Market Open: DOW falling off a cliff on *AWFUL* monthly jobs data- added 431k jobs, only 20k were private hires, rest Census…

a LOT of pundits will be eating Crow today. This is the PEAK month for Census hires, people were high on something, KOOLAID?, forecasting things like 670k(!)! new jobs in May!

DOW opened down 172 and moving lower-

BWAAHAAA Obama and Hilda Solis Labor had ALREADY SCHEDULED appearances expecting this to be a huge ‘surge’ in jobs. Here is the report via CNBC, and Solis is spinning like a top, 8k jobs in mining my goodness she says! Yeah til Obama adds CAP AND TRADE…..mAROONS i TELL YOU!!

…The Labor Department said on Friday payrolls rose 431,000 as the government hired 411,000 workers to conduct the population count. That was the largest monthly increase since March 2000 and marked a fifth straight month of gains. But private employment, a barometer of labor market strength, increased just 41,000 after rising 218,000 in April, as employers opted to increase hours rather than hire new workers….

…Payrolls data for March and April was revised to show 22,000 fewer jobs created than previously reported. May’s hefty employment gain lowered the unemployment rate to 9.7 percent from 9.9 percent in April….

Solis is saying the Senate must pass the UE extension and COBRA extensions. Yeah she sounds really Bullish on job creation. Pfft! And Mark Hanes actually talked about the RIGHT WING MEDIA? Uh wha??? Maroons.

They are delusional. Main St knows the deal, and now the markets are FORCED to read the writing on the wall. Carter on Steroids baby.

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June 4, 2010. Tags: , , , . Economy, Finance, Labor Department, Obama Administration, Politics, Unemployment Statistics, Wall St. Comments off.

Update: Much lower than expected DOW futures up sharply over 100…Market Mover Friday: May Jobs Report release 8:30 am EST…

Breaking….

Unemployment rate is 9.4%, highest since August 83, 14.5 million people unemployed

Smaller than expected 345,000 jobs lost in May…. WELL below estimate of 500k, something is verry wrong with this number, revisions will be pure hell next month, I call BS..The 10 yr is on a tear now, yield just hit 3.86, this does not help the Fed…hey take good news where we can I guess, but I dont believe it….Oil just crossed 70 bucks…

See CNBC I have a date with a laser this morning, autoposts for the day…TGIF!

Mrs. MiM is having surgery this morning so she can add Six Million Dollar man vision to her Jamie Sommers like hearing, go to CNBC.com here for the job figures when they are released..Auto posts for the next few days…TGIF

CNBC Stock Market Insider:

…The May employment report, released at 8:30 a.m. Friday, is expected to show a reduction of another 525,000 non-farm payrolls last month, and an unemployment rate of 9.2 percent. If there were new jobs last month, they were added by the government, which hired 60,000 census workers in April.

As bad as it is, this could be the best showing in six months. “Anecdotally, firms are saying things are still really bad but not as bad as the first part of the year. It looks like the worst of it occurred in the first quarter. It’s really a question of how these numbers taper off in the next few months,” said Stephen Stanley, chief economist at RBS Greenwich Capital….

By leathertuskadero

June 5, 2009. Tags: , , , , , . Labor Department, Unemployment Statistics, Wall St. Comments off.

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