The market, of course, goes nuts (higher) as the dollar falls since the premise is that The Fed will destroy even more of your purchasing power — this, it is believed by Wall Street, will somehow make someone richer (hint: it won’t be you)
Total nonfarm payroll employment rose by 148,000 in September, and the unemployment rate was little changed at 7.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in construction, wholesale trade, and transportation and warehousing.
Remember, this was pre shutdown, so there is nothing of the government shutdown in this data. That of course means that next month’s numbers will be worse (probably under 120k and maybe a five-digit print.)
What does the household number tell us (since the “establishment” data is notoriously unreliable — read, almost-entirely made up)?
The annualized rate of change is negative, although in absolute terms it remains positive. The household survey says we added about 142,000 actual jobs by count (in other words, roughly matching the official claims.)
The problem with this figure is that we added 209,000 working-age people in the country last month so in fact we lost jobs on a population-adjusted basis.
In addition the employment rate of the population is showing its characteristic peak that usually comes in the summer and has once again turned down:
And finally, if you believe that QE has “helped”, perhaps you can explain this chart analytically.
Best of luck with that one.
Incidentally, if you wish to argue that the stock market is not in a monstrous bubble, for extra credit you can explain why it is that the market has more than doubled while labor participation in the economy has not moved a millimeter since 2009.
Thank Congress and Obama for this, because both are responsible for not only enabling this ruinous course of action but actively supporting and promoting it, and then get up, go to the bathroom and take a long, hard look in the mirror where you will find the person(s) ultimately responsible for your own financial destruction.