Full-Time Jobs -228,000; Part-Time Jobs +31,000

Full-Time Jobs -228,000; Part-Time Jobs +31,000

http://www.zerohedge.com/sites/defau.../picture-5.jpg
Submitted by Tyler Durden on 08/03/2012 09:10 -0400

BLS
Bureau of Labor Statistics

We got the pre-spun job quantity data already, where we learned that nearly 3 times the headline print was due to seasonal and B/D adjustments and is thus nothing but noise. Now we get the quality. As can be seen below, courtesy of Table A9 from the Household Survey, in July the number of part-time jobs added was 31K, bringing the total to 27,925, just shy of the all time record of 28,038. Full time jobs? Down 228,000 to 114,345,000 lower than the February full-time jobs print of 114,408,000. Once again, more and more Americans are relinquishing any and all benefits associated with Full Time Jobs benefits, and instead are agreeing on a job. Any job. Even if it means working just 1 hour a week.

For the BLS it doesn't matter - 1 hour of work a week still qualifies you as a Part-Time worker.

Full time and part-time jobs summary:

http://www.zerohedge.com/sites/defau...ime%20July.jpg


Full-Time Jobs -228,000; Part-Time Jobs +31,000 | ZeroHedge

Seasonal And Birth Death Adjustments Add 429,000 Statistical "Jobs"

http://www.zerohedge.com/sites/defau.../picture-5.jpg
Submitted by Tyler Durden on 08/03/2012 08:50 -0400

BLS
Bureau of Labor Statistics
Happy by the headline establishment survey print of 133,245 which says that the US "added" 163,000 jobs in July from 133,082 last month? Consider this: the number was based on a non seasonally adjusted July number of 132,868. This was a 1.248 million drop from the June print. So how did the smoothing work out to make a real plunge into an "adjusted" rise? Simple: the BLS "added" 377K jobs for seasonal purposes. This was the largest seasonal addition in the past decade for a July NFP print in the past decade, possibly ever, as the first chart below shows. But wait, there's more: the Birth Death adjustment, which adds to the NSA Print to get to the final number, was +52k. How does this compare to July 2011? It is about 1000% higher: the last B/D adjustment was a tiny +5K! In other words, of the 163,000 jobs "added", 429,000 was based on purely statistical fudging. Doesn't matter - the flashing red headline is good enough for the algos.

Seasonal Adjustment:

http://www.zerohedge.com/sites/defau...20Dactor_0.jpg

Birth Death:



http://www.zerohedge.com/sites/defau...j%20July_0.jpg

Seasonal And Birth Death Adjustments Add 429,000 Statistical "Jobs" | ZeroHedge