>> GOOD NUMBER BETTER THAN
EXPECTED BLAKE THANK YOU SO
MUCH DAGEN NAILED IT WITH THE
WAGE COMMENT GET TO STUART
VARNEY INITIAL REACTION GOOD
MORNING TO YOU.
>> GOOD MORNING, MARIA.
NOT QUITE A BLOWOUT, BUT A
VERY STRONG REPORT ON ALL
FRONTS, 250,000 NEW JOBS THAT
IS VERY STRONG.
WAGES RISING 3.1% OVER THE
PAST 12 MONTHS VERY STRONG
INDEED, I AM NOT SURE WHETHER
THAT IS HIGHEST IN 8 YEARS
NINE YEARS TWO YEARS OR
WHATEVER BUT THAT IS A VERY
STRONG GAIN.
AND THE U6 COMING IN 7.4% JUST
STRIKES ME THAT THIS IS A
COMPLETELY DIFFERENT
EMPLOYMENT PICTURE THAN WHAT
WE SAW SAY TWO YEARS AGO THIS
IS COMPLETELY SHIFTED, 250,000
ENSU
NEW JOBS LAST-MONTH AVERAGE
210,000 THIS YEAR A STRONG
REPORT, A STRONG ECONOMY, IT
IS FULL EMPLOYMENT CASE
CLOSED!
>> YOU ARE RIGHT STUART GREAT
ANALYSIS I KNOW YOU HAVE MORE
SEE YOU 30 MINUTES' TIME TOP
OF THE HOUR WITH "VARNEY &
COMPANY" AND YOUR FANTASTIC
GUESTS COMING UP STUART VARNEY
JOIN IN 30 MINUTES TO LISA
ERICKSON, AGENCY LISA YOU ARE
AN I ECONOMIST YOU ARE LOOKING
AT NUMBERS, TELL US WHAT IT
SEES WHAT YOU SEE IN TERMS OF
WHAT HAVE IT MEANS FOR THE
FUTURE.
>> WELL, WE REALLY DO SEE THIS
AS A VERY GOOD NEWS REPORT, AS
STU WAS DISCUSSING.
WE'VE GOT A REALLY SOLID
NUMBER ACROSS THE BOARD
250,000 VERY GREAT ABSOLUTE
NUMBER DEFINITELY AHEAD OF
CONSENSUS EXPECTATIONS ON WAGE
GAIN SIDE YOU'VE GOT A NICE
INCREASE FOR AMERICAN WORKERS
AT 3.1%, WHAT I WOULD SAY THIS
SHOULD BE VERY REASSURING FOR
STOCK MARKET OBVIOUSLY A LOT
OF CONCERNS WHETHER WE CAN
CONTINUE THAT GROWTH STORY AS
WE HAVE BEEN LOOKING AT IT
MAINTAINED OUR COMPETENCE IN
CAUTIOUSLY OPTIMISTIC OUTLOOK
I THINK THIS BOLSTERS THAT,
LONGER TERM HOWEVER I THINK
THE THING WE WANT TO THINK
ABOUT WHETHER THAT DOES R
REINFOR THESE THE END OF THE
FED TO BECOME MORE HAWKIC AS
LONG AS TIGHTS NUMBERS IN
LABOR MARKET YOU WANT TO
CONTINUE ON RISING RATE PATH
THE OTHER PROBLEM POTENTIALLY
PRESENTS IS THE FACT THAT IT
COULD ACTUALLY WIDEN THE
DIVERGENCE WITH ECONOMIES OVER
CEASE AS RATES GO UP DO
ALREADY GOES UP CAN PUT
PRESSURE ON THOSE OVERSEAS
DOLLAR BORROWERS.
>> A GOOD POINT I'VE GOT TO
GET YOUR OPINION ON THIS DAGEN
YOU NAILED WANINGS.
