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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Dec 24

hollande113

- Happy Holidays Hollande: French Joblessness Surges To Another New Record High (ZeroHedge, Dec 24, 2014):

Having proclaimed the creation of jobs-jobs-jobs as his mandate when elected in 2012, Francois Hollande has so far overseen the loss of nearly 600,000 French jobs. At 3.488 million, French joblessness has never been higher (and French bond yields never lower) and has ben rising – practically unabated – for the 31 straight months since his ‘raise taxes on the wealth’ election (and 42 months straight overall).

French Joblessness Surges To Another New Record High

The cries for lower rates and Sovereign QE remain but, we ask in a desperate plea for sanity, what is it that QE-driven lower-rates will do going forward that they have utterly failed to do for the last three-and-a-half years?

Chart: Bloomberg

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Dec 21

oil jobs manhattan institute

- “Houston, You Have A Problem” – Texas Is Headed For A Recession Due To Oil Crash, JPM Warns (ZeroHedge, Dec 21, 2014):

It was back in August 2013, when there was nothing but clear skies ahead of the US shale industry that we asked “How Much Is Oil Supporting U.S. Employment Gains?” The answer we gave:

The American Petroleum Institute said last week the U.S. oil and natural gas sector was an engine driving job growth. Eight percent of the U.S. economy is supported by the energy sector, the industry’s lobbying group said, up from the 7.7 percent recorded the last time the API examined the issue. The employment assessment came as the Energy Department said oil and gas production continued to make gains across the board. With the right energy policies in place, API said the economy could grow even more. But with oil and gas production already at record levels, the narrative over the jobs prospects may be failing on its own accord…. The API’s report said each of the direct jobs in the oil and natural gas industry translated to 2.8 jobs in other sectors of the U.S. economy. That in turn translates to a total impact on U.S. gross domestic product of $1.2 trillion, the study found.

Two weeks ago we followed up with an article looking at “Jobs: Shale States vs Non-Shale States” in which we showed the following chart: Continue reading »

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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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