We have a weekend for the analysts to digest the "jobs" numbers. From TrimTabs....
Obviously I am quite suspicious of the numbers that I see in today’s BLS press release. Remember most financial journalists and even stock market strategists do nothing more than rewrite government press releases. So do not expect very few others to question the good news.
For those of you who care, look at Table B-1, Total Nonfarm Employment in today’s BLS press release. Start with the non seasonally adjusted table that shows that in November 2011, there were 133.172 million actual jobs. Actual jobs dropped by 220,000 jobs in December and actual jobs dropped an additional 2.7 million in January. Only as a result of unknown seasonal adjustments, could the BLS report 243,000 new hires in January.
Yes, the labor market contracts during the winter and expands in the spring and summer. Could this number be manipulated? Of course it could. Is it? I don’t know. Am I the only suspicious soul out here? Hope not. Certainly feels lonely right now.
Referenced on 0Hedge here:
And Charles Biderman's blog here:
And now for the left hook....
I avoided both foreclosure and bankruptcy by negotiating with creditors and selling my house at a loss. I was lucky to encounter a sympathetic lawyer representing the bank, probably because she saw my intention was to try and make them whole. She gave me the extra time to find a buyer. For that I'm grateful. We can only play the cards we're dealt.
Jack, I believe you mentioned that you hail from Maine. I looked at the chart for non-recourse states and didn't see it there. There are states that allow a non-judicial foreclosure like alabama that allowed a co-worker to walk on balance of his mortgage but I have a sister that has no choice but to live in her house in Tampa paying astronomical loan and interest payments that Chase will not renegotiate. They even tried to screw her up (she has to maintain a national security rating) while she was in Iraq messing up her paper and showing her delinquent on the loan when she paid like clockwork through the service plan. I wish she could enjoy her sizable income but unfortunately most of it goes to the banksters at chase.
The problem with losing your house isn't quite as bad in a non-recourse state like Arizona. Many buyers sucked into the republican economic fantasy world from 2002 to 2007 just walked when they were faced with the reality of half the value for the cost they owed. Not so easy in florida where you could be paying a $300,000 high interest note for a "market adjusted" $75,000 home and if you walk the balance follows you for the rest of your life. That is the balance between what the bank can get at auction and the contract with your john henry on it.
We are close to the top in poverty numbers and especially child poverty and I never saw a black person till we played phoenix union when i was on the 8th grade football team so that population is probably low. Motorola and the space program was the primary drivers to our growth in the 60s,70,80s. Raytheon, The Boeing Co., General Dynamics,Motorola, the U.S. Post Office, State and Local Government is our primary employers. Next is Health Care both hospitals and research then healthcare providers. Can't forget Walmart........they killed private business.....for a big chunk of 12.00 hr workers. Then a few grocery stores. There is very little private enterprise not connected to government spending or healthcare in some way. Heck, the grocery stores depend on this workforce.
Jatrudle, long time no see. Precaud is right. Arizona's top 50 employers is mostly government and healthcare as most republican states. Why are the residents supporting the republican "cut the government" stance? It's my home state so I can tell you it's because we are nuts. Governor Jan Brewer is the queen nut. She couldn't balance a budget without federal money to save her life. She has been faking the numbers for years. The phoenix, heck the whole valley of the sun bought the yuppy republican go-go myth and thought money grows on trees and my house price will go up forever. We got slammed the hardest next to maybe Tampa (thanks to Trumps wishywashy crap).
"I have no axe to grind with states on the public dole"
Your wording suggests that you do... "on the public dole"...
"the majority of their largesse like NM and Texas, sorry SAS, comes from government subsidized programs."
Now that is an exaggeration. Though I'll say, you are right to point out TX as one of the biggest recipients of fed money. All the bluster about TX leaving the union is just hot air.
JA, I don't know your story and have never knowingly said a word against you or your situation, so I don't know where this is coming from. You don't seem to fit the pattern I was pointing to. Peace.
Military spending MUST be cut going forward bigtime, and I am all in favor of that. My business will suffer for it, but so be it. I'm just a small player near the bottom of the food chain, and as expendable as anyone else.
I have no axe to grind with states on the public dole. It amuses me to hear how wonderful their residents think they are for it though, when the majority of their largesse like NM and Texas, sorry SAS, comes from government subsidized programs. Personally I've worked through my problems w/o filing and am debt free and starting over. Many of my friends at Lowes have found a new life. Many have not. I would never disparage them for clutching onto whatever means they can find in order to survive, but to lump them all together as disgruntled and old is truly funny. When the government money dries up we'll see who was blowing smoke.
Pre, I hear ya, when I was in grade school, Mom and Dad split so for awhile we ate government cheese and meat in a can... Mom worked 3 jobs to get herself and 5 kids off of it...back then it was an embarrassment to take assistance, but folks had to sometimes until they could get on their feet again and most folks didn't take very long to do that. Now it is a lifestyle spanning generations... I don't know the answers, but it needs to change.
b4, I'm glad to hear it. I wasn't meaning to pick on any one person. Sounds like we're about the same age. When this topic came up last year it became clear that several members who were particularly dour in their views fit the description I laid out. Everyone I know who has that attitude is retired. Coincidence? Nor am I disparaging retired folk. Just pointing out that dependence breeds a different perspective than active involvement does.