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.
The Democrats are the Party of the Rich, and always have been.
You do realize that amounts to a $0.15 decrease in gas prices, right? Hardly a winning slogan for Biden. 🤣
It’s not that gas prices have crashed, it’s that they have stopped going up.
“The trend is your friend.” as the expression goes.
The fact is that the raging inflation of Biden’s first two years has stalled out. The psychology of inflation lags behind the economic reality. We’ll see how or if that psychology changes in the coming months.
THAT Rick Santelli?
-PJ
Doesn't the unemployment rate only consider full time jobs?
Employed includes part time workers.
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