Surprise jobs surge boosts economic outlook

T

tank

EOG Dedicated
http://news.yahoo.com/s/nm/20110105/ts_nm/us_usa_economy_employment_adp

NEW YORK (Reuters) ? A surprise surge in private-sector employment last month to its highest level on record provided the most bullish signal in months that the [COLOR=#366388 ! important][COLOR=#366388 ! important]U.S. [COLOR=#366388 ! important]economy[/COLOR][/COLOR][/COLOR] is on the mend.
Private employers added 297,000 jobs in December, triple the median estimate by economists and up from the gain of 92,000 in November, an [COLOR=#366388 ! important][COLOR=#366388 ! important]ADP [COLOR=#366388 ! important]Employer [/COLOR][COLOR=#366388 ! important]Services[/COLOR][/COLOR][/COLOR] report, whose data goes back to 2000, showed on Wednesday.
The report undercut the prices of the U.S. Treasury securities, and helped the U.S. dollar gain against the yen and the euro. U.S. stocks opened lower though they did pare losses after the jobs news.
"Sometimes numbers come as bolts from the blue; this is one of them," said [COLOR=#366388 ! important][COLOR=#366388 ! important]Ian [COLOR=#366388 ! important]Shepherdson[/COLOR][/COLOR][/COLOR], chief U.S. economist at High Frequency Economics.
"Nothing in any other indicators of the state of the labor market last month -- jobless claims, help wanted, surveys -- suggested anything like this was remotely likely."
"We now have to expect a much bigger number on Friday, 250,000?" he said of the government's much more comprehensive labor market report due on Friday.
That report, which includes both public and [COLOR=#366388 ! important][COLOR=#366388 ! important]private [COLOR=#366388 ! important]sector [/COLOR][COLOR=#366388 ! important]employment[/COLOR][/COLOR][/COLOR], is expected to show a rise in overall nonfarm payrolls of 140,000 in December, based on a recent Reuters poll of analysts, including a rise in private payrolls of 145,000.








Has to be some kind of doom and gloom in here somewhere.Can someone help me here?
 
M

MannyLovitto

2
Re: Surprise jobs surge boosts economic outlook

CUH Tank, Mr Lanquel sez we're not supposed to pay attention to your posts since you went all Manny and stuff
 
brucefan

brucefan

EOG Dedicated
Re: Surprise jobs surge boosts economic outlook

Let me help

Thursday, January 6, 2011


By:
Michael Pento


This morning?s ADP report showed that employers increased payrolls by 297,000, which was the biggest gain in the history of the report. Although this is a very strong number it is important to point out that of the total 297k jobs created 270,000 were in the service sector. This means that over 90% of all jobs created were of the borrowing to consume variety, while less than 10% were of the saving and producing genre. The obvious conclusion from this data is that the trade deficit will surge in coming months.
Contradicting the ADP report was data released from the ISM non-manufacturing report. The employment component during December shrank to a 3 month low and registered 50.5, down from 52.7 in the prior month.
How can we reconcile the fact that the employment component ticked down to a 3 month low, yet at the same time, ADP says 270k service sector jobs were created? We?ll hopefully get some clarity on this when the BLS released the employment report for December on Friday. My guess is that if you accrue over a trillion dollars of debt per year, you will eventually hire some people to help consumers spend their borrowed money. But the bill is quickly coming due and there will be no bailout forthcoming. One can only bask in the eye of a hurricane for so long.


Michael Pento, Senior Economist at Euro Pacific Capital is a well-established specialist in the ?Austrian School? of economics. He is a regular guest on CNBC, Bloomberg, Fox Business, and other national media outlets and his market analysis can be read in most major financial publications, including the Wall Street Journal. Prior to joining Euro Pacific, Michael worked for a boutique investment advisory firm to create ETFs and UITs that were sold throughout Wall Street. Earlier in his career, he worked on the floor of the NYSE.
 
J

Joe Contrarian

2
Re: Surprise jobs surge boosts economic outlook

Yep, here come the reliable progressive idiots telling everybody the economy is okie dokie.



Unbelievable. :doh1
 
T

tank

EOG Dedicated
Re: Surprise jobs surge boosts economic outlook

brucefan said:
Let me help

Thursday, January 6, 2011


By:
Michael Pento


This morning’s ADP report showed that employers increased payrolls by 297,000, which was the biggest gain in the history of the report. Although this is a very strong number it is important to point out that of the total 297k jobs created 270,000 were in the service sector. This means that over 90% of all jobs created were of the borrowing to consume variety, while less than 10% were of the saving and producing genre. The obvious conclusion from this data is that the trade deficit will surge in coming months.
Contradicting the ADP report was data released from the ISM non-manufacturing report. The employment component during December shrank to a 3 month low and registered 50.5, down from 52.7 in the prior month.
How can we reconcile the fact that the employment component ticked down to a 3 month low, yet at the same time, ADP says 270k service sector jobs were created? We’ll hopefully get some clarity on this when the BLS released the employment report for December on Friday. My guess is that if you accrue over a trillion dollars of debt per year, you will eventually hire some people to help consumers spend their borrowed money. But the bill is quickly coming due and there will be no bailout forthcoming. One can only bask in the eye of a hurricane for so long.


