The liberal leaning CNBC has two guys who buck their philosophy. Joe Kernan and Rick Santelli don’t let the others on the Squawk Box team get away with spin when the monthly jobs numbers come out.
This morning the BLS said the unemployment rate had gone up to 7.9% with 171,000 jobs added. The 7.9 was expected; the 171K beat the 125K they predicted. Of course, we don’t know how many of those are part time jobs. Last month three quarters of them were. So it’s not helpful if you don’t include that information.
Nevermind, some of the panelists started saying how good a report this was. Santelli said, “The current administration really ought to celebrate today. Because of outside of revisions coming in today, from the entire term of this administration from February ’09 til today, they came in on the establishment survey down 61,000. Believe me, I added it up four times…the establishment survey without the revisions we are now up. Net job creation is in positive territory the Friday before Tuesday without the revisions, you go to the Bureau of Labor Statistics, you add up February ’09 through last month you get minus 61,000.”
Here’s the video: