and treaties that Washington has signed. Russian President Vladimir Putin has criticized Washington for acting as if its will was the only law.

Europeans know that they and their governments are Washington’s vassals and that Europeans are impotent to do anything about it. Continue reading »

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Nov 11

- John Williams’ Take On The October Unemployment Report: “The Economy Remains In Terrible Shape” (ZeroHedge, Nov 10, 2014):

When it comes to inflation data, there are two parallel sources: the BLS, and ShadowStats’ John Williams, who continues to plough through the underlying “data” using pre-pre-pre-revision protocols, and every month reveals a parallel universe in which something shocking is revealed: the truth. Here is his take on the October “weaker but really stronger than expected” jobs numbers. Here is what really happened.

From ShadowStats

Never Recovered, the Economy Remains in Terrible Shape.  The large number of opening headlines in today’s (November 9th) missive reflects various stories, ranging from twisted unemployment data, to an election dominated by underlying economic reality, and to headline 2014 financial results on the federal government’s operations that should raise some troubling questions in the markets.  The general outlook is unchanged Continue reading »

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Nov 07

- Job Cuts Surge 68%, Most In 3 Years; Worst October Since 2009 (ZeroHedge, Nov 6, 2014):

Maybe this explains the election results? Challenger reports US companies laid off over 51,000 people in October, the most since May (and 2nd most since Feb 2013). This is a 68% surge MoM (and 11.9% rise YoY) – the biggest monthly rise since September 2011. Retail, Computer, and Pharma industries saw the biggest layoffs. Hiring also collapsed from the record 567,705 exuberance in September to just 147,935 in October. This was the worst October for layoffs since 2009.

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Nov 06

Globe-Earth-World

- The Economy Of The Largest Superpower On The Planet Is Collapsing Right Now (Economic Collapse, Nov 5, 2014):

How do you fix a superpower with exploding levels of debt, that has a rapidly aging population, that consumes far more wealth than it produces, and that has scores of zombie banks that could collapse at any moment.  You might think that I am talking about the United States, but I am actually talking about Europe.  You see, the truth is that the European Union has a larger population than the United States does, it has a larger economy than the United States does, and it has a much larger banking system than the United States does.  Most of the time I write about the horrible economic problems that the U.S. is facing, but without a doubt economic conditions in Europe are even worse at the moment.  In fact, there are many (including the Washington Post) that are calling what is happening in Europe a full-blown “depression”.  Sadly, this is probably only just the beginning.  In the months to come things in Europe are likely to get much worse. Continue reading »

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Nov 02

20141031_france1

- Meanwhile, The French Are Revolting… (ZeroHedge, Oct 31, 2014):

Amid record unemployment, even recorder youth unemployment, and politicians willingly breaking EU treaties (with apparently no consequences), it appears – just as in the US – police brutality in France was the straw that broke ‘Le Camel’s back. As RT reports, another anti-police brutality protest turned violent in the French city of Rennes, with masked youths and police engaging in running street battles. The unrest follows the death of a young environmental activist earlier this week. Overnight Thursday, protesters in the northwestern city lobbed flairs at police and flipped over cars, some of which they set ablaze. Police responded by firing tear gas. We hear guillotines are still cheap on ebay.

The French (youth) are revolting…

As RT reports, Continue reading »

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Oct 25

- French Unemployed Hits Record High, Hollande Demands EU Budget “Must Be Adapted” (ZeroHedge, Oct 24, 2014):

France’s President Francois Hollande states confidently that “everyone should respeoct treaties,” then ‘Junckers’ it with this stunningly hypocritical bullshit, “budget rules must be adapted” to support growth and France “has done what it has to do” on its deficit… one glance at the following chart suggests that Hollande has done nothing and has been enabled by Draghi… What a farce!!

French Unemployed Hits Record High

So:

  • *HOLLANDE SAYS `EVERYONE’ SHOULD RESPECT TREATIES
  • *HOLLANDE SAYS FRANCE RESPECTS DEFICIT TREATY WITH FLEXIBILITY

But: Continue reading »

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Oct 22

- 19 Very Surprising Facts About The Messed Up State Of The U.S. Economy (Economic Collapse, Oct 20, 2014):

Barack Obama and the Federal Reserve are lying to you.  The “economic recovery” that we all keep hearing about is mostly just a mirage.  The percentage of Americans that are employed has barely budged since the depths of the last recession, the labor force participation rate is at a 36 year low, the overall rate of homeownership is the lowest that it has been in nearly 20 years and approximately 49 percent of all Americans are financially dependent on the government at this point.  In a recent article, I shared 12 charts that clearly demonstrate the permanent damage that has been done to our economy over the last decade.  The response to that article was very strong.  Many people were quite upset to learn that they were not being told the truth by our politicians and by the mainstream media.  Sadly, the vast majority of Americans still have absolutely no idea what is being done to our economy.

