October Surprise: Jobs Report Rigged to 7.3%

CNBC Report:

Revisions to the way payroll data firm ADP counts private sector job creation have resulted in a sharp drop in the September employment count.

ADP's Jobs Report:

Companies added 158,000 jobs in October in the biggest gain in eight months, data from a payrolls processor showed on Thursday in a revamped report on the private sector labor market.

But:

The historical data for the ADP National Employment Report was revised as part of the new methodology, which was used for the first time in the October report. September's increase has halved to 88,200 new jobs from an initially reported 162,000.

Therefore:

October's increase was the biggest jump since February and topped economists' forecasts for a gain of 135,000 jobs.

Tomorrow's Jobs Report Forecast:

The closely watched nonfarm payrolls report is expected to show employment picked up in October, but not enough to prevent the unemployment rate from rising off a near four-year low.

Today's Impact From ADP:

U.S. stock index futures saw little impact from the data with Wall Street looking at a flat open in the aftermath of the massive storm that hit the U.S. northeast. The dollar rose to a session high against the yen.

Private sector adds most jobs in 8 months in Oct by Leah Schnurr, additional reporting by Luciana Lopez; Editing by Chizu Nomiyama

DOW was up 150pts last I looked, markets overall up an average of 1.2%. Despite sounding like a broken record, unemployent is not going to drop until demand (by the other ~90%) increases. It's global:

One of the world's largest television manufacturers, Panasonic has been shedding jobs for years amid slack demand.

Panasonic is a Japanese company. It's the same world-wide. Markets have increased by nearly 50% over the last four years. The top decile has become significantly more wealthy as wealth has accreted to the top --- a pattern that has persisted at an unprecedented rate for the last 15yrs. Housing prices collapsed in July 2006. They have finally turned around and posted increases each of the last 5mos.

It's not all about the unemployemnt rate. We cannot decouple our economy from that of the world (unfortunately) and you cannot simply wish jobs into existence. They have to be driven by increasing demand. And anyone that tries to tell you that there is a simple 'push-button' answer to job creation is selling you a bridge.

LOL

Republicans are staging a pre-emptive attack on GOOD NEWS for the economy.

Republcians hate that Obama is being successful with the economic recovery.

The BLS says unemployment is now 7.9%

THE EMPLOYMENT SITUATION -- OCTOBER 2012


Total nonfarm payroll employment increased by 171,000 in October, and the unemployment
rate was essentially unchanged at 7.9 percent, the U.S. Bureau of Labor Statistics
reported today. Employment rose in professional and business services, health care,
and retail trade.

BLS Oct 2012 Report

Household Survey Data

Both the unemployment rate (7.9 percent) and the number of unemployed persons (12.3
million) were essentially unchanged in October, following declines in September.
(See table A-1.)

Among the major worker groups, the unemployment rate for blacks increased to 14.3
percent in October, while the rates for adult men (7.3 percent), adult women (7.2
percent), teenagers (23.7 percent), whites (7.0 percent), and Hispanics (10.0 percent)
showed little or no change. The jobless rate for Asians was 4.9 percent in October
(not seasonally adjusted), down from 7.3 percent a year earlier. (See tables A-1,
A-2, and A-3.)

In October, the number of long-term unemployed (those jobless for 27 weeks or more)
was little changed at 5.0 million. These individuals accounted for 40.6 percent of
the unemployed. (See table A-12.)

The civilian labor force rose by 578,000 to 155.6 million in October, and the labor
force participation rate edged up to 63.8 percent. Total employment rose by 410,000
over the month. The employment-population ratio was essentially unchanged at 58.8
percent, following an increase of 0.4 percentage point in September. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to
as involuntary part-time workers) fell by 269,000 to 8.3 million in October, partially
offsetting an increase of 582,000 in September. These individuals were working part
time because their hours had been cut back or because they were unable to find a
full-time job. (See table A-8.)