October jobs report: Hiring picks up

[jhbball]

That reminds me of another reason I'm happy. MSU and Mizzou both lost last weekend, destroying their chances at the BCS game. Thanks for reminding me :thumbsup:

What's your team?

 

[nick1985]

What's your team?

Don't have a team, per say. I root for scenarios that highlight the retardation known as the BCS that allow for teams like Boise St, a team that hasn't lost in over 2 years, to not get a chance to compete for the national championship. A playoff is needed.

I guess to answer your question, my "team" is Boise St., TCU, Utah, and whoever plays Oregon, Auburn, and Alabama (except when they play Auburn later this season)

 

[Throckmorton]

3 pages of worthless posts

 

[jhbball]

3 pages of worthless posts

 

[jhbball]

3 pages of worthless posts

I do concede that I've been trolling the entire time.

 

[werepossum]

Did this report actually come out yesterday? I'm having a hard time understanding the market's drastic reaction yesterday being attributed to Berneke's expected action and then being down today with this unexpected good news.

Even going to MSN's money page I see this:
Sluggish job market weighs on stocks
The US economy added twice as many jobs as expected in October.

WTF?

I heard a radio news report that said this was double the number of jobs economists thought had been created. Then I heard another radio news report that said this was half the number of jobs economists expected would be created. WTF indeed. If economists THOUGHT in September that in October the economy would create 300,000 jobs, but then in November thought the economy had created only 68,000 jobs, then I suppose this is technically possible, but it's certainly odd.

At least the OP's link specifically said "economists surveyed by CNNMoney.com". The radio news reports both just said "economists".

 

[sandorski]

Before you pop open the Coors Light, wait for the Trend.

 

[RbSX]

Wait, just yesterday I was reading that there was a loss of 60,000 jobs. I will try and dig up the article.

Oops I was thinking initial unemployment benefits claims.

Still though, 150,000 is not nearly enough to make a dent in overall unemployment.

The unemployment rate is still 9.6 (u1) and 17% (u6)

 

[werepossum]

Before you pop open the Coors Light, wait for the Trend.

Obviously it might not be great news, but even if it's nothing but a blip it's still good news, if only because for one fall month we didn't sink farther.

 

[Zebo]

If The Economy Is Recovering why is the number of people on food stamps up 17% from last year?

http://blogs.wsj.com/economics/2010/11/04/some-14-of-us-uses-food-stamps/

These are cold hard numbers not BLS bullshit. Who stop counting people, don't count independent contractors, small business that went under and so on.

Be careful what you choose to believe can cost you money as an investor.

 

[werepossum]

If The Economy Is Recovering why is the number of people on food stamps up 17% from last year?

http://blogs.wsj.com/economics/2010/11/04/some-14-of-us-uses-food-stamps/

These are cold hard numbers not BLS bullshit. Who stop counting people, don't count independent contractors, small business that went under and so on.

Be careful what you choose to believe can cost you money as an investor.

The economy is NOT recovering, but it has largely stopped hemorrhaging. 150,000 new jobs is merely keeping pace with population growth, but after two years of NOT keeping pace with population growth, that's still good news.

 

[RbSX]

Obviously it might not be great news, but even if it's nothing but a blip it's still good news, if only because for one fall month we didn't sink farther.

I can't wait for this to pop.

The futures markets have gone up on every little blip of good news, and even bad news when it increased the chances of further QE.

It's a great irony, of course, that even bad news was perceived as good.

The markets are far too high for where they should be.

 

[werepossum]

I can't wait for this to pop.

The futures markets have gone up on every little blip of good news, and even bad news when it increased the chances of further QE.

It's a great irony, of course, that even bad news was perceived as good.

The markets are far too high for where they should be.

Can we at least agree that October's jobs numbers are way less bad? LOL

 

[WhipperSnapper]

151,000 jobs? Ah, good. I wonder if most of them were poverty-wage service jobs. 151,000 is just enough to keep pace with the population growth of working-aged people for the month. Still, keeping pace with population growth is better than another month of falling behind.

 

[Zebo]

The economy is NOT recovering, but it has largely stopped hemorrhaging. 150,000 new jobs is merely keeping pace with population growth, but after two years of NOT keeping pace with population growth, that's still good news.

It's a lie. That's my point.

This is what's called the "birth-death" model which is just a guess.

And always is overstated to pump and dump but public never catches on for some reason.


The Household Survey, more accurate, but still off by about 20K and get revised accordingly, tells a different story. About 120K
http://www.bls.gov/web/empsit/ces_cps_trends.pdf

 

[dawp]

Don't hold your breath, Bank of America is still having problems:

http://www.bloomberg.com/news/2010-...ipping-point-commentary-by-jonathan-weil.html

 

[woolfe9999]

Did this report actually come out yesterday? I'm having a hard time understanding the market's drastic reaction yesterday being attributed to Berneke's expected action and then being down today with this unexpected good news.

Even going to MSN's money page I see this:
Sluggish job market weighs on stocks
The US economy added twice as many jobs as expected in October.

WTF?

Yesterday (Thursday), the market over-reacted to the news of the Fed plan and it went up too much. It tends to do that. Today would have been a sizeable downward plummet as a correction, but the good jobs report kept the market about even.

- wolf

 

[hal2kilo]

Yesterday (Thursday), the market over-reacted to the news of the Fed plan and it went up too much. It tends to do that. Today would have been a sizeable downward plummet as a correction, but the good jobs report kept the market about even.

- wolf

Yep, basic profit taking by the day traders.