Wednesday, December 5, 2012

Nothing To Do With the Bakken -- Added Jobs: Less Than Expected; Citi To Cut 11,000 Jobs

This is not about the Bakken; if you came to the site for the Bakken, scroll down to posts below.

To newbies: this is for personal use only, for archival purposes only. At one time I had trouble keeping track of these numbers, so this is for my benefit only.  This is not meant for those following the Bakken.

There are two different stories here: one is unemployment (the magic number is 400,000); the second story has to do with employers adding new jobs (the magic number is 200,000)

The magic number of new unemployment claims is 400,000 -- the lower the better. The last report, bad news: hovering around 395,000.

Now, this, the magic number for new jobs: 200,000 -- the higher the better. Today's report: we've gone under the magic number -- only 118,000 new jobs were added.



Citi To Cut 11,000 Jobs

The plan will cut 11,000 jobs worldwide, including 1,900 jobs in the institutional clients group, most of whom, I assume are in New York City. That's in the same ballpark as the 18,000 Hostess/Twinkie jobs lost. Cue up Connie Francis.
  Remember: the magic number is 200,000
Link here to Reuters.
Private-sector employers added 118,000 jobs in November, shy of economists' expectations.
Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 125,000 jobs.
October's private payrolls were revised slightly down to an increase of 157,000 from the previously reported 158,000.
Foreshadowing the Great Recession of 2013.

4 comments:

  1. Jim Cramer says 2013 is the year things come back.

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    1. I agree. We go over the ObamaCliff in January.

      We have two quarters of negative growth (definition of recession). Howard Dean -- talking head, and previous presidential aspirant -- said that, not me, on December 4, 2012, on CNBC. He said we will finish the year with about 2% GDP growth.

      Through July and August, there will be arguments how bad the Great Recession of 2013 was. The word "depression" will be bandied about.

      And then, in October - November, things start to recover, and Jim will tell us he said that 2013 was the year that things come back.

      Delete
  2. i look for gasoline to be $ .50-.65 cents cheaper thru most of year 2013 , due to the Lack of Demand.if this is a recovery , and we take out 1- to 2 % of growth....ouch.

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    Replies
    1. I think folks are forgetting that 2013 ends in a very unlucky number, i.e., "13."

      This is worse than the Mayan calendar for accuracy.

      Apollo 13?

      Delete