Rick Santelli Inspires Groans After Predicting 7.9% Unemployment By Election
After a mixed August jobs report on Friday morning with less than 100,000 new jobs being reported but a drop in the labor force leading to a reduction in the unemployment rate from 8.3 to 8.1 percent, CNBC analyst Rick Santelli sounded a note of incredulity about the numbers which appeared to frustrate his colleagues.
Santelli said that the phenomenon of government intervention in the markets had changed how the markets react to the monthly jobs reports. “If the number is good, they are going to rally. If the number is bad, they are going to rally,” said Santelli.
“I want to make a prediction for the Friday before the election number right now,” Santelli said. “7.9 on unemployment rate.”
Santelli’s colleagues erupted with a chorus of groans and incredulous remarks.
“Oh, come on,” said Andrew Ross Sorkin. “That’s such a ridiculous silliness.”
Some charged that he was leveling a conspiratorial charge. “I didn’t give a reason,” Santelli replied. “Don’t put words in my mouth.”
Watch the clip below via CNBC:
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