Abyssmal Jobs Report, Could Be Getting Better, and Ron Paul on Privatizing TSA

New BLS job numbers are out today and they aren't looking so hot:

• US Payrolls +18,000
• Last Month Quietly Revised Lower to +25,000 from +54,000
• US Unemployment Unexpectedly Rises +.1 to 9.2% Despite Drop in Participation Rate
• Since March, Number of Unemployed Rises by 545,000
• Household Survey Number Unemployed Up 173,000
• Household Survey Number of Employed Down 445,000
• 272,000 people dropped out of the labor force, reversing the labor force gain of 272,000 last month.
• Average Weekly Workweek Drops by .1 Hours
• Average Manufacturing Hours Drops by .3 Hours
• Average Private Hourly Earnings Decrease 1 Cent
• There has been virtually no improvement in part-time employment in a full year. 8.5+ million workers want a full time job and cannot find one.

As always, Mish has all the relevant graphs:

This one is extremely important:

As I have reported, the world economy is slowing down.  But some, such as Robert Wenzel, are predicting that this is temporary and that the full effect of QEII is on its way which will bring us glorious employment:

The number looks very bullish to me. There were no increases in unemployment in the private sector. There was a slight slowdown in money growth earlier this year, which can account for the fewer hires, but money growth is back to the upside and is likely to result in an improving jobs picture in the very near future. Corporations are already lean, they are not cutting here, but if conditions improve, as I expect they will, the bidding for help is going to intensify.

As someone very new at observing economic trends, its hard to know where the hell we are going.  We are living in very chaotic times monetary wise with Bernanke at the reigns.  Time will tell if Wenzel is indeed correct and that the unemployment rate is lagging and that excess reserves will finally begin leaking into the system.  Charts like these seem to bolster Wenzel's assertion:

Now I love a good contrarian view of the economy as much as the next guy, but I am unable to make up my mind on this right now.  Its gonna take a ton of more experience to know how to start making accurate claims.  Like Keynes said, "in the long run we are all dead" and I feel that way about the dollar and current financial system, but making short term economic predictions seems too difficult to do without access to an abundance of financial information.  Maybe doing this blog will start bringing me the money I need to sign up for the EPJ Daily alert...

 Or maybe I can start mining.

I will end with a great video of Ron Paul on Fox News advocating for the abolishment of the baby touching, elderly violating, and overall perverted TSA: