CNBC analyst Rick Santelli, one of the creators of the Tea Party craze, was not thrilled with the September jobs report because jobs created by the Trump administration severely underperformed and hourly wages declined.
“A bit of a disappointment, expecting $90,000 comes in at $29,000, and we see revisions,” Santelli said. “Two-month revision down $60,000, $29,000 will be the lightest since July when it was $21,000.”
Average hourly earnings, now if we take it on a month-over-month basis, this is a big miss, big, big miss.
We’re expecting up three-tenths.
Our last look was up three-tenths.
This comes in up one-tenth, and up one-tenth would actually be the lightest of the year at equal decline of last year.
Find a smaller number, you’re back in April of last year.
The Fed actually likes bad job creation so they don’t have to raise rates, but the country and Trump’s ego hate it.
Chipmunk face Hassett loved the report because he finds a way to spin every report to his liking. On Fox News, he would never say the economy wasn’t where they hoped it would be.
A thriving economy does not underperform in job creation by 60k jobs in a month.
Every once in a while, a monthly report will have some good data, and Trump and Bessent will act like that one report has solved all their problems.
It’s horrible that the Fed is rooting for unemployment and bad job growth.
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