Michael Pento, Senior Economist at Euro Pacific Capital is a well-established specialist in the “Austrian School” of economics. He is a regular guest on CNBC, Bloomberg, Fox Business, and other national media outlets and his market analysis can be read in most major financial publications, including the Wall Street Journal. Prior to joining Euro Pacific, Michael worked for a boutique investment advisory firm to create ETFs and UITs that were sold throughout Wall Street. Earlier in his career, he worked on the floor of the NYSE.
Click to expand...
I know Bruce I know!!Anytime you add jobs to the economy it is just bad!!Bad I tell you.We would be much better off if all those people were on unemployment.
Now it is all about what kind of jobs they are.Unreal!!!Yeah hopefully they go back on unemployment so you really have something to whine, cry and bitch about.
I love how the manic depressant mind works.
 
T

tank

EOG Dedicated
Re: Surprise jobs surge boosts economic outlook

Joe Contrarian said:
Yep, here come the reliable progressive idiots telling everybody the economy is okie dokie.



Unbelievable. :doh1
Click to expand...
I do not recall anyone saying the economy was cured or doing fine but golly Gomer,anytime people are getting off the unemployment rolls should be a good thing.I guess in the manic depressant mind everything is bad.
 
T

tank

EOG Dedicated
Re: Surprise jobs surge boosts economic outlook

Joe Contrarian said:


Sheep forgot to mention that unemployment remained at 9.8%. :doh1
Click to expand...
Oh I see!!So in other words it would be better if it was going up and over 10%!Gotcha!!Yes we would be better off with more going on unemployment then working!!Unbelievable!!
 
R

roscoe

EOG Veteran
Re: Surprise jobs surge boosts economic outlook

i would bet the limit that bruce will have a negative spin to the unemployment rate falling!
 
ACCC

ACCC

2
Re: Surprise jobs surge boosts economic outlook

It's also important to consider what types of jobs are being created. If these are mostly temporary, involuntary part-time, minimum wage, no-benefits, etc. then the number wouldn't be as meaningful.
 
T

tank

EOG Dedicated
M

MannyLovitto

2
Re: Surprise jobs surge boosts economic outlook

May well be the most colorful graph that no one will pay attention to that Mark has posted in quite some time
 
brucefan

brucefan

EOG Dedicated
Re: Surprise jobs surge boosts economic outlook

No, see I dont spin

The problem is Roscoe, what you listen to is pure propaganda

Its not even close to the truth. The truth requires you to think

See the problem

Unemployment Falls to 9.4% from Declining Labor Force

The December seasonally adjusted U-3 unemployment rate fell by 0.34% to 9.43% from 9.77% in November. Including short-term discouraged workers, the December seasonally adjusted U-6 unemployment fell to 16.7% from 17%, with unadjusted U-6 rising to 16.6% from 16.3%. Once you include long-term discouraged workers, the real unemployment rate is now 22.4%, down from 22.6% in November.
Only 103,000 jobs were added in December, which came in less than expectations of 150,000. The sole reason for the decline in the unemployment rate is a shrinking labor force. The civilian participation rate shows that only 64.3% of the U.S. population is now either employed or actively looking for work, a new low for the current recession. The average work week now stands at only 34.3 hours, which is up slightly from the year ago level of 33.8 hours.
The current U.S. level of total non-farm payroll employment now stands at 131.5 million compared to 131.3 million ten years ago in December of 2001. However, the population in December of 2001 was only 285,669,915 compared to a population of 311,853,211 today. To have kept up with population growth, we would need to have 143.3 million non-farm payrolls today, but we are currently 11.8 million jobs short!
http://inflation.us/blog/2011/01/unemployment-falls-to-9-4-from-declining-labor-force/
 
brucefan

brucefan

EOG Dedicated
Re: Surprise jobs surge boosts economic outlook

And on, and on, it goes





<! TOP LEFT STARTS HERE><TT>MAY JOBS: +54,000... Unemployment Rate 9.1%<SUP></SUP><!-- Main headlines links BEGIN -->

<CENTER>

<! MAIN HEADLINE>[FONT=ARIAL,VERDANA,HELVETICA][SIZE=+7] [/SIZE][/FONT]

[SIZE=+7][FONT=ARIAL,VERDANA,HELVETICA]9.1% [/FONT][/SIZE]</CENTER><CENTER>QE3 FUELING UP:pop:</CENTER><!-- Main headlines links END ---></TT>
 
Seymour

Seymour

EOG Dedicated
Re: Surprise jobs surge boosts economic outlook

How's china doing?


