CNBC’s Ross Sorkin: Jobs Report Sends the Signal that ‘This Is Not Your Father’s Recession’

‘I think everyone was surprised that the numbers were this big’


ROSS SORKIN: "I think everybody was surprised that the numbers were this big, but what I think it really sends the signal about is this is not your father’s recession. We’ve been talking for the past several weeks on this program about are we in a recession. We have those back-to-back GDP numbers that seemed to demonstrate we’re in a recession. There seemed to be a debate about the semantics of it, the White House came out and said, 'No, no, this is not a recession, gotta look over here at these jobs numbers.' Well, now from a political perspective, you could look at these job numbers and say, 'Wow, that is a very, very strong economy.' You’re looking at now unemployment in this country down to 3.5%. Having said that, if you go from the White House to the Federal Reserve building in Washington, there is a different perspective, which is, is this economy running too hot again? So all of a sudden you see the stock market today actually fall on this news. Kind of perverse. You think if things were better, the economy would — the marks would go up. Well, they’re going down because the view now is that if the Federal Reserve was going to take its — its foot off the neck of the economy before because things were — had sort of neutralized, now they actually might have to put that foot back on the economy, if you will, on the neck of the economy, to slow things down once again. And that is what is making the stock market nervous this morning."

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