‘It is a WHOPPER!’ CNBC’s Rick Santelli Stunned By July Jobs Report – That More Than Doubled Expectations

 

CNBC anchor Rick Santelli gushed over a July jobs report that more than doubled expectations, exclaiming “It is a WHOPPER!”

Economists predicted that the economy would gain 250,00 jobs in the July survey, but at 8:30 on Friday morning, the actual report blew past that figure by more than twice that number, stunning Santelli.

“And here we are waiting for the big July jobs numbers. And it is a whopper!” Santelli exclaimed. “528,000! 528,000, basically double the expectations! And 528,000 is the best number since February when we were over 700,000, revisions to the last two months are 28,000.”

Santelli went on to run down more detailed numbers, including an unemployment rate that ticked down to 3.5 percent. From BLS:

Total nonfarm payroll employment rose by 528,000 in July, and the unemployment rate edged down to 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Both total nonfarm employment and the unemployment rate have returned to their February 2020 pre-pandemic levels.

Among the major worker groups, the unemployment rates for adult women (3.1 percent) and Whites (3.1 percent) declined in July. The jobless rates for adult men (3.2 percent), teenagers (11.5 percent), Blacks (6.0 percent), Asians (2.6 percent), and Hispanics (3.9 percent) showed little change over the month. (See tables A-1, A-2, and A-3.)

Among the unemployed, the number of permanent job losers, at 1.2 million in July, continued to trend down over the month and is 129,000 lower than in February 2020. The number of persons on temporary layoff, at 791,000 in July, changed little from the prior month and has essentially returned to its pre-pandemic level. (See table A-11.)

The number of long-term unemployed (those jobless for 27 weeks or more) decreased by 269,000 in July to 1.1 million. This measure has returned to its February 2020 level. The long-term unemployed accounted for 18.9 percent of the total unemployed in July. (See table A-12.)

The labor force participation rate, at 62.1 percent, and the employment-population ratio, at 60.0 percent, were little changed over the month. Both measures remain below their February 2020 values (63.4 percent and 61.2 percent, respectively). (See table A-1.)

The news is not all good, as many analysts see the hot labor market as an indicator that inflation will continue to be a problem.

Watch above via CNBC.

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