Posted on 02/02/2024 6:21:47 AM PST by Miami Rebel
CNBC anchor Rick Santelli gushed over a January jobs report that he described as a “WHOPPER” that blew away expectations and featured a “HUGE jump” in average hourly wages.
On Friday morning, the Bureau of Labor Statistics released a January jobs report that saw 353,000 jobs added, well above expectations:
Total nonfarm payroll employment rose by 353,000 in January, and the unemployment rate remained at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, health care, retail trade, and social assistance. Employment declined in the mining, quarrying, and oil and gas extraction industry.
Economists predicted that the economy would gain 185,00 jobs in the January survey, but at 8:30 on Friday morning, the actual report blew past that figure.
On Friday’s edition of CNBC’s Squawk Box, a stunned Santelli broke the news:
ANDREW ROSS SORKIN: I’m going to send it over to our good friend Rick Sanchez. Rick Santelli, who has got the number in just two seconds. Rick.
RICK SANTELLI: That’s a couple of seconds. The first jobs report jobs, job jobs of ’24 is out and it is… WHOPPER!
353,000 353,000. We have to go on the Wayback Machine! That is the biggest nonfarm payrolls gains since January of 23, when it was 472,000.
And if we look at the unemployment rate, it is 3.7. It’s remained at 3.7. And just for history’s sake, the 3.4 low that we had was the lowest since 1953. That was in April of last year.
If we look at the average hourly earnings, a HUGE jump, up, 6/10 of a percent, up 6/10 of a percent. It equals March of ’22. To find a higher number, you have to go to January of ’22.
And also for some context there, the amount of year over year is also popping 4.5%. We are expecting 4.1 the year over year. Average hourly earnings began as a data set in 2007, pre-COVID, all the way to when it started, the high was 3.6. It’s 4.5. 4.5 was the highest level going back to February of 23.
BLS. Bureau of LIES and STATISTICS
Forget rate cuts until 2025
I hope rates stay where they are. I’m getting a 5.3% return in a plain-old-boring Money Market account. To me these rates seem normal. Why should we have 3% mortgage rates? It just artificially inflates the value of the asset.
... how long before the corrections and updates to this report start rolling in, downgrading the conclusion?
Is this the morning in America report for Biden? If true, the GOP might as well forget about the 2024 election. Trump will also be crushed. No way will the media not trumpet this.
I’m guessing we’ll see all kinds of great economic news this year.
“Why should we have 3% mortgage rates? It just artificially inflates the value of the asset.”
It sounds like you didn’t start tracking the financial markets yesterday! When I began my finance career mortgages fetched 13%+!
"Former Trump economic advisor Larry Kudlow conceded that his prediction of a looming recession was wrong and admitted that the U.S. economy is doing much better than expected under President Joe Biden. Talking on Fox News' America Reports on Thursday, Kudlow offered a "mea culpa.""
“Job gains occurred in professional and business services, health care, retail trade, and social assistance. “
Not wealth creator jobs.
“Employment declined in the mining, quarrying, and oil and gas extraction industry.”
Wealth creator jobs.......................
WTF is “social assistance” ???
My first car loan was at 13%. My first mortgage at 8.5%. Interest rates were kept way too low for way too long. Its nice getting a return on cash for the first time in a long time!
“Not wealth creator jobs.”
You missed this part of Santelli’s comments:
“If we look at the average hourly earnings, a HUGE jump, up, 6/10 of a percent, up 6/10 of a percent. It equals March of ’22. To find a higher number, you have to go to January of ’22.”
Just as long as it takes for this month’s report to become ‘old’ news. I’d say in a month.
And Biden received 81,000,000 votes!
Hahahahahahahahaha!
What great economy?
I don’t buy the numbers or trust anything coming from this government.
I don’t buy the numbers or trust anything coming from this government.
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