For those out there that still believe that we are doing “just fine”, here are 19 more facts about the messed up state of the U.S. economy… Continue reading »

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Oct 03

- Labor Participation Rate Drops To 36 Year Low; Record 92.6 Million Americans Not In Labor Force (ZeroHedge, Oct 3, 2014):

While by now everyone should know the answer, for those curious why the US unemployment rate just slid once more to a meager 5.9%, the lowest print since the summer of 2008, the answer is the same one we have shown every month since 2010: the collapse in the labor force participation rate, which in September slid from an already three decade low 62.8% to 62.7% – the lowest in over 36 years, matching the February 1978 lows. And while according to the Household Survey, 232,000 people found jobs, what is more disturbing is that the people not in the labor force, rose to a new record high, increasing by 315,000 to 92.6 million!

And that’s how you get a fresh cycle low in the unemployment rate.

labor participation rate sept 2014

So the next time Obama asks you if you are “better off now than 6 years ago” show him this chart of employment to the overall population: it speaks louder than the president ever could. Continue reading »

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Sep 25

H/t reader M.G.:

“This article, spinning 293,000 new jobless claims as good news is an excellent example of propaganda, making the ill look good. Pathetic…..only 293,000 new jobless claims.
Turns my stomach.”


- Jobless claims rise but stay near pre-recession levels; August durables swoon (CNBC, Sep 25, 2014):

The number of Americans filing new claims for unemployment benefits rose less than expected last week, suggesting an acceleration in job growth in September.

Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 293,000 for the week ended Sept. 20, the Labor Department said on Thursday. Claims for the prior week were revised to show 1,000 more applications received than previously reported.

Economists polled by Reuters had forecast claims rising to 300,000 last week. Continue reading »

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Sep 09

From the article:

“The clear hard fact is that the US economy is being run for the sole benefit of a few rich people.”


Dr. Paul Craig Roberts was Assistant Secretary of the Treasury during President Reagan’s first term. He was Associate Editor of the Wall Street Journal. He has held numerous academic appointments, including the William E. Simon Chair, Center for Strategic and International Studies, Georgetown University, and Senior Research Fellow, Hoover Institution, Stanford University.

- A Lie that serves the rich — Roberts, Titus, Kranzler (Paul Craig Roberts, Sep 4, 2014):

The labor force participation rate has declined from 66.5% in 2007 prior to the last downturn to 62.7% today. This decline in the participation rate is difficult to reconcile with the alleged economic recovery that began in June 2009 and supposedly continues today. Normally a recovery from recession results in a rise in the labor force participation rate.

The Obama regime, economists, and the financial presstitutes have explained this decline in the participation rate as the result of retirements by the baby boomers, those 55 and older. In this five to six minute video, John Titus shows that in actual fact the government’s own employment data show that baby boomers have been entering the work force at record rates and are responsible for raising the labor force participation rate above where it would otherwise be. http://www.tubechop.com/watch/3544087 Continue reading »

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Aug 26

- The New Misery Index (Of Two Minds, Aug 25, 2014):

The Status Quo is desperate to mask the declining fortunes of those who earn income from work, and the Misery Index 2.0 strips away the phony facade of bogus unemployment and inflation numbers.

The classic Misery Index is the sum of unemployment and inflation, though later variations have added interest rates and the relative shortfall or surplus of GDP growth.
Since the Status Quo figured out how to game unemployment and inflation to the point that these metrics are meaningless except as a meta-measure of centralized perception management, the Misery Index has lost its meaning as well.

I propose a Misery Index 2.0 of four less easily manipulated (and therefore more meaningful) metrics: Continue reading »

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Jul 26

- Number Of French Jobless Rise To New Record (ZeroHedge, July 25, 2014):

With “recoveries” like these who needs staged, false flag conflicts and wars covering over 10% of the globe? Well, socialist France for one which moments ago announced that total jobless rose from 3.389 million to 3.398 million, a new record high. Surprisingly, while the year-over-year unemployment change for people under 25 declined by 3.1%, it was workers 25-49 which saw a material 3.3% increase in joblessness, but it was workers aged 50 and older that saw a veritable surge in unemployment, rising by 11.5% from a year ago. Surely, just like in the US, this is due to young people retiring in droves.

Reuters reports: Continue reading »

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Jul 23

- The Rot Within, Part I: Our Ponzi Economy (OfTwoMinds, July 21, 2014):

Depending on blowing the next bubble to temporarily prop up the economy is the height of foolhardy shortsightedness. Yet that’s our Status Quo, increasingly dependent on inflating bubbles to evince “economic strength” when the Ponzi paint will soon peel off the rotten wood of the real economy.

