Yeah, short column. You have a party to get ready for.
Or a BBQ, trip to the lake, or the river, or the hook-up joint, or something, right?
So right to it, then: Hot off the press is the jobs report:
”Total nonfarm payroll employment increased by 223,000 in June, and the unemployment rate declined to 5.3 percent, the U.S. Bureau of Labor Statistics reported today.
Job gains occurred in professional and business services, health care, retail trade, financial activities, and in transportation and warehousing. Household Survey Data The unemployment rate declined by 0.2 percentage point to 5.3 percent in June, and the number of unemployed persons declined by 375,000 to 8.3 million. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men (4.8 percent), adult women (4.8 percent), and blacks (9.5 percent) edged down in June, while the rates for teenagers (18.1 percent), whites (4.6 percent), Asians (3.8 percent), and Hispanics (6.6 percent) showed little change. (See tables A-1, A-2, and A-3.)
The number of long-term unemployed (those jobless for 27 weeks or more) declined by 381,000 to 2.1 million in June. These individuals accounted for 25.8 percent of the unemployed. Over the past 12 months, the number of long-term unemployed has declined by 955,000.
As usual, we have a nickel’s worth of insight…so here goes:
The way to make any job report look great is to whack the workforce. And this morning’s report says the workforce was down 432,000.
Like almost half a mil just disappeared? Presactly.
The size of the fib shows up in something called the Labor Participation Rate which collapsed from 62.9% previously to 62.6% this month., It’s the statistical casket forensic economists open.
In the whole damn country, only 1,000 new jobs making things in the last month (goods producing) and 222-0thosuand new jobs in the service sector.
If you want to know what this means, and it really is dangerous as hell, go read yesterday’s Peoplenomics.com report which lays out how the collapse in service jobs is coming.
And if that doesn’t cheer you up, of those 223-thousand new jobs reported?
213-thousand were simply “estimated” into existence in the CES Birth Death Model.
I wonder what time the liquor stores open? Because this kind of data can drive one to drink.
Holiday Rally Carryover
You know what the market often does before a holiday, right? Rally.
And that is what a good part of yesterday was. Up 138 points and set to open higher this morning.
How Greece Figures
How kind! They will be holding their referendum which will, in a sense, be about whether to exit the Eurobleeding Union on Sunday. Take the bait or take a hike?
If the vote says take the bailout (offered by shifty-eyed bankster types) the finance minister says he will immediately resign.
Don’t let the door hit you in the butt on the way out. People will almost always take the next free lunch, even if they will get stuck for an even bigger tab down the road. It’s just how folks are wired.
And not just there. We have the same disease, just a different set of pox and plagues. But not that much different.
Comes down to it, we don’t need to register guns, so much as to register printing ink and high rag-content paper, if’n you follow.
Common Sense and Obamacare
You really want to know why I don’t like Obamacare?
Simple: Insurance companies are making a frigging killing because of it.
Let me ask you this: Why do you think the NY Times is headlining “Centene Plans $6.3B Acquisition of Fellow Insurer Health Net?”
Here’s a major clue: Companies don’t go forking out $6.3 B expecting to lose money on the deal. And that money is coming from where? Sick people and government. And there’s enough fat in this to make fortunes for the paper-hangers.
Truth is brutal, but if we had a workable federal healthcare system, we would not be paying 20% (or more) in overhead so insurance outfits could make bank on illness.
We would deliver actual care for actual costs.
Healthcare would be cheaper without the private sector markup.
But that doesn’t happen in Obamacare because the Insurance Industry got fed and in return the lawmakers who supported it will reel in the out of state contribs and the whole Leech Class will continue.
I know you understand this stuff, but it just frosts me when I see billions paid for insurance companies that make fat profits on the back of that person in the mirror over there.
T’ain’t right. But is sure is profitable.
Not that it matters, since neither you or I are (wait for it……) bringing home the Bacon.
Something Seriously Weird
This headline got me to thinking: “Worm breeds by injecting sperm into its own head when there are no mates around…”
I don’t know how much you have studied the ancient practice of Kundalini (Wikipedia ref here), but could it be that worms got their first?
Whew…yes, we all need a vacation, now.