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.
RE: Corrections
There was also a glowing report about this same time in Obama’s 2nd term.
It wasn’t corrected in the media until after the DNC was over and Hillary was The Candidate “we’ve been waiting for”.
Social assistance???? That helps grow an economy??? Service related jobs??? Cmon!!!
government.................
0.006?
Let’s party like it’s 1979......................
whopper
noun
whop·per ˈ(h)wä-pər
1 something unusually large or otherwise extreme of its kind
2 an extravagant or monstrous lie
“WTF is ‘social assistance’ ???”
From the BLS website: “Social and human service assistants provide client services in a variety of fields, such as psychology, rehabilitation, and social work.”
In my case it would mean the attendants we hire for 24/7 coverage of my 97-year-old mother.
That was my first thought too
Wtf is social assistance?
Can’t wait until the TV ads with Biden strolling through a beautiful sunlit meadow surrounded by little kids and puppies, promising all sorts of federal goodies.
Morning in America, the 2024 version.
The jump in pay is for government employees. Notice I did not call them workers. It’s all smoke and mirrors.
$35 trillion in debt, with another 10 million illegal aliens added to the welfare rows. A collapse is coming. /spit
Soylent Green ending
“WTF is “social assistance” ???”
Social workers, migrant ‘processing’, grief counselors, medical office help, in-home caregivers, etc etc
I predicted a 2020 collapse and a 2024 boom. Why ia it so predictable? It’s all politics. Numbers can say whatever you want them to say. 2024 is just getting started, you want to be in the Market this year, until closer to the end of the year.
“When I began my finance career mortgages fetched 13%+!”
With at least $10k down. Couldn’t afford it, I was pressing 40 yoa before I could afford a townhouse. Broke even through the 90’s then in ‘03 I made a profit, moved to an area with a lower cost of living, bought a 3 year old house paid in full.
And here I sit, couldn’t move if I wanted to, but it’s a nice area.
And the devil is indeed in the details...
https://www.bls.gov/news.release/empsit.nr0.htm
It’s an...interesting read.
Being on welfare is a job Americans, and a lot of illegals, are willing to do.
If Biden steals the vote again (90 million this time?) I expect a full-on market crash and burn, as America finally wakes up to economic and fiscal reality. $40 Trillion debt, 50 Trillion...do I hear 60??
Probably mostly givernment jobs….
The democraps create massive inflation then celebrate when pay increases but still below inflation.
“We took 21% of your money through inflation but we gave you 7% increases in pay! Celebrate us!”
The other day I was joking on another thread where I said “they” would come up with 400,000 jobs. A few of us got a chuckle out of that.
I never expected them to actually come THAT close.
This is nuts.
All I hear about, anecdotally, is how everyone is “tightening.” Figures lie and liars figure, I guess.
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