Asia**? Europe**? Japan**? Transportation**? Emerging Markets**? China**? Retail**? Germany
$220,000 Porsche Seen as ’Entry-Level’ in China
By Bloomberg News - Jun 7, 2011 7:15 PM ET

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People examine a limited edition Porsche SE automobile specially created for the China market in Beijing, China. Photographer: Stefen Chow/Bloomberg

A guest poses with Porsche SE automobiles at an event in Beijing, China. Photographer: Stefen Chow/Bloomberg

A Porsche SE automobile is tested at an event in Beijing, China. Photographer: Stefen Chow/Bloomberg

Helmut Broeker, chief executive officer of Porsche SE's China operations. Photographer: Stefen Chow/Bloomberg
At the Beijing Sports Car Club, a $220,000 Porsche SE 911 counts as an entry-level model. Members are competing with counterparts who race $3.9 million Tramontanas and $4.3 million Bugatti Veyron 16.4s.
The number of millionaires in China jumped 31 percent last year to more than 1.1 million, and with an average age of 39, they are 15 years younger than their U.S. and European peers. Car clubs, nonexistent in the country two years ago, provide enthusiasts with a venue to demonstrate their vehicles and carmakers an opportunity to win more converts.
“The car culture is developing in China very fast,” said Jose Cremades, the local distributor for Spanish brand a.d. Tramontana. “The older generation still thinks about saving. The new generation thinks about spending.”
China’s appetite for supercars has been stimulated by economic expansion of 9.7 percent, rising property prices and a strengthening yuan. The country’s 1.1 million millionaire households rank third behind the U.S. and Japan, according to the Boston Consulting Group. Deliveries of high-end cars may rise 35 percent this year in the world’s fastest-growing major economy, consultants Bain & Co. said.
Zhang Kuan, who drives a lime-green Lamborghini SpA LP640, founded the Beijing club, China’s first, in 2009. The first 12 members met through mutual friends and an Internet forum, said Zhang, who works in the finance industry.
250 Members
The club now has more than 250 members from ages 18 to 60, with women comprising about 10 percent. Other groups formed in the city of Chongqing and the provinces of Yunnan, Zhejiang and Fujian. Activities include dinners; driving days at circuits in Beijing, Chengdu, and Qingdao; and community service.
“Many Chinese have not yet embraced the idea of fast cars,” said Zhang, 32. “We need them to understand what fast cars are about. They are a work of art.”
Wang Yuling, 28, a Yunnan Sports Car Club member, owns two Porsches, including a black Cayman S. Wang, who bought her first sports car in 2008 while running a modeling and events agency, said joining the club helped her understand how the machine works.
“When we are together, it’s like a big family,” said the entrepreneur from Kunming. “I’ve learned a lot from the members in the group.”
City Clubs
China’s car clubs differ from overseas counterparts like the Ferrari Club of America and Germany’s Porsche Club Hohensyburg in that they are organized by location, not marque.
Mainland club members also are younger and more active, said Tania Cremades, head of China business development at Tramontana, based in Girona, Spain. The automaker sold 13 in China last year, all to customers between 25 and 28 years old.
“In Europe, you often go to a basement where someone has his whole collection,” Cremades said through blaring techno music at the Formula One track. “It’s like a museum. Here, people are young, they want to use the car, try the power.”
Most of the rich are in Beijing, Shanghai and Guangdong, with an average age 15 years younger than their global counterparts, according to the Hurun Research Institute’s wealth report released April 12.
Bugatti, maker of the world’s fastest production car, sold its first car in China in 2008. The company, owned by Volkswagen AG (VOW), has boosted marketing at the Beijing and Shanghai car shows and sponsored test drives.
Promising Market
“We cannot overlook such a promising market,” said David Hu, Bugatti sales manager at Beijing Mei He Zhen Yong Motors Trading Ltd., the brand’s official dealership. “Entering into China is a natural step.”
Aston Martin, maker of the One-77, at $6 million the world’s most-expensive car by sticker price, sold five allocated for China before they reached the showroom, said Matthew Bennett, Asia Pacific director at Aston Martin Lagonda Ltd.
Only 77 of the models, which accelerate to 100 kilometers (62 miles) per hour in 3.7 seconds, are sold worldwide.
“We can really see the potential here,” said Bennett, who expects overall sales to more than double from about 100 cars last year. “Younger people are being attracted to the brand. I’d be very surprised if China’s not Aston’s No. 1 Asian market this year.”
Chinese buyers of Stuttgart, Germany-based Porsche and Sant’Agata Bolognese, Italy-based Lamborghini brands typically are 25-35 years old, about a decade younger than North American and European buyers, the manufacturers said.
Porsche’s Target
Porsche targets record China sales this year of more than 20,000 vehicles after boosting 2010 deliveries by 63 percent.
“The economy started to develop extremely fast in China over the last 10 years, which gave people the opportunity to make a fortune much faster and earlier,” said Helmut Broeker, Porsche’s head of China.
China will overtake the U.S. to become Lamborghini’s biggest market this year, the company said in April. Lamborghini, another Volkswagen unit, aims to boost sales by 46 percent to more than 300 cars this year, partly from demand for its $1 million Aventador LP 700-4.
Andy Wong, 27-year-old president of the Shanghai Super Car Club, owns four sports cars, including pink and white Lamborghinis. Club members celebrate birthdays, take drives at the Shanghai racetrack on weekends and meet every two weeks for a meal.
“Men like exciting things,” said Wong, who works in the real-estate industry. “If I have a bad day at work, or if I’m feeling upset at night, I take my car out for a spin and I feel better.”
--Liza Lin in Shanghai, with assistance from Tian Ying in Beijing, Andreas Cremer in Berlin, Tommaso Ebhardt in Milan. Editors: Michael Tighe, Bret Okeson.
To contact the reporter on this story: Liza Lin in Shanghai at llin15@bloomberg.net.
To contact the editors responsible for this story: Kae Inoue at kinoue@bloomberg.net;

