Comments on: May Unemployment Report

The “massaging” of the unemployment numbers in these government reports has certainly not escaped the attention of a great many Wall Street traders. Here is a typical comment from a trader named “saabnut9000″ from the Market Watch comments section:

This is all market manipulation. Saying that “ONLY” half a million jobs (539,000) were cut in April is good because analysts predicted 600,000 is total BS. In what universe losing another half a million jobs is good I dont know but the big picture is that the national unemployment rate jumped almost 1/2% ot 8.9% in one month, if it kept its current pace we will be at 10% by July. But the key word is “predicted” and the reality is job losses keep mounting and reemployment is almost non-existant right now. We are at 26 year high in unemployment and the funny thing is next month they will revise the numbers to what they ACTUALLY are and will be closer to the 600,000 that was actually predicted. They revised the numbers for Feb. and March by 66,000 higher after the fact. And another little tidbit of info is that of the 13.7 million OFFICIALLY listed as unemployed a RECORD 27.2% have been unemployed longer than 6 months

Of course, most folks just see the “Better Than Expected” headlines, and let it go at that.

By: oowawa

oowawa — Fri, 08 May 2009 19:06:42 +0000

The stress tests were indeed a sham. More confirmation from market analyst Karl Denninger:

http://market-ticker.denninger.net/archives/1029-More-On-The-SHAM-Stress-Test.html

By: Sammie

Sammie — Fri, 08 May 2009 17:02:48 +0000

http://finance.yahoo.com/tech-ticker/article/243817/The-Big-Lie%3A-Stress-Test-Optimism-Just-Wall-St.-Propaganda%2C-Former-Bank-Regulator-Says

Wall St. Propaganda …. say it ain’t so ….

On a more serious note, I wonder just how much of what is being reported we can believe.

By: Objective Analysis

Objective Analysis — Fri, 08 May 2009 16:57:53 +0000

We are so screwed with TOTUS. He is destroying the very fabric of what has made America (e.g. gainful employment).

Now he is making us WARDS of the state.

Why is I feel he reminds me of King George I?

By: oowawa

oowawa — Fri, 08 May 2009 16:16:45 +0000

LOL ConfusedAmerican–you really lived up to your name on that one!

By: politicalidentitycrisis

politicalidentitycrisis — Fri, 08 May 2009 15:46:33 +0000

That is the same kind of stuff that happened where I work. I do about 100 hours worth of work in 40 hours. It is bad and we are facing more work force reductions in about a week.

Work conditions turn to shit in a depression. It will only get worse.

By: ConfusedAmerican

ConfusedAmerican — Fri, 08 May 2009 15:43:01 +0000

hmmm Im on wrong thread srry about that.

By: ConfusedAmerican

ConfusedAmerican — Fri, 08 May 2009 15:40:49 +0000

By voting for a 3rd party or Democratic candidate for any office you are giving Obama even more power.
From now on until Obama is out of office I will be voting Republican, uless the Republican is a total total criminal jerk.

By: oowawa

oowawa — Fri, 08 May 2009 15:22:58 +0000

Wow! Are the analysts that good or are these numbers being “managed” or “massaged” so as not to overly upset the markets?

Oh yeah–figures are being “massaged” so that the happy investor feels “better than expected” and forks over his money.

Later, when the “better than expected” figures are revised downwards and the thrill is gone, the deception is not factored in as the lie it was, and the public is ready to be “massaged” once again. Anything to make the investor feel good and hand over his cash with a smile on his face! In fact, the investor will feel so good, that if he is confronted with any actual really bad news, he will be able to “shrug it off.” Now for another massage!

By: ConfusedAmerican

ConfusedAmerican — Fri, 08 May 2009 15:20:40 +0000

Wait until June when all the College and High School Graduates start looking for jobs….Should be interesting in this economy.
New teachers are being looked for cause with all the educational budgets school districts dont want to hire the laid off more experienced teachers at the higher salaries they would have to pay.

By: Peggy Sue

Peggy Sue — Fri, 08 May 2009 15:08:32 +0000

They’re fudging all these stats in the same way the stress tests have been fudged. Goolsbee slipped 6 weeks ago about the unemployment figure of 8.5, and admitted that the real figure with underemployment, people who had “given up,” people who had settled on part time employment etc, etc. was more in the 15-18% range.

This is creative number crunching taken to the max., creating a palatable narrative for public consumption. They call it “creative.” The rest of us call it lying.

Thank you again, Larry. You’re doing something very important.

By: Linda Anselmi

Linda Anselmi — Fri, 08 May 2009 15:05:16 +0000

Thanks for the great information and analysis LD.

I would add to Arabella Trefoil comment – I think it is only a temporarily slower rate that will pick up speed again over the next couple of months as the economy (in all it diversity) gets tired of crossing it fingers and holding its breath.

By: apishapa

apishapa — Fri, 08 May 2009 15:01:44 +0000

I work for the State of Colorado. While we have not had layoffs, over the next year we are all expected to take at least four furlough days. No raises at all. No new or replaced workers. No summer temps for my Division. TABOR baby!

And we are expected to choose our health plans this next week without having any information on what our premiums are. We have not received any information concerning health coverage for next year. But, the deadline to choose health ccare plans is May 24.

The no temps is a real problem for my division because we regulate irrigation water. Since farmers only irrigate in the summer, we generally hire a lot of temps to inspect wells and ditches. We cannot possibly keep the peace between irrigators without adequate p[ersonnel. However, water users have gone several times to Denver to try to get some funding back for Water Resources because they do not want to go back to the days of water wars.

For the last five months, I have been doing my own full time job, my ex-supervisor’s full time job and half of another technician’s job, with no additional pay. I finally told the Division Engineer that I must either have overtime or I wasn’t going to be able to get everything done. Or someone else needs to kick in and help. I am tired. I am mad. I am under a lot of stress and I don’t get paid enough for that shit. I’m now working 6 days a week (got the overtime, because no one else knows my job). And I cannot keep up. Like I told the boss, I am working twice as hard, but there is three timnes the work on me.

I’m not the only one who is feeling picked on. Right now this office is 25% understaffed. I know of two other people who are about to jump ship. But, when things fail to get done, taxpayers will howl.