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Jul 17

Microsoft

Microsoft Announces Record 18,000 Layoffs, Three Time More Than Expected (ZeroHedge, July 17, 2014):

While the news was reported earlier this week, it is perhaps notable that what was once considered the leading US tech company has also succumbed to the great “jobless” US recovery (in which the US economy is somehow adding 200K+ jobs every month even as it is firing millions). Furthermore, what was supposed to be 6,000 layoffs has just tripled to 18,000, which also happens to be the largest round of layoffs in MSFT history, surpassing the previous record of 5,800 set back in 2009.

From the PR: Continue reading »

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Jul 07

Dr. Paul Craig Roberts was Assistant Secretary of the Treasury during President Reagan’s first term. He was Associate Editor of the Wall Street Journal. He has held numerous academic appointments, including the William E. Simon Chair, Center for Strategic and International Studies, Georgetown University, and Senior Research Fellow, Hoover Institution, Stanford University.

- Virtual Economy’s Phantom Job Gains Are Based on Statistical Fraud (Paul Craig Roberts, July 7, 2014):

By Paul Craig Roberts

Washington can’t stop lying. Don’t be convinced by last Thursday’s job report that it is your fault if you don’t have a job. Those 288,000 jobs and 6.1% unemployment rate are more fiction than reality.

In his analysis of the June Labor Data from the Bureau of Labor Statistics, John Williams (www.ShadowStats.com) wrote that the 288,000 June jobs and 6.1% unemployment rate are “far removed from common experience and underlying reality.” Payrolls were overstated by “massive, hidden shifts in seasonal adjustments,” and the Birth-Death model added the usual phantom jobs. Continue reading »

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Jul 03

- June Full-Time Jobs Plunge By Over Half A Million, Part-Time Jobs Surge By 800K, Most Since 1993 (ZeroHedge, July 3, 2014):

Is this the reason for the blowout, on the surface, payroll number? In June the BLS reports that the number of full-time jobs tumbled by 523K to 118.2 million while part-time jobs soared by 799K to over 28 million!

Full Part Time June

Looking at the breakdown of full and part-time jobs so far in 2014, we find that 926K full-time jobs were added to the US economy. The offset: 646K part-time jobs.

Full Time LTM

Something tells us that the fact that the BLS just reported June part-time jobs rose by just shy of 800,000 the biggest monthly jump since 1993, will hardly get much airplay today. Because remember: when it comes to jobs, it is only the quantity that matters, never the quality. Continue reading »

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Jul 03

- People Not In Labor Force Rise To New Record, Participation Rate Remains At 35 Year Lows (ZeroHedge, July 3, 2014):

Those following the labor force participation rate (which as even the Census Bureau showed is declining not so much due to demographics but due to older people working longer and pushing younger people out of the labor force as we showed yesterday) will hardly be surprised to learn that alongside today’s impressive NFP print, the reason why the unemployment rate took another big step lower from 6.3% to 6.1%, was once again as a result of the number of people not in the labor force, which in June rose to a fresh record high of 92,120K, up 111K from June.

People not in labor force June

The civilian employment to population ratio remained at cycle lows, if rising modestly from 58.9% to 59.0% Continue reading »

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Jul 02

- 18 Signs That The Global Economic Crisis Is Accelerating As We Enter The Last Half Of 2014 (Economic Collapse, June 30, 2014):

A lot of people that I talk to these days want to know “when things are going to start happening”.  Well, there are certainly some perilous times on the horizon, but all you have to do is open up your eyes and look to see the global economic crisis unfolding.  As you will see below, even central bankers are issuing frightening warnings about “dangerous new asset bubbles” and even the World Bank is declaring that “now is the time to prepare” for the next crisis.  Most Americans tend to only care about what is happening in the United States, but the truth is that serious economic trouble is erupting in South America, all across Europe and in Asian powerhouses such as China and Japan.  And the endless conflicts in the Middle East could erupt into a major regional war at just about any time.  We live in a world that is becoming increasingly unstable, and people need to understand that the period of relative stability that we are enjoying right now is extremely vulnerable and will not last long.

The following are 18 signs that the global economic crisis is accelerating as we enter the last half of 2014… Continue reading »

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Jul 01

- Spain Celebrates The “End Of The Recession” With 54% Youth Unemployment, Highest Since January (ZeroHedge, July 1, 2014):

When we were greeted by the latest batch of optimistic Spanish data this morning, such as the following:

we thought, we would see some actual “end of recession” signals when it came to the underlying economy, like for example: jobs actually being created. Alas no. According to the just released European employment data for May, total Spain unemployment remained unchanged in May at 25.1%, while youth unemployment has actually risen to 54.0% – the highest since January!

Continue reading »

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