‘I’ve Never Seen Anything Like This!’ CNBC Absolutely Loses It Over Blockbuster Jobs Report

SANTELLI It s back ░░░░░░░░ s in Got it ░░░░░░░░ we now have data ░░░░░░░░ up for the January ░░░░░░░░ report and it is ░░░░░░░░ better than expected 467 ░░░░░░░░ 467 000 multiples of ░░░░░░░░ we were expecting And ░░░░░░░░ we look at private ░░░░░░░░ 444 000 Manufacturing up ░░░░░░░░ 000 The unemployment rate ░░░░░░░░ to 4 so it ░░░░░░░░ move up one tenth ░░░░░░░░ 3 9 to 4 ░░░░░░░░ over month average hourly ░░░░░░░░ a whopping 0 7 ░░░░░░░░ over year 5 7 ░░░░░░░░ numbers Average workweek 34 ░░░░░░░░ That drew down a ░░░░░░░░ That somewhat made sense ░░░░░░░░ maybe the best news ░░░░░░░░ all the labor force ░░░░░░░░ rate which has been ░░░░░░░░ at 61 9 and ░░░░░░░░ it was well over ░░░░░░░░ pre Covid 62 2 ░░░░░░░░ popped 0 3 That ░░░░░░░░ a nice pop in ░░░░░░░░ underemployment or the U6 ░░░░░░░░ 1 percent it drops ░░░░░░░░ 7 3 Let s ░░░░░░░░ over a couple of ░░░░░░░░ here The household survey ░░░░░░░░ where the unemployment rate ░░░░░░░░ from They do include ░░░░░░░░ on unpaid sick leave ░░░░░░░░ how ironic that that ░░░░░░░░ moved up a tenth ░░░░░░░░ we re worried about ░░░░░░░░ in the business or ░░░░░░░░ survey that are on ░░░░░░░░ leave that aren t ░░░░░░░░ but yet that number ░░░░░░░░ 467 000 was quite ░░░░░░░░ And when we come ░░░░░░░░ earnings up 0 7 ░░░░░░░░ 1 Let me look ░░░░░░░░ think the high watermark ░░░░░░░░ think has been up ░░░░░░░░ 7 in April it ░░░░░░░░ that but that s ░░░░░░░░ And on the 5 ░░░░░░░░ on the year over ░░░░░░░░ that s a post ░░░░░░░░ high That is powerful ░░░░░░░░ Remember that was 3 ░░░░░░░░ Covid 3 pre Covid ░░░░░░░░ at what the market ░░░░░░░░ doing We re on ░░░░░░░░ beeline towards 190 in ░░░░░░░░ We re up at ░░░░░░░░ in 30s We re ░░░░░░░░ 126 in two year ░░░░░░░░ consider this the dollar ░░░░░░░░ just for the week ░░░░░░░░ down 2 Andrew and ░░░░░░░░ gang back to you ░░░░░░░░ Rick thank you for ░░░░░░░░ and those job numbers ░░░░░░░░ rudely interrupting us they ░░░░░░░░ positive with David Zaslav ░░░░░░░░ re going to go ░░░░░░░░ to Pebble Beach in ░░░░░░░░ a moment with Becky ░░░░░░░░ Joe as well but ░░░░░░░░ the meantime we want ░░░░░░░░ bring the jobs panel ░░░░░░░░ for some instant reaction ░░░░░░░░ Moore Head of Thematic ░░░░░░░░ for BlackRock s global ░░░░░░░░ is with us Jason ░░░░░░░░ former counsel of economic ░░░░░░░░ chairman of course and ░░░░░░░░ Kennedy school professor Diana ░░░░░░░░ Roth adjunct professor of ░░░░░░░░ at George Washington University ░░░░░░░░ well and Nela Richardson ░░░░░░░░ chief economist we have ░░░░░░░░ Polemarez there president and ░░░░░░░░ have a whole group ░░░░░░░░ and CEO Hispanic Business ░░░░░░░░ and our own Steve ░░░░░░░░ I want to go ░░░░░░░░ Steve first I want ░░░░░░░░ know what you think ░░░░░░░░ Powell is thinking at ░░░░░░░░ moment LIESMAN I think ░░░░░░░░ Powell likes to see ░░░░░░░░ I think it affirms ░░░░░░░░ him his sense that ░░░░░░░░ Fed s on the ░░░░░░░░ track here I do ░░░░░░░░ to go back and ░░░░░░░░ correct me if I ░░░░░░░░ wrong here because I ░░░░░░░░ never seen anything like ░░░░░░░░ but it looks like ░░░░░░░░ revised up December And ░░░░░░░░ d like people to ░░░░░░░░ back and play the ░░░░░░░░ when I did not ░░░░░░░░ the week of December ░░░░░░░░ It s 510 000 ░░░░░░░░ it was 199 SANTELLI ░░░░░░░░ s correct That s ░░░░░░░░ Two month revision 709 ░░░░░░░░ two month revision 709 ░░░░░░░░ LIESMAN It s just ░░░░░░░░ I am not believing ░░░░░░░░ I have not been ░░░░░░░░ these numbers to the ░░░░░░░░ side and I guess ░░░░░░░░ ve got to have ░░░░░░░░ little bit of skepticism ░░░░░░░░ the high side here ░░░░░░░░ don t know how ░░░░░░░░ scratched out how it ░░░░░░░░ out that it was ░░░░░░░░ so positive I just ░░░░░░░░ that BLS does a ░░░░░░░░ job I m sorry ░░░░░░░░ I like you I ░░░░░░░░ to you all the ░░░░░░░░ on the first blush ░░░░░░░░ this number.”