June Employment Report Surprises with Strong Job Growth
On Thursday, CNBC host Rick Santelli highlighted a better-than-expected job report for June, calling it “a pretty good number.” The Bureau of Labor Statistics revealed that 147,000 jobs were created in June, surpassing the economists’ expectations of 106,000. Additionally, a revision showed an increase of 16,000 jobs from previous data.
“With 147,000 jobs added, regardless of whether your expectations were around 100,000 or 115,000, it’s a bit more positive than anticipated, it’s quite a solid figure. What do you think? If we take a look at the two-month revision, it’s encouraging. Yet, 147 isn’t that impressive—it brings us back to levels seen in April. To find a higher total, you’d have to look back to last year,” Santelli explained.
He then shifted focus to unemployment rates, stating, “Let’s talk about the unemployment rates. It’s coming in at 4.1%. Just to clarify, that matches the February figures. To find a 4% rate, you would have to go back to the start of the year.”
As he analyzed further, Santelli suggested that this positive employment report could influence the Federal Reserve’s decisions regarding interest rates. President Donald Trump had expressed criticism towards Federal Reserve Chair Jerome Powell for maintaining rates in the current range of 4.25% to 4.5%.
“Do you think this will create a significant impact? Are we looking at a ‘hot’ July?” he asked. “I think this raises questions about the current economic dynamics. While I get where both the President and Powell are coming from, it feels like a critical moment to consider the state of the economy.”
