‘Wow!… Wow!’ CNBC Anchor Double-Stunned by Plunging Trump Jobs Report

CNBC anchor Rick Santelli exclaimed twice over a February jobs report that showed unexpected losses and a sharp drop in the workforce — each of which elicited a stunned “Wow!”

Experts were expecting an increase of around 50,000 jobs ahead of the Employment Situation report for last month.

On Friday morning, the Bureau of Labor Statistics released a February jobs report that saw 92,000 jobs lost and 69,000 more in downward revisions:

Total nonfarm payroll employment edged down by 92,000 in February, and the unemployment rate changed little at 4.4 percent, the U.S. Bureau of Labor Statistics reported today. Employment in health care decreased, reflecting strike activity. Employment in information and federal government continued to trend down.

…

The change in total nonfarm payroll employment for December was revised down by 65,000, from +48,000 to -17,000, and the change for January was revised down by 4,000, from +130,000 to +126,000. With these revisions, employment in December and January combined is 69,000 lower than previously reported.

On Friday’s edition of CNBC’s Squawk Box, Santelli broke the news with intermittent dismay:

CNBC ANCHOR RICK SANTELLI: Yes, here we go! This is the big Feb job job jobs report!

Non-farm payrolls minus 92,000! Minus 92,000.

That is a biggie! Minus 92,000 last month 130k downgraded to 126,000 Well, what would that comp to? Minus? Oof! Wow! 185 in December of 2020. There’s where our comp is.

Now, that means we have a revision over two months now of minus 69,000.

…

The unemployment rate moves up one tick to 4.4%. We’re expecting it to remain at 4.3. 4. 4 equals where we ended up last year to find a higher number you’re going to November. So Dec was 4.4, November 25 was 4 .5.

If we look at labor force participation? Wow! A big drop! 62.0.

We were expecting 62.5, 62.0 would be the weakest and I have to really go back on this. 62.0 would equal Dec of 21 to find a smaller number.

Watch above via CNBC’s Squawk Box.

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