‘WOW!’ CNBC Anchor Rick Santelli Stunned Over ‘Juicy’ Blockbuster Jobs Report
CNBC anchor Rick Santelli gushed over a March jobs report that he described as the “juiciest” in a long time, and that blew away expectations.
On Friday morning, the Bureau of Labor Statistics released a March jobs report that saw 303,000 jobs added, blowing away expectations:
Total nonfarm payroll employment rose by 303,000 in March, and the unemployment rate changed little at 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, government, and construction.
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The change in total nonfarm payroll employment for January was revised up by 27,000, from +229,000 to +256,000, and the change for February was revised down by 5,000, from +275,000 to +270,000. With these revisions, employment in January and February combined is 22,000 higher than previously reported.
Economists predicted that the economy would gain 212,00 jobs in the March 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:
Yes, the big March jobs, jobs, jobs report hitting the wires. Nonfarm payrolls, a whopping 303,000! That bests most estimate and goes right along with the whisper number, which was higher than the estimates due to the strength in ADP.
303,000. That’s the juiciest number that we’ve had going back to –. 303,000 equals May of 23. Right on the nose can find a higher number. You go back to January of last year.
If we look at the unemployment rate 3.8. Now this is a biggie because last month’s 3.9 was the highest unemployment rate since Jan of 22. So it did moderate just a bit.
If we look at average hourly earnings, which were up one tenth of a percent last month, that was the lowest month over month change since March of 21. Let’s call it three years. First of all, that was revised. Now up 2/10. And the new number is up 3/10 of a percent. Exactly as expected. Year over year 4.1 as expected down from 4.3. Actually when you look at 4.1, you have to go back to, June of 21. June of 21. Excuse me. Yeah. 4.1 June at 21. Find a lower number. That’s a really big deal when you consider, what the average hourly earnings on a year over year basis have been doing. Average workweek 34.4 hours. That’s a 10th higher than we were expecting and a 10th higher in the rearview mirror, which is 34.3. And finally, you six. That’s the underemployment rate. 16 excuse me, 7.3 7.3%.
And labor force participation. Wow! 62.7 62.7. That is a nice jump. We are at 62.5 last month and 62.6 was expected.
So these numbers are definitely stronger than expected.
Watch above via CNBC.