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scrimmage

scrimmage

What you contemplate you imitate
Re: Surprise jobs surge boosts economic outlook

ACCC said:
It's also important to consider what types of jobs are being created. If these are mostly temporary, involuntary part-time, minimum wage, no-benefits, etc. then the number wouldn't be as meaningful.
Click to expand...



Hard work at low wages is the new reality for hourly American workers:
Volkswagen?s Tennessee plant sets new standard for low wages
By Andre Damon
23 September 2011

Volkswagen?s new plant in Chattanooga, Tennessee, made headlines this year as the first US auto assembly plant to pay its entire production workforce the lowest starting wage for new US autoworkers?$14.50 per hour.
But now the plant is starting all new production employees at $12 per hour, workers said, setting the bar even lower for autoworker wages.

In order to receive a bevy of state, federal, and local subsidies, Volkswagen promised in 2008 to create 2,000 local jobs at the "full" pay rate. But as production approaches full speed, all new production workers are now being hired in through Aerotek, Volkswagen?s labor contractor, at $12 per hour. In addition to the current production workforce, the factory employs over 500 temporary contract production employees, workers said.

"Aerotek workers are in assembly doing the same jobs as VW workers, they just work for a different company," said one contract worker named Josh. "In orientation, we were told we?re considered equal to Volkswagen workers, and expected to work just like them."
While discipline is severe for Volkswagen employees, Aerotek contractors have it even worse. "If you're five or six minutes late within your first week or two, you?re done." said Josh. "If you call out a day within your first month and a half, you?re out," he said.
"Anyone who talks about ?spoiled American workers? is very badly mistaken," he concluded.

"These are the best-paying jobs available anywhere in Chattanooga," said one Volkswagen worker who asked us not to use his name. "You do everything knowing there are a dozen people out there who would gladly do your job if you don?t want it."
Volkswagen received over 35,000 applications for its initial hiring batch of 1,500 employees, and applicants continue to stream in by the thousands. On morning shift changes, applicants join the uniformed Volkswagen and Aerotek workers streaming into the plant?s gates.
"Every day for the past three months, 48 people have taken an 8-hour production simulation exam, hoping to land a job at the plant," said Josh. "That?s over four thousand people wasting a whole day to fill five hundred positions," he said.

In addition to the hundreds of contract employers from Aerotek, maintenance and food service is done by contractors who earn even less than production temps, in some cases as little as $8 per hour.
"Wages are falling everywhere; it?s true in Detroit and it?s true here," said Josh. "But what can you do? Twelve dollars per hour is still a pretty good job around here."

Josh said that two out of the seven Aerotek workers on his team were laid off from General Motors plants in Detroit, where they were paid $28 per hour or more, and moved to Chattanooga to start as temps making $12 per hour.
Many of those who make it through Volkswagen?s arduous hiring process cannot stand the mental and physical fatigue of production work. "Twenty or 40 people a week just walk out," said Josh. "It's a very hard job."
While the paint and body shops?where many temps start out?have their fair share of hard work, workers said assembly is the most arduous part of the plant. "I?ve been here since early August and I haven't even touched a car body," said Josh. "They make sure you?re prepared, because assembly work is absolutely insane."
Excerpts from:
http://www.wsws.org/articles/2011/sep2011/chat-s23.shtml
Click to expand...
 
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