‘Wow! That’s a Biggie!’ CNBC’s Rick Santelli’ Stunned by New Jobs Report Live in Real Time
CNBC host Rick Santelli dramatically exclaimed “Wow! That’s a biggie!” as he read the results of the October jobs report live on the air, as he learned them.
Seconds before the October jobs report was released, Santelli told viewers what his expectations were, predicting 494,000 jobs added for the month.
But then, the actual numbers came in, as Santelli read them off.
“I see the unemployment rate stuck, or excuse me, I’m seeing it come out in different…” Santelli began, then exclaimed Five hundred and thirty-one thousand, there we go, five hundred and thirty-one thousand on non-farm payrolls; private payrolls, six hundred and four thousand! Wow! That’s a biggie!”
He also gushed “In manufacturing, double expectations! Up 16,000.”
The positive jobs news did not stop there, as the Bureau of Labor Statistics also revised jobs numbers for August and September, and with those revisions of +235,000 jobs, the October jobs report reflects over three-quarters of a million new jobs.
According to BLS, job growth was spread across many sectors — but declined in public education:
Total nonfarm payroll employment rose by 531,000 in October. Thus far this year, monthly job growth has averaged 582,000. Nonfarm employment has increased by 18.2 million since a recent trough in April 2020 but is down by 4.2 million, or 2.8 percent, from its pre-pandemic level in February 2020. Job growth was widespread in October, with notable job gains occurring in leisure and hospitality, in professional and business services, in manufacturing, and in transportation and warehousing. Employment in public education declined over the month. (See table B-1. See the box note on page 5 for more information about how the establishment survey and its measures were affected by the coronavirus pandemic.)
Employment in leisure and hospitality increased by 164,000 in October and has risen by 2.4 million thus far in 2021. Over the month, employment rose by 119,000 in food services and drinking places and by 23,000 in accommodation. Employment in leisure and hospitality is down by 1.4 million, or 8.2 percent, since February 2020.
But as Santelli noted later in the segment, the labor force participation rate remained unchanged at 61.6 percent “and has remained within
a narrow range of 61.4 percent to 61.7 percent since June 2020. The participation rate is 1.7 percentage points lower than in February 2020.”
Watch above via CNBC.
