*U.S. JUNE PAYROLLS RISE 80,000, JOBLESS RATE HOLDS AT 8.2%
Weakest in 2 years

CNBS - Austin Goulsbye- "Recovery on track"

Did he really say that? Clueless.

Econoday was expecting a reading of +90K; BB was expecting a reading of +100K.

Econoday was expecting a reading of +100K for Private Payrolls, whereas BB was expecting a reading of +106K on this line.

And check out the revisions for the prior two months.

BLS Release:

http://bls.gov/news.release/empsit.nr0.h....

THE EMPLOYMENT SITUATION -- JUNE 2012


Nonfarm payroll employment continued to edge up in June (+80,000), and the 
unemployment rate was unchanged at 8.2 percent, the U.S. Bureau of Labor 
Statistics reported today. Professional and business services added jobs, 
and employment in other major industries changed little over the month.

Household Survey Data

The number of unemployed persons (12.7 million) was essentially unchanged 
in June, and the unemployment rate held at 8.2 percent. (See table A-1.)

Among the major worker groups, the unemployment rate for blacks (14.4 percent)
edged up over the month, while the rates for adult men (7.8 percent), 
adult women (7.4 percent), teenagers (23.7 percent), whites (7.4 percent),
and Hispanics (11.0 percent) showed little or no change. The jobless rate
for Asians was 6.3 percent in June (not seasonally adjusted), little changed
from a year earlier. (See tables A-1, A-2, and A-3.)

In June, the number of long-term unemployed (those jobless for 27 weeks 
and over) was essentially unchanged at 5.4 million. These individuals 
accounted for 41.9 percent of the unemployed. (See table A-12.)

Both the civilian labor force participation rate and the employment-
population ratio were unchanged in June at 63.8 and 58.6 percent,
respectively. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes 
referred to as involuntary part-time workers) was essentially unchanged at 
8.2 million. These individuals were working part time because their hours 
had been cut back or because they were unable to find a full-time job. 
(See table A-8.)

In June, 2.5 million persons were marginally attached to the labor force, 
down from 2.7 million a year earlier. (These data are not seasonally 
adjusted.) These individuals were not in the labor force, wanted and were 
available for work, and had looked for a job sometime in the prior 12 
months. They were not counted as unemployed because they had not searched 
for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 821,000 discouraged workers 
in June, a decline of 161,000 from a year earlier. (These data are not
seasonally adjusted.) Discouraged workers are persons not currently
looking for work because they believe no jobs are available for them.
The remaining 1.7 million persons marginally attached to the labor
force in June had not searched for work in the 4 weeks preceding the
survey for reasons such as school attendance or family responsibilities. 
(See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment continued to edge up in June (+80,000). 
In the second quarter, employment growth averaged 75,000 per month, 
compared with an average monthly gain of 226,000 for the first quarter of 
the year. Slower job growth in the second quarter occurred in most major 
industries. (See table B-1.)

Professional and business services added 47,000 jobs in June, with temporary 
help services accounting for 25,000 of the increase. Employment also rose 
in management and technical consulting services (+9,000) and in computer 
systems design and related services (+7,000). Employment in professional 
and business services has grown by 1.5 million since its most recent low
point in September 2009.

Employment in manufacturing continued to edge up in June (+11,000).
Growth in the second quarter averaged 10,000 per month, compared with
an average of 41,000 per month during the first quarter. In June,
employment increased in motor vehicles and parts (+7,000) and in
fabricated metal products (+5,000).

Employment continued to trend up in health care (+13,000) and wholesale 
trade (+9,000) in June.

Employment in other major industries, including mining and logging,
construction, retail trade, transportation and warehousing, financial
activities, leisure and hospitality, and government, showed little or
no change.

The average workweek for all employees on private nonfarm payrolls
edged up by 0.1 hour to 34.5 hours in June. The manufacturing workweek 
edged up by 0.1 hour to 40.7 hours, and factory overtime was 3.3 hours 
for the fifth consecutive month. The average workweek for production and
nonsupervisory employees on private nonfarm payrolls edged up by 0.1
hour to 33.8 hours. (See tables B-2 and B-7.)

In June, average hourly earnings for all employees on private nonfarm
payrolls increased by 6 cents to $23.50. Over the year, average hourly
earnings have increased by 2.0 percent. In June, average hourly earnings 
of private-sector production and nonsupervisory employees increased by 
5 cents to $19.74. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for April was revised
from +77,000 to +68,000, and the change for May was revised from
+69,000 to +77,000.

That number came in below most expectations. Hard to believe anyone could pass it off as anything other than dismal.

Santelli gave Austin some truth there tho

...and was promptly silenced the rest of the segment

You would think Zandi and Swonk would learn to stay away from CNBS when the NFPs are released. Talk about never being close.

Zandi is one of the most bullish CNBS cheerleaders. CNBS has been repeating the US is isolated from Europe.

How's the US is isolated from Europe's downturn theme working out now?

Even if that 80,000 was above expectations, it is dismal. Just....dismal.

Quote:

Did he really say that? Clueless.

Maybe it was Zandi, it was on over my shoulder but it was said.

I hope there is a clip later

One hundred percent BULLISH.

Birth/Death Adjustment in at +124K:

http://www.bls.gov/web/empsit/cesbd.htm

Obama: "We have now had positive job growth in XX months straight...


Meanwhile, we very well could go negative by the fall ... though in an election year that may not be a permissible print.

Quote:

How's the US is isolated from Europe's downturn theme working out now?

Working just as well as "It's all contained to subprime" did a few years ago.

It was Zandi. My apologies.


Goolsbye said "I'm feeling OK about the number"

I'd like fries with that.



Establishment survey, annualized NSA PSP and GP employment. The 1:1 is because of WWII and it returned to its prewar level immediately after it was over. Still, it was the last time that the balance was roughly even.