CNBC host Rick Santelli touted a higher-than-expected figure in the June jobs reports Thursday, saying it was “a pretty good number.”
The Bureau of Labor Statistics reported 147,000 jobs were created in June, beating expectations of 106,000 from economists. Santelli also noted an upward revision of 16,000 jobs from previous reports.
“147,000 jobs. Definitely a bit better than expected, no matter what your range was, whether it was closer to 100 or 115,000, it’s a pretty good number and guess what? If we look at the two-month revision, it’s positive. It’s up 16,000,” Santelli told “Squawk Box” guest co-host Michelle Lee. “How does 147 stack up? Well, it’s pretty odd, because it’s exactly where we were in April, unless they revised that. To find a higher number than that, well, you’re going back to last year. So this is tied for the, you know, second best, tied for the first best number of job creation of the year.”
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“Now let’s look at the numbers for unemployment rate. That number is coming in at, well, it’s coming in, and… where is it to underemployment? And… there it is, 4.1%,” Santelli continued. “Sorry, folks, we do this on the fly, 4.1%, and obviously 4.1 equals where we were in February. To find a lower unemployment rate, the beginning of the year, when it was at 4%. Now, if we look at average hourly earnings up 2/10, we’re looking for up 3/10. In the rear-view mirror, it’s up 4/10. Up 2/10 equals where we were in April.”
After going through additional job numbers, Santelli noted that the positive jobs report could potentially impact the Federal Reserve’s decision on interest rates. President Donald Trump has criticized Fed Chairman Jerome Powell for not lowering the rates, which are currently at a range of 4.25% to 4.5%.
“Would I think that this is going to make a big difference, put July hot?” Santelli said. “I think what this does is make everyone question the dynamics of what issues are going on in the economy that would need an ease. I understand the president’s view, I understand Jay Powell’s view, but in the end, in the end, it certainly seems as though it’s just about right now, considering what’s going on.”
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