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7/2/10 Midafternoon Report: More bad macro data leaves US worker in desperate need of a hand, job

Money McBags was initially in a good mood this morning as when he was scouring the internet for news/data/information, he learned that Wonder Woman was turning a delicious 69 (and it is news like that for which Money McBags lives), but then the jobs number came out and didn't just put a turd in his punchbowl, but took the punchbowl, spilled out all of the punch, and then proceeded to fill it with a cacophony of fetid bile made up of what had to be 10 year old kimchi, expired mayonnaise, and Lindsay Lohan's saliva.  The headline was that 81k private sector jobs were created despite 125k overall job losses due to the firing of 225k temporary census workers.  And while that is mostly true, it obfuscates exactly how bad the numbers were like Goldman has obfuscated their real derivatives dealings with AIG.  Money McBags doesn't usually drop tables here (instead he drops all kinds of rules of decorum, manners, and grammar) but he has to do it today to explain exactly how bad the jobs number was and why it is a terrible sign for the economy going forward.  So Money McBags went to the BLS' actual press release (and readers should know the "L" in "BLS" is silent) and broke out the numbers since financial reporters hate doing work like Kafka hates writing endings to novels.  That said, below is his table showing the actual jobs report numbers:

Note:  The Motley Fool does not allow posting pictures here, so you'll have to go here to see the table

There are several things of note:

1.  The BLS said the Government lost 225k temporary census jobs but had total loss of only 208k jobs, so one can backsolve in to a 17k government job creation number ex. census workers, which is kind of like a pyrrhic victory only without the fucking victory.  Anyway, there is no way to know if those 17k job adds are temporary or permanent workers, but whatever, 208k net losses still sucks worse than a hooker with a bad case of  xerostomia.

2.  Of the 84k private sector jobs that the headline touts as somehow being positive, 21k of them were temporary, and the last time Money McBags checked his dictionary for "temporary" it hadn't changed to being a synonym for "permanent."  The point is, only 63k real "thank the great Nipsey Russell in the sky I don't have to look for another job in a month or so" jobs were created, not 84k. 

3.  The birth/death model plug which as noted before is the biggest black box Money McBags has seen since Vanessa Del Rio's in the 1980s, added 147k jobs to the total and it would be easier to verify that the meaning of life is in fact "42" than anything from the birth/death goalseek.  Again, you can read all about the model here but it is basically the BLS' way to rig the numbers, I mean estimate the number of jobs created/destroyed by new or dead businesses not in their survey.  Now look, Money McBags is no...READ MUCH MORE.....NO REALLY...MONEY MCBAGS THINKS TODAY'S COLUMN IS AMONG HIS BEST....

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