CNBC’s Rick Santelli took a shot at the media’s economic panic after the latest jobs and GDP report on Thursday turned out to be a very positive one.
Santelli, on Thursday morning, joined Squawk Box to report the numbers as they were coming in. After the latest round of revisions, the jobs data left him feeling optimistic. Santelli continued:
Initial jobless claims have been awfully well behaved. Nothing changes there, [Andrew Ross Sorkin] — 229,000 from a slightly modified 235,000 that turns into 234,000. Now we subtract 5,000, end up at 229,000. Two hundred and twenty-nine thousand, once again, just dovetails right in. I think the most important issue is we have 250,000 right on the nose on the first week in June. You have to go to October of last year to find a number above 250,000, so it’s hard for me to get worried about this; and if this is considered the best real-time evaluation of the labor market, there’s no issues that it’s sending. It’s not sending any smoke signals.
At the end of his report, Santelli noted how the drama surrounding President Donald Trump’s feud with the Federal Reserve — despite all the media attention — has had little impact on the economy itself.
“We want to continue to monitor the stories about the Fed, the stories about [Federal Reserve Governor Lisa
Santelli’s reporting was later reposted by the Trump administration on social media as a boast.
Watch above via CNBC