‘Brutal!’ Fox Business Cannot Paint a Rosy Picture on ‘Extraordinarily’ Bad Jobs Report
The Mornings With Maria panel was openly morose with the release of what was clearly disappointing and surprisingly bad August jobs report released Friday morning at 8:30 AM.
Notably, this was the first report released following President Donald Trump’s firing of the former chief statistician of the Bureau of Labor Statistics, which led to bipartisan criticism and questioning if the numbers moving forward would be shaped in a more politically favorable way towards Trump. It appears, judging by these less than encouraging numbers, that they have not.
While Maria Bartiromo was away, the anchor chair was filled by Cheryl Casone, who tossed to Lauren Simonetti, who reported the number just seconds after they were released:
22,000 jobs added in the month of August that was much less than the expectation of 75,000 guys the July number was revised I will get to revisions in a moment unemployment rate coming in as expected 4.3% so that would be higher than July’s 4.2% again 22, 1000 jobs added an August let me get you the revisions because this is everybody is focused on. For June and July together, combined 21,000 jobs lower than previously reported. I’ll categorize that now. So you see for June it was revised down by 27,000 getting you to negative 13,000 and the change for July up by 6,000, getting you to 79,000. Healthcare added 31,000 job guys. The federal government continued to decline federal government in August down 15,000 and is down by 97,000 since its peak in January. Manufacturing employment changed little, down 12,000, down four months in a row, down 78,000 over the year. I’ll send it back to you as I continue to go through this report, but as you can see the market, at least the Dow, lifting off the lows in the pre-market on this data, weaker than expected.
“I just want to say here, private payrolls coming in. The expectation was $75,000, we got $38,000. And there was a loss of 16,000 jobs in government, which I think Lauren mentioned,” Casone followed before tossing to Charles Payne. “But again, you know, that $22,000 number, Charles, it’s a weaker-than-expected number, and these revisions are pretty brutal.”
“Yeah, extraordinarily,” Payne agreed, “You know, gone through I mentioned health care 31,000, the 12-month average is 42,000. That had been obviously a massive driver, and we know the demographic situation there. Uh, just a little disappointed manufacturing was hoping to maybe see something there.
Watch above via Fox Business.
