TrainWreckovery

For some reason a preponderance of the bobble heads on TeeVee think there is good news to be found in today's jobs reports.

Dumbasses.

They think that unemployment holding steady at a mere 7.6% is good news.

They think that adding 195,000 jobs is good news when it is barely enough to meet the minimum required to accommodate new folks entering the workforce. And never mind that it is nothing compared to the 14 million + still out of work.

CNBC:

Job Growth Posts Large Gain in June; Rate Holds

U.S. job growth accelerated in June thanks to a big jump in hospitality and service workers, news that is likely to trigger more debate about how aggressively the Federal Reserve will begin pulling back on monetary easing.

Unemployment steadied at 7.6 percent for the month, as nonfarm payrolls grew by 195,000, according to a closely watched Labor Department report Friday. Economists expected 165,000 more jobs and a decline in the unemployment rate to 7.5 percent.

Never mind that the quality of these jobs is nothing to get excited about. Certainly nothing someone a year or two out of college with tens of thousands of dollars of school loans will be able to move out of mom and dad's house on.

The numbers provided a mixed bag of news: While the actual employment level grew by 160,000, the unemployment ranks increased as well, by 17,000.

Those working part-time for economic reasons also jumped, growing 322,000 for the month.

That pushed a more encompassing count of unemployment that includes discouraged and underemployed from 13.8 percent to 14.3 percent.

Moreover, the quality of jobs was weak.

The bulk of the gains—75,000—came in the hospitality industry of bartending and waiters.

Professional and business services was the second-best growth area, adding 53,000 and retail grew 37,000.

Manufacturing jobs posted a decline of 6,000 for the month.

"It's so hard. Unless you know somebody you can't get a job," said Sharon MacGregor, 43, of Patterson, N.J.

And never mind that, as Zero Hedge points out, part time jobs are at an all time high while full time work crashed by 240,000 jobs.

Obamacare Strikes: Part-Time Jobs Surge To All Time High; Full-Time Jobs Plunge By 240,000

As a reminder: jobs have quantity and quality components. The quantity component was good enough to convince the 10 Year the taper is imminent (if not stocks, which continue to trade dislocated from any and all fundamentals). But how about the quality? In a word: not good. In June, the household survey reported that part-time jobs soared by 360,000 to 28,059,000 - an all time record high. Full time jobs? Down 240,000.  And looking back at the entire year, so far in 2013, just 130K Full-Time Jobs have been added, offset by a whopping 557K Part-Time jobs.

Sorta wipes out that while 195,000 added, doesn't it?

Well by golly the Greatest Depression must be over then declare the bobble heads happy days are here again, those of us working in Big Box stock rooms for $8.25 hr when we used to make four and five times that no longer have anything to worry about let the good times roll.

Fucking morons.

 

 

 

FUCK YER HOPE AND CHANGE