Chillin' out till it needs to be funded
Feeling a little batty today, bu tthe Jobs report hit the spot, with Europe totally forgotten and the optimism from the Jobs report even as 40% of the unemployed have entered the long term unemployed category. Surprisingly, most people agree on the number that have left the system, at 1.2 mln. The Labor participation rate is at the lowest since, hold your breath, 1981!
Well, to lift the curtain on the number, Non Farm Payrolls are 245,000 beating the Private payrolls number look see on Tuesday as it made most people expect a lower number this Friday in the report. The increase should therefore be in Public jobs. The number is 40,000 higher than the number for December and the best since 2009
Private Payrolls in the BLS report came at an even higher 257,000 and thus government jobs continued reducing in numbers, working hours stayed okay at 34.5 hours but he unemplyment report increasingly ratcheted into a corner as a meaningless figure by the U6 statistics, stayed its lowest at 8.3%
The 63.7% participation rate is above a couple of European States yet, but just some like Spain and definitely below Germany’s current performance for those to whom comparisons can make sense of the number.
Also likely speculation on the high employment numbers is that the Couriers and other transportation employment number rises inthe holiday season haven’t quite gone away so that 40,000 will leave the system in a month from now.
Ben Bernanke had a horrid time at the House Budget committee yesterday,e sp being called on to explain what he means by not wanting to encroach onthe Congress’ turf and yet publishing a white paper ratifying Obama’s housing policies among other tidbits yesterday, including the enjoining on the labor participation rate in the commentary which is a good sign because the FEd agrees we are “unemployed”, right!
Of course, we should also admit defeat for the Newt as the entire month of Caucuses at hand is to pass without a debate in sight and Romney still rolling a double digit lead ont he good number of delegates in play this month
And well if you believe in the Digital Economy, the news of Facebook hitting the opening bell soon , rang up Zynga too! popping 20% in midday trading and giving Morgan Stanley the run of the place..
Banks are going to be cutting jobs in investment banking but are still recruiting Advisers for one, and that mortgage settlement is around the corner. Facebook employs more than 3200 people and may add another 10oo this year and those would be counted in high end white collar jobs!