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If Only This Happened At The Fed, Things Would Be Vastly Different / by Tyler Durden / 08/21/2014 11:19

Something surprising happened in the early days of August: a person was actually held accountable for his mistake.

As the WSJ reported previously, “a billion-dollar forecasting error in Walgreen Co.’s Medicare-related business has cost the jobs of two top executives and alarmed [...]

Philly Fed Surges To Highest Since March 2011 Despite Plunge In Jobs & New Orders / by Tyler Durden / 08/21/2014 10:12

Philly Fed has beaten expectations for 6 months in a row with its biggest surge since the 2009 lows.Against expectations of 19.3, Philly Fed printed 28.0 – highest since March 2011 all-time highs. All sounds awesome right? Umm, no, 7 of 9 internal [...]

AI, Robotics, and the Future of Jobs / JOHN MAULDIN / AUGUST 19, 2014

This past week several reports came across my desk highlighting both the good news and the bad news about the future of automation and robotics. There are those who think that automation and robotics are going to be a massive destroyer of jobs and others [...]

Canada Releases Atrocious Jobs Data; Then Revises It Above The Highest Estimate Following Public Outcry / by Tyler Durden / 08/15/2014 09:08

A week ago, Canada released a jobs number that was a simply put a disaster: instead of creating the 20,000 jobs analysts had expected, the country’s Statistics bureau reported that a tiny 200 had been added in the month of July, following a drop of [...]

Armed Zombies

Let our post office remain undead … (Original Photo by Lorri Sabban) / Bill Bonner / August 14, 2014

Most Dangerous Zombies?

A regular reader writes in. The bone he picks concerns our definition of zombie:

Your definition of ZOMBIE is WRONG. A ZOMBIE lives on the back of someone [...]

Debt Rattle Aug 13 2014: A Crowded Runaway Train

Warner Bros Lauren Bacall publicity still from To Have and Have Not 1944 / by Raúl Ilargi Meijer / August 13, 2014

If you put all the pieces in a jigsaw puzzle in their proper places, a picture emerges. An easy enough principle. But how do you get the pieces, and where do [...]

The 10 Best-Paying Jobs For 2014 / by Tyler Durden on 08/13/2014 16:33

First it was the Fed’s unemployment rate target. This was quickly ignored and forgotten – just as we predicted would happen in December 2012 – when the unemployment rate “hit and beat” the Fed’s target, even as the Fed’s Russell 200,000 target was [...]

Retail Sales Miss For Third Month In A Row, Worst Print Since January / by Tyler Durden / 08/13/2014 08:38 -0400

But the talking heads said that the consumer is back and jobs are soaring? Retail sales missed expectations for the 3rd month in a row (after the weather rebound was supposed to kick in?) with an unchanged 0.0% print in July (against expectations of a 0.2% [...]

What Are the Options for Those Who Can’t/Won’t Get a Corporate/Government Job? / By CHARLES HUGH SMITH / AUGUST 06, 2014

To understand alternatives to conventional corporate/government jobs, we have to understand “the economy we have, not the one we wish we had.”

The average jobseeker is hoping to nail down a corporate or government position, for the usual reasons: security, pay and benefits. [...]

4 Million Fewer Jobs: How The BLS Massively Overestimated US Job Creation / by Tyler Durden on 08/05/2014 14:58

When it comes to the all-important monthly payrolls number which sets the tone for risk over the next month, one of the biggest variables in the BLS’ “estimate” (because all jobs numbers are that: statistical estimates) of US jobs is the monthly birth-death adjustment. [...]

Buffett Sits on $50 Billion Cash-Hoard, Waiting for Bubbles to Pop / by Jeff Nielson / 04 August 2014 13:00

Warren Buffett’s “game” is getting old, like Buffett himself. He panders shamelessly for the Big Banks of Wall Street, 24/7; and in return, these market-rigging criminals tell Buffett what to buy – and when to buy it. This allows Buffett to pretend to [...]

Adding 7+ million renter households over the last decade: Number of homeowners neutral over last 10 years. The shifting purchasing power of American households. / Dr. Housing Bubble / August 4th, 2014

The low turnover in housing is having some organizations changing their tune regarding the current boom in home values. After all, places like the National Association of Realtors (NAR) will be better off with higher sales volume and lower prices versus very low sales [...]

Unmitigated Disaster / By Andrew Hoffman / August 4th, 2014

As David Stockman brilliant writes, there is not even a remote mathematical chance of economic recovery, particularly as 10,000 baby boomers will be retiring each day for the next 16 years. A figure, by the way, that would be far higher if not for the rocketing [...]

Nonfarm Payrolls 209,000, Unemployment 6.2%, Employed +131,000 / Mike “Mish” Shedlock / August 01, 2014 10:11 AM

Initial Reaction

Counting the upwardly revised 298,000 nonfarm payroll report in June (originally reported as 288,000), this was a decent report.

Yet, digging into the details, the household survey showed a gain in employment of only 131,000. Thus, for the second consecutive [...]

Gold pops 1% on weak US jobs data / 01 August 2014

Gold bounced back one per cent from its sell-off yesterday and treasuries advanced as disappointing data showed the economy added fewer jobs than expected. Stocks failed to rally after yesterday’s falls, the worst in four months.

