TRYING TO GET OUT AHEAD OF WHAT
MAY BE A WEEK REPORT.
ROLL TAPE.
>> OMICRON WAS SO HIGHLY
TRANSMISSIBLE NEARLY 9 MILLION
PEOPLE CALLED OUT SICK IN
JANUARY WHEN THE JOBS DATA WAS
BEING COLLECTED TO THE SAME
PERIOD OF TIME THE WEEK THE
SURVEY WAS TAKEN WE WANT TO
PREPARE PEOPLE TO UNDERSTAND HOW
THE DATA IS TAKEN WHAT THEY ARE
LOOKING AT AND WHAT’S AN
ASSESSMENT OF AND AS A RESULT
THE MONTH JOB REPORT MAY SHOW
JOB LOSSES BECAUSE WORKERS WERE
OUT SICK FROM OMICRON AT THE
POINT WHEN IT WAS PEEKING DURING
THE PERIOD WHERE THE DATA WAS
TAKEN.
STUART: , THEN LARRY KUDLOW
LET’S SEE WHAT HE MAKES OF THIS.
A VERY WEAK JOBS REPORT BECAUSE
OF OMICRON, WHAT DO YOU MAKE OF
THAT?
>> I THINK THERE IS SOME TRUTH
TO IT.
THE PEAK WAS IN THE MIDDLE OF
THE MONTH AND THAT’S WHEN THE
SURVEY IS BEING TAKEN.
I THINK THE WAY THAT WORKS
TECHNICALLY IF YOU’RE AN HOURLY
WORKER AND YOU’RE OFF AND YOU
DID NOT COLLECT A PAYCHECK THEN
YOU’LL BE OUT OF THE LABOR FORCE
FOR JANUARY.
IF YOU ARE A SALARIED WORKER, IT
WILL NOT AFFECT YOU BECAUSE YOU
WILL KEEP ON GETTING PAID.
SO THERE’S THAT SOME OF THIS IS
SELF-INFLICTED WOUND BECAUSE ALL
OF THE OMICRON MANDATES AND THE
VACCINATION MANDATES WHICH FORCE
PEOPLE, IF YOU TESTED POSITIVE
EVEN THOUGH ASYMPTOMATIC IT
FORCES THEM OFF THE JOB.
A LOT OF PEOPLE LEFT THE JOB
BECAUSE HE DIDN’T WANT TO GET
VACCINATED.
THE MATTER HAD NATURAL IMMUNITY.
STUART: CAN YOU SAY THE VAX
MANDATE AND OMICRON SURGE HAVE
COMBINED TO SLOW THE ECONOMY?
>> I WOULD SAY THAT.
I THINK THERE IS SOMETHING MORE
FUNDAMENTAL BUT I WOULD SAY
THAT.
I THINK THE OMICRON AND THE
VACCINATION PROBLEM IN THE
PEOPLE LEAVING WORK PROBLEM IS
GOING TO SIMMER DOWN I DON’T
THINK IT WILL BE REPEATED IN
FEBRUARY, MARCH AND APRIL AND
DAY.
THERE’S PROBABLY A BIGGER FACTOR AND THAT IS THE 7% INFLATION
AND THAT IS THE 7% INFLATION
RATE THAT IS CUT BADLY INTO REAL
WORKER INCOMES WHICH YOU BEEN
GOING DOWN FOR MONTHS AND MONTHS
WE SAW THIS ON THE GDP REPORT
AND THE PERSONAL INCOME REPORT,
THEY MAY DIP IN THE SAVINGS BUT
SAVINGS ARE AS FLUSH AS THEY
USED TO BE.
ATLANTA FED GDP IS LOOKING FOR
0.1% GROWTH IN THE FIRST
QUARTER.
IN THE FOURTH QUARTER IT LOOKS
LIKE A STRONGER NUMBER BECAUSE
IT WAS 6% BUT ACTUALLY FIVE
PERCENTAGE POINTS WAS AN
INVENTORY BILL.
YOU HAVE SLOW CONSUMER SPENDING,
HIGH INFLATION, DECLINING REAL WAGES, REAL DISPOSABLE INCOME
WAGES, REAL DISPOSABLE INCOME
AFTER TAX AND INFLATION INCOME
AS BEEN FALLING FOR SEVERAL
MONTHS.
INFLATION IS THE BIGGEST SCARE
AND THE FED HASN’T TAKEN AWAY
THE PUNCH BOWL, THAT IS, NOT YET
BUT YOU’RE GONNA SEE A LOUSY
ECONOMY IN 2023 AND 24 BECAUSE
OF THAT.
STUART: YOUR SHOW IS DOING
REMARKABLY WELL AT 4:00 O’CLOCK
EASTERN TIME IN THE AFTERNOON,
YOU KNOW THAT.
>> I APPRECIATE IT IS A GREAT
WONDERFUL BLESSING WE HAVE A
GREAT TEAM AND I’M GRATEFUL FOR
THE PEOPLE WHO ARE WATCHING AND IT HAS BEEN, THE WHOLE FOX THING
IT HAS BEEN, THE WHOLE FOX THING
HAS BEEN A NEW LEASE ON LIFE I
LOVE THE SHOW AND I LOVE OUR
TEAM.
SAVE AMERICA, KILL THE BILL.
STUART: I JUST WANTED TO
CONGRATULATE YOU, THE SHOW IS
DOING EXTREMELY WELL YOU ARE
CHALLENGING ME I DON’T LIKE
THAT.
BUT I’LL GIVE YOU GOOD PROMO,