CNBC’s Joe Kernen Offers Positive Spin to Layoffs Hitting 20-Year High Under Trump: ‘We’re on Our Way Back Up!’

CNBC’s Joe Kernen saw some hope for the jobs market even after hearing a report that announced layoffs surged last month to their highest point in over 20 years.

On Thursday’s Squawk Box, CNBC senior economics reporter Steve Liesman broke down a new report from Challenger, Gray & Christmas that highlighted the fact that announced corporate layoffs in October jumped by more than 150,000, a 175% increase from the same month last year. It was the highest October increase since 2003.

“This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008. Like in 2003, a disruptive technology is changing the landscape,” the report said, pointing to AI as a major factor in the layoffs.

“We’ve got a lot of mixed data… the ADP was up a little bit, 42, the ISM headline was better and you saw this, the bond market sold off a little,” Liesman said on Thursday.

“You have a dual mandate. What do you pay attention to in this world because it’s such a blunt instrument?” Squawk Box co-host Andrew Ross Sorkin asked.

“The answer is yes,” Liesman said, getting a chuckle out of his colleague.

“I’m willing to believe that we’ve hit bottom and we’re on our way back up,” co-host Kernen argued.

“For what? Jobs?” Liesman asked.

“Yeah,” Kernen said.

“So that means you don’t cut?” Liesman asked, referring to the Federal Reserve cutting rates.

“I think AI allows you to cut because of productivity gains,” Kernen said, arguing he wants to see rates continue to be cut.

The Federal Reserve dropped interest rates at the end of last month to their lowest point in three years, making a quarter-point cut in the benchmark short-term interest rate, lowering it to between 3.75% and 4%.

Watch above via CNBC.