While global stocks fell back the decline was limited [...]

Muted Market Reaction to Job Data Disappointment / by Marc Chandler / August 1, 2014

The US employment data was disappointing. The short-term market had been leaning the wrong way. The recent data had fanned hopes that the labor market was accelerating, but today’s data suggest the pace of improvement has not changed.

It is the sixth month that net [...]

Old Workers Hit New Record High As Jobs For Key 25-54 Age Group Slide By 142K / by Tyler Durden / 08/01/2014 09:21

Another month, another case where the primary age group of the US work force, those aged 25-54, gets shafted.

According to the BLS’ household survey, while overall July jobs rose, if modestly less than the 209K revealed by the establishment survey, there [...]

PMI and Jobs as Stocks and Bonds Move Lower / by Marc Chandler / August 1, 2014

The purchasing managers manufacturing surveys are the main economic news of the day thus far. Attention now turns to the US employment data. It is taking place amid an inflection point in the capital markets. While European equity market has turned lower earlier, the US [...]

China PMI Jumps To 2 Year Highs (Jobs Contract For 27 Months), Japan PMI Slips (Jobs Worst In 11 Months) / by Tyler Durden on 07/31/2014 21:51

China’s official manufacturing PMI beat expectations by the most since Nov 2013 and jumped to its highest since April 2012 – sure it did after all the forget-the-reforms liquidity, QE-lite, and local government spending dragged forward.

Perhaps worryingly the steel industry saw domestic and [...]

ADP Tumbles From June Exuberance, Misses 3rd Of Last 4 Months / by Tyler Durden / 07/30/2014 08:19 -0400

Following last month’s exuberant explosion of job gains according to ADP (the most since Nov 2012), the ADP employment report shows jobs missing expectations at 218k (vs 230k) and tumbling from the 281k print in June. Curious, there were still two days in the month when [...]

Busy Week Starts Quietly / by Marc Chandler / July 28, 2014

This is an eventful week, but the economic calendar starts slowly. The FOMC meeting, first look at Q1 US GDP and the US jobs report, are the highlights. The capital markets are also off to a slow start. The US dollar is narrowly mixed. Against [...]

Yellen: Where No Man Has Gone Before / By Peter Schiff / July 25, 2014

Although Fed Chairwoman Janet Yellen said nothing new in her carefully manicured semi-annual testimony to Congress last week, her performance there, taken within the context of a lengthy profile in the New Yorker (that came to press at around the same time), should confirm [...]

Obama Shenanigans on ‘Factoryless’ Exports, Taxes, Employment, Jobs / Mike “Mish” Shedlock / Friday, July 25, 2014 1:09 AM

Corporate Deserters

President Obama was beating the drums on Thursday in Los Angeles regarding corporate tax deserters, companies that move headquarters or tax shields to another country in order to escape high US tax rates.

The LA Times provides the [...]

Beloved CEO Fired By Board For Being Insufficiently Ruthless: Employees Walk Off Their Jobs In Protest / BY JESSE / 25 JULY 2014

“Just remember this, Mr. Potter, that this rabble you’re talking about, they do most of the working and paying and living and dying in this community. Well, is it too much to have them work and pay and live and die in a couple of decent rooms [...]

Bill “What Rosy Jobs Numbers?” Simon Is Out At Walmart / by Tyler Durden / 07/24/2014 09:13

There are consequences to speaking publicly about the real state of the economy. After 8 years of service, Walmart CEO Bill Simon has been replaced by Greg Foran as President and CEO of the behemoth retailer. This comes just 2 week after Simon questioned the [...]

A trend to working fewer hours and low wage labor: Is America looking at becoming a low wage nation in a race to the bottom? 1 out of 4 people working are in jobs paying $10 an hour or less. / by mybudget360 / July 22, 2014

One distinctive feature of this recovery is that many of the jobs added since the recession officially ended five years ago is that a large part of the jobs are coming from low wage labor. Low wages are not the only challenge hitting Americans. The [...]

Hedge funds will regret selling gold when GDP data disappoints on Friday / 21 July 2014

Hedge funds reducing their holdings in precious metals last week will wish they had jumped in the opposite direction if preliminary GDP figures for the second half due on Friday show that the US economy continued to contract or slow down.

Revised data for the [...]

The Neo-Mercantilist Hysteria Over US Trade Deficits / by Joseph T. Salerno / Thursday, July 17, 2014

One of the worst effects of modern Keynesian economics is that its total spending (“aggregate demand”) approach to output and employment provides a pseudo-scientific justification for the central error of mercantilism — an error that dates back to the sixteenth century. [...]

Is Canada Next? (In One Very Ugly Chart) / by Wolf Richter / July 15, 2014

While the US has been struggling for five years with a recovery that has been so crummy that “recovery” often shows up in quotation marks, Canada has been rolling in good times. Its economy has been powered by a housing bubble beyond even [...]

TRUTHS: No Economic Recovery, No New Jobs, Higher Prices / July 11, 2014

By almost every measure, we are better off than when I took office.”Record Number of Americans Not in Labor Force in June37.2%: Percentage Not in Labor Force Remains at 36-Year HighPrice Index for Meats, Poultry, Fish & Eggs Rockets to All-Time HighObama’s Balloon: Federal Student Loan Debt Up 517% [...]