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.
No economic stat released by the BLS are credible in an election. BLS cooked the stats for Obama and they’re doing the same thing for Biden. Watch as a quiet revision downward is announced on a Friday afternoon.
When is the revision
The true number
MSM = White Wash Inc.
For selected party only
By then the die will be cast and no matter how bad it gets after that Biden wins. Hell, almost half the votes will already be cast by mid October.
IBTZ.
When you’ve been funemployed and can’t even get interviews, you don’t believe the TV.
Also see gas prices, housing and rental prices, and inflation.
All out of Lenin, the way to crush the middle class is to grind them between the milestones of taxation and inflation.
Maybe the $9000/month in benefits they give to illegal immigrants in Chicago.
Meanwhile 350,000 illegals walk in every month to collect welfare. These job reports mean nothing.
Indeed.
THEY ARE FLAT OUT LYING.
Why don’t I believe it?
“Also see gas prices, housing and rental prices, and inflation.”
Gas prices are DOWN 3.6% from a year ago. So are rents:
“Welcome to the February 2024 Apartment List National Rent Report. The rental market kicked off the new year with a sixth straight month of negative rent growth, as the nationwide median rent fell by 0.3 percent to $1,373.1 The recent declines are in line with the rental market’s typical seasonal pattern, as fewer renters are looking to move in the fall and winter, although this year’s dip has been a bit sharper and more prolonged than what we normally see.
“Year-over-year rent growth has bottomed out but remains in negative territory at -1 percent, meaning that on average, apartments across the country are slightly cheaper today than they were one year ago. This stands in sharp contrast to the prevailing conditions of 2021 and 2022, when rent prices were surging and year-over-year growth peaked at 18 percent nationally. But despite this cooldown, the national median rent is still more than $200 per month higher than it was just three years ago.”
I remember gas <$2/ gal under Trump.
I remember affordable housing.
Nobody believes your cherry picked propaganda.
Safe *and* effective.
Two qeeks to slow the spread.
IBTZ.
Gas and rent were mentioned and I showed they are down over the past year. I did not say that they were down since Biden took office.
That said, feel free to cherry pick your own “propaganda.” Just don’t choose food, because prices declined in 2023.
Nice try troll-boi.
It’s the Government’s metrics.
Don’t buy it. ADP only had 123,000 private jobs reported.
They will revise this down by 200k in a month.
The Ecoomy is great for the rich, and terrible for everyone else.
Check the A9 report from BLS. As usual in this great economy, we lost full time jobs and gained part time jobs.
A valid point.
Yet hourly wages were up.
(By the way, it’s curious how some dismiss the BLS yet still find credible data which confirms their bias. I am NOT speaking of you. But if BLS stats were fraudulent then those compiling them could and would easy jimmy the full time/part time numbers to make a stronger recovery case.)
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