‘WOW!’ Fox Business Stunned By July Jobs Report Showing Over a Million Jobs Added
Fox Business host Maria Bartiromo couldn’t contain an exclamation as news of the July jobs report broke, and showed nearly a million jobs added — more than a million if you include upward revisions from May and June.
On Friday morning, Bartiromo remarked, seconds before the jobs report broke, that “The markets are flat going into the jobs report, this is the July job support, we’re expecting 870,000 jobs added to the economy.”
She then tossed to Edward Lawrence, who reported “The unemployment rate rose 943,000 in July. The unemployment rate then declined to 5.4% in July, so a big beat on those numbers.”
Lawrence misspoke, 943,000 was the number of jobs added in July.
He then went on to break down some of the details, noting that this data does not even include the effect of 19 states ending extra unemployment benefits.
“Wow, big beat!” Bartiromo exclaimed, and added “Private sector payroll 703,000, you’ve got a number that is certainly boosting markets right here, Dow Industrial is spiking on this report. Up 72 points. The S&P 500 up six and a quarter.”
The report also showed revisions from May and June that push the total number of jobs gained near 1.1 million:
The change in total nonfarm payroll employment for May was revised up by 31,000, from +583,000 to +614,000, and the change for June was revised up by 88,000, from +850,000 to +938,000. With these revisions, employment in May and June combined is 119,000 higher than previously reported.
The July report follows a June number that also beat expectations, but which saw the unemployment rate tick up.
Watch above via Fox Business.