June Employment Report Surprises with Strong Job Growth

CNBC host Rick Santelli praised the recent employment report, highlighting that June saw an unexpected increase in jobs, deeming it “a pretty good number.” According to the Bureau of Labor Statistics, 147,000 jobs were added in June, surpassing economists’ predictions of 106,000. Additionally, Santelli pointed out a revision that added 16,000 jobs to previous totals.

“147,000 jobs. Whether you were anticipating closer to 100,000 or 115,000, it’s a bit better than expected. It’s a solid figure. How does it compare? It’s interesting because unless we adjust, we’re in the same ballpark as April. To find a number this high, you’d have to look back to last year,” he said.

“Now, let’s discuss the unemployment rate, which is also coming in. Excuse me; we’re doing this on the spot, and it’s at 4.1%. That’s about where we were in February. To see a rate of 4% like we did earlier this year feels relevant,” he added.

After looking at more statistics, Santelli suggested that a favorable employment report might influence the Federal Reserve’s choices regarding interest rates. He mentioned that President Trump has been critical of Fed Chair Jerome Powell for not reducing interest rates, which are currently between 4.25% and 4.5%.

“Do you think this will significantly impact decisions in July?” Santelli questioned. “In my opinion, this raises important questions about current economic dynamics. I get where the president is coming from. I can see Powell’s perspective too, but ultimately, it’s a moment to pause and reflect on the economy’s state.”