RTM - 4-2-2010

[DMac]

Keeping a good thing going, here's this morning's charts and some links. (in honor of the dragon ;) )

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[DMac]

US Government Issues $333 Billion Net In Marketable Debt In March, Second Biggest Ever (http://www.zerohedge.com/article/us-government-issues-333-billion-net-marketable-debt-march)


In March, the US government issued a massive amount of debt: $332.8 billion - the biggest amount ever since the all time record of $545 billion raised (most of it purchased by the Fed) during the apex of the financial crisis in October 2008. The US Treasury had $12.717 trillion in debt subject to limit at the end of March, compared to just $12.384 trillion in the beginning of the month. The private-to-public debt transfer is going as planned, still in the full absence of the shadow economy.

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/March%20Net%20Issuance.jpg

Below is an artist's impression of what the deck chairs of the Titanic looked like.

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/Monthly%20Bond%20IssuanceMarch%2031_0.jpg

In March the government issued net:

* $7 billion in Bills
* $100 billion in Cash Management Bills
* $228 billion in Notes
* $13 billion in Bonds
* $1.8 billion in TIPS

And the rest was offset by intragovernmental trust fund rotations.

We will repeat it again:

$333 billion

[JJ.G0ldD0t]

Good job DM.

Always enjoyed that thread and thought of doing it myself.

You're the man.

[DMac]

The employment data was released:

Employment Situation News Release (http://stats.bls.gov/news.release/empsit.htm)


Nonfarm payroll employment increased by 162,000 in March, and the unemployment
rate held at 9.7 percent, the U.S. Bureau of Labor Statistics reported today.
Temporary help services and health care continued to add jobs over the month.
Employment in federal government also rose, reflecting the hiring of temporary
workers for Census 2010. Employment continued to decline in financial activi-
ties and in information.

Household Survey Data

In March, the number of unemployed persons was little changed at 15.0 million,
and the unemployment rate remained at 9.7 percent. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (10.0 per-
cent), adult women (8.0 percent), teenagers (26.1 percent), whites (8.8 per-
cent), blacks (16.5 percent), and Hispanics (12.6 percent) showed little or no
change in March. The jobless rate for Asians was 7.5 percent, not seasonally
adjusted. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks and over) in-
creased by 414,000 over the month to 6.5 million. In March, 44.1 percent of
unemployed persons were jobless for 27 weeks or more. (See table A-12.)

The civilian labor force participation rate (64.9 percent) and the employment-
population ratio (58.6 percent) continued to edge up in March. (See table A-1.)

The number of persons working part time for economic reasons (sometimes re-
ferred to as involuntary part-time workers) increased to 9.1 million in March.
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.)

About 2.3 million persons were marginally attached to the labor force in March,
compared with 2.1 million a year earlier. (The 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 pre-
ceding the survey. (See table A-16.)

Among the marginally attached, there were 1.0 million discouraged workers in
March, up by 309,000 from a year earlier. (The data are not seasonally adjusted.)
Discouraged workers are persons not currently looking for work because they be-
lieve no jobs are available for them. The remaining 1.3 million persons margin-
ally attached to the labor force had not searched for work in the 4 weeks pre-
ceding the survey for reasons such as school attendance or family responsibili-
ties. (See table A-16.)

Establishment Survey Data

In March, nonfarm payroll employment rose by 162,000. Job growth continued in tem-
porary help services and in health care. Federal government employment increased
due to the hiring of temporary workers for Census 2010. Job losses continued in
financial activities and in information. (See table B-1.)

Temporary help services added 40,000 jobs in March. Since September 2009, tempor-
ary help services employment has risen by 313,000.

Employment in health care continued to increase in March (27,000), with the larg-
est gains occurring in ambulatory health care services (16,000) and in nursing and
residential care facilities (9,000).

In March, employment in mining increased by 8,000. Monthly job gains in mining
have averaged 6,000 over the past 5 months.

Employment in federal government was up over the month, reflecting the hiring of
48,000 temporary workers for the decennial census.

Manufacturing employment continued to trend up in March (17,000); the industry has
added 45,000 jobs in the first 3 months of 2010. Over the month, job gains were
concentrated in fabricated metal products (9,000) and in machinery (6,000).

Employment in construction held steady (15,000) in March. The industry had lost an
average of 72,000 jobs per month in the prior 12 months.

Over the month, employment changed little in transportation and warehousing,
leisure and hospitality, retail trade, and wholesale trade.

In March, financial activities shed 21,000 jobs, with the largest losses occur-
ring in insurance carriers and related activities (-9,000). Employment in the
information industry decreased by 12,000.

The average workweek for all employees on private nonfarm payrolls was up by
0.1 hour to 34.0 hours in March. The manufacturing workweek for all employees
increased by 0.2 hour to 39.9 hours, and factory overtime was up by 0.1 hour
over the month. In March, the average workweek for production and nonsuper-
visory employees on private nonfarm payrolls increased by 0.2 hour to 33.3
hours. (See tables B-2 and B-7.)

In March, average hourly earnings of all employees on private nonfarm payrolls
fell by 2 cents, or 0.1 percent, to $22.47, following a 4-cent gain in February.
Over the past 12 months, average hourly earnings have risen by 1.8 percent. In
March, average hourly earnings of private production and nonsupervisory employ-
ees fell by 2 cents, or 0.1 percent, to $18.90. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for January was revised from
-26,000 to +14,000, and the change for February was revised from -36,000 to
-14,000.


(much more info at link)

[JJ.G0ldD0t]

Huh.. so for once the expectedly unexpected employment numbers remained relatively unchanged as expected.








I expect they are bogus... lowballed by about 10-12% ;D

[DMac]

Consider that about 50k of the 160k new jobs were census workers.....

[DMac]

Zerohedge telling the truth on employment figures:

March Non Farm Payrolls: +162K, Below Consensus, Unemployment Rate 9.7%, Ex-Census, Weather and Birth-Death NFP Change Is -67K (http://www.zerohedge.com/article/march-non-farm-payrolls-162l-below-consensus-unemployment-rate-97-hourly-earnings-down-01)

[DMac]

Not much change over the day. All green:


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[wildcard]

Good job DMac!

[DMac]

This is a good one:

Jim Grant Presents A Prospectus For The United States, Discusses The Death Penalty For US Coinage Debasers (http://www.zerohedge.com/article/jim-grant-presents-prospectus-united-states-discusses-death-penalty-us-coinage-debasers)

Jim Grant joins Morgan Stanley (and contrary to Rosenberg's expectations) in anticipating US rates to rise promptly, primarily due to the world's negative "reappraisal of the US Treasury." This is not so much a debate on inflation or deflation, as it is a call on the (un)trustworthiness of the US as a lender. To that end, Grant has put together a Treasury prospectus (which we will post as soon as we procure it) which as Jim puts it "is a compendium of the salient facts about the Treasury as if it were an issuer that did not have a printing press... All you need to know about the credit risk of the US." The first risk factor, via the GAO, "improper payments that should not have been paid by the Treasury totalled $98.7 billion, equivalent to 5% of Treasury outlays." Keep in mind the UST raised $333 billion in net debt in March, as we pointed out yesterday. Grant also discusses the Coinage Act of 1792, whose section 19 stipulates "that the penalty for anyone who would debase the coinage of the US, is death." By that logic, a firing squad may soon need to be sequestered to Washington. Grant's concludes that there is a "great suspension of disbelief in out US monetary system on behalf of the world over. One wonders when people will say no."


http://www.youtube.com/watch?v=JiwmBpzLXUE