RUSH TRANSCRIPT The U ░░░░░░░░ economy added only 20 ░░░░░░░░ jobs in February I ░░░░░░░░ only because that s ░░░░░░░░ lot lower than the ░░░░░░░░ 000 than experts predicted ░░░░░░░░ White House economic adviser ░░░░░░░░ Kudlow doesn t seem ░░░░░░░░ be worry about the ░░░░░░░░ number It s a ░░░░░░░░ I think you have ░░░░░░░░ issues government shutdown issues ░░░░░░░░ issues so the household ░░░░░░░░ was up 255 000 ░░░░░░░░ s a big number ░░░░░░░░ as you know unemployment ░░░░░░░░ from 4 to 3 ░░░░░░░░ that s terrific and ░░░░░░░░ wage story is very ░░░░░░░░ up 4 tenths of ░░░░░░░░ percent I think the ░░░░░░░░ line payroll this month ░░░░░░░░ fluky I think you ░░░░░░░░ to go bell toe ░░░░░░░░ below the hood and ░░░░░░░░ you do you see ░░░░░░░░ positive story I don ░░░░░░░░ know that everyone agrees ░░░░░░░░ For 20 years Laughter ░░░░░░░░ time the job s ░░░░░░░░ comes out I feel ░░░░░░░░ I m on Twitter ░░░░░░░░ everything must be responded ░░░░░░░░ at every second I ░░░░░░░░ there s a couple ░░░░░░░░ macro things we are ░░░░░░░░ cooling off a little ░░░░░░░░ I think the economy ░░░░░░░░ slowing April and may ░░░░░░░░ number is going to ░░░░░░░░ revised again and again ░░░░░░░░ point is are we ░░░░░░░░ jobs yes is the ░░░░░░░░ strong yes by almost ░░░░░░░░ metric we have low ░░░░░░░░ rate and wages are ░░░░░░░░ I think that s ░░░░░░░░ take away not whether ░░░░░░░░ s 20 000 or ░░░░░░░░ 000 or 5 000 ░░░░░░░░ macro I m enjoying ░░░░░░░░ Laughter Okay I want ░░░░░░░░ retweet what Gary said ░░░░░░░░ a comment Great report ░░░░░░░░ the workers if you ░░░░░░░░ working this is what ░░░░░░░░ want to hear they ░░░░░░░░ running out of people ░░░░░░░░ hire and wages are ░░░░░░░░ up at highest rate ░░░░░░░░ 10 years hard to ░░░░░░░░ wages up The problem ░░░░░░░░ representing investors and management ░░░░░░░░ s not ideal they ░░░░░░░░ t want to pay ░░░░░░░░ to get people to ░░░░░░░░ the job It cuts ░░░░░░░░ profits it s not ░░░░░░░░ situation it looks like ░░░░░░░░ very late stage boom ░░░░░░░░ that finally this is ░░░░░░░░ recessions ultimately happens no ░░░░░░░░ who is president and ░░░░░░░░ of a sudden you ░░░░░░░░ t hire anybody The ░░░░░░░░ Reserve will go back ░░░░░░░░ being too aggressive and ░░░░░░░░ need to get ahead ░░░░░░░░ inflation and then think ░░░░░░░░ rates and stock market ░░░░░░░░ and recession that s ░░░░░░░░ investors are worried about ░░░░░░░░ If you re a ░░░░░░░░ investor is starting to ░░░░░░░░ worried I m ready ░░░░░░░░ you to go to ░░░░░░░░ the point I didn ░░░░░░░░ want to be 3 ░░░░░░░░ a row on positive ░░░░░░░░ here Okay I mean ░░░░░░░░ it s a little ░░░░░░░░ amusing I respect the ░░░░░░░░ he s got a ░░░░░░░░ to do when you ░░░░░░░░ a 20 000 job ░░░░░░░░ and you re the ░░░░░░░░ economic adviser to the ░░░░░░░░ you say this one ░░░░░░░░ a fluke yes Gary ░░░░░░░░ ll be revise but ░░░░░░░░ revised for 270 000 ░░░░░░░░ by the way having ░░░░░░░░ that I agree with ░░░░░░░░ of you it s ░░░░░░░░ not a terrible report ░░░░░░░░ reminds me of the ░░░░░░░░ that I made after ░░░░░░░░ years of economic expansion ░░░░░░░░ the Obama Administration when ░░░░░░░░ said of course there ░░░░░░░░ problems but things have ░░░░░░░░ pretty good and you ░░░░░░░░ have said there s ░░░░░░░░ no job creation the ░░░░░░░░ isn t growing except ░░░░░░░░ there was job creation ░░░░░░░░ the economy was growing ░░░░░░░░ February there are some ░░░░░░░░ that can be tied ░░░░░░░░ the weather for example ░░░░░░░░ look at retail and ░░░░░░░░ so this is the ░░░░░░░░ adjustment but at tend ░░░░░░░░ the day what matters ░░░░░░░░ people is can I ░░░░░░░░ my bills and wages ░░░░░░░░ going up That s ░░░░░░░░ most positive factor the ░░░░░░░░ data 3 4 number ░░░░░░░░ at the household surveys ░░░░░░░░ were all extraordinarily high ░░░░░░░░ small business confidence is ░░░░░░░░ the charts so wow ░░░░░░░░ live and die by ░░░░░░░░ headline number yes 20 ░░░░░░░░ is a very ugly ░░░░░░░░ I think this is ░░░░░░░░ a good report when ░░░░░░░░ dig a little bit ░░░░░░░░ David You look at ░░░░░░░░ happened to the markets ░░░░░░░░ huge drop as soon ░░░░░░░░ the numbers came down ░░░░░░░░ and then it ended ░░░░░░░░ okay it was almost ░░░░░░░░ line at the end ░░░░░░░░ was down 240 early ░░░░░░░░ the point is where ░░░░░░░░ are you going to ░░░░░░░░ your money you the ░░░░░░░░ now with negative interest ░░░░░░░░ they charge you if ░░░░░░░░ want to park some ░░░░░░░░ there you re not ░░░░░░░░ to invest in China ░░░░░░░░ their market going down ░░░░░░░░ else are you going ░░░░░░░░ put the money Ecb ░░░░░░░░ China are embarking that ░░░░░░░░ a very good point ░░░░░░░░ the Fed is on ░░░░░░░░ So Powell did not ░░░░░░░░ Powell did not want ░░░░░░░░ economy to overheat and ░░░░░░░░ s what he s ░░░░░░░░ This is what he ░░░░░░░░ It s perfect I ░░░░░░░░ David the smartest comment ░░░░░░░░ ve heard so far ░░░░░░░░ Jonas saying does this ░░░░░░░░ you know the late ░░░░░░░░ of a very long ░░░░░░░░ That would explain why ░░░░░░░░ market is not going ░░░░░░░░ have a it s ░░░░░░░░ going to vomit on ░░░░░░░░ that maybe suggest we ░░░░░░░░ getting closer to the ░░░░░░░░ of the expansion but ░░░░░░░░ that is true that ░░░░░░░░ a very serious I ░░░░░░░░ say important observation David ░░░░░░░░ right but once again ░░░░░░░░ only gain in town ░░░░░░░░ the one we are ░░░░░░░░ right now you don ░░░░░░░░ want to put in ░░░░░░░░ K Europe thank you ░░░░░░░░