>> STUART IS GONE BUT STUART
IS WRONG, STU THIS IS A
BLOWOUT REPORT, CHARLES MADE A
FACE WHEN STUART SAID THAT
QUITE FRANKLY, I DON'T MEAN TO
THROW YOU FLOOR THE BUS --
>> 250,000 JOBS IS A BLOWOUT A
WAGES GROWING IN THIS COUNTRY
NORTH OF 3% THAT IS SOMETHING
THAT WE HAVEN'T SEEN SINCE THE
EARLY TERM FIRST TERM OF
BARACK OBAMA PRESIDENT OBAMA,
APRIL 2009 THAT IS BLOWOUT THE
FACT THAT YOU NOW HAVE THE
THREE-MONTH AVERAGE JOB GROWTH
OUTPACING THE AVERAGE FOR THE
LAST YEAR, SHOWS AN ECONOMY TO
QUOTE JAMES FREEMAN AT A
HIGHER GROWTH PLAN A HIGHER
GROWTH PLATEAU THIS IS
AWESOME.
>> GIVEN HOW DIFFICULT IT HAS
BEEN FOR FIRMS TO FIND NEW
WORKERS, 250 KNE
WORKERS, 2 5 KNE
WORKERS, 2 5
WORKERS, 250 KNEW JOBS BIGGEST
REPS MAKE CLOSING ARGUMENT
PRESIDENT DELIVERED TO THIS
POINT WHAT HE PROMISED THE
MANUFACTURING RIVALRY ECONOMIC
ARRIVAL PROMISED IN 2016 IS
WELL UNDER WAY 32,000 JOBS
ADDED IN MANUFACTURING, 30,000
IN CONSTRUCTION, A LOT OF GOOD
NEWS IN THIS REPORT.
MARIA: LET'S GO BRING US BACK
DOWN TO EARTH, STEPHANIE LOOK
AT 30-YEAR YIELD RIGHT NOW
3.4% LOOK AT 10 YEAR, AT 3.1%
WITH A DOES THIS MEAN FOR
FEDERAL RESERVE.
>> LISA'S POINT WELL-TAKEN IF
ANYTHING, THIS KEEPS POWELL ON
HIS TRACK OR MAYBE MORE
AGGRESSIVE, AND WE HAVE THIS
ON JANUARY 1, WHERE KIWI --
BASICALLY GLOBAL WE HAVE HAD
EXPANDING CENTRAL BANK
LIQUIDITY THROUGHOUT THIS YEAR
EVEN AS FED HAS BEEN
TITLEENING ITS BALANCE SHEET
THAT ENDS NEXT YEAR, ALONGSIDE
THE TAX CUT EFFECT, AND MOST
IMPORTANTLY "THE WALL STREET
JOURNAL" HAS AN ARTICLE ON
THIS TODAY CORPORATE INTEREST
EXPENSE GOING TO START TO MOVE
UP SHARPLY THEY HAVE ALMOST A
BILLION SORRY ALMOST A
TRILLION DOLLARS IN DEBT 780
BILLION IN DEBT ROLLS NEXT
YEAR AT HIGHER INTEREST RATES
A REAL HEADWIND OF PROFIT,
PROFITS ARE THE NUMBER ONE
INPUT INTO EMPLOYMENT GROWTH A
GREAT REPORT NO QUESTION ABOUT
IT.
BUT IS THIS AS GOOD AS IT GETS
PAST THE OLD MILWAUKEE YOU
KNOW GUY THAT SAYS THIS IS --
>> STHANT WHAT JOHN WROTE IN
THE JOURNAL WHAT THIS IS AS
GOOD AS IT GETS, WEIGH IN
HERE?
>> YOU KNOW, THIS REPORT IS
SOLID FROM THE BEGINNING TO
END.
IT IS JUST GREAT NEWS ACROSS
THE LABOR MARKET THE THIEJ I
WOULD POINT TO THAT ESPECIALLY
ENCOURAGING IN HERE IS THAT
THE LABOR FORCE PARTICIPATION
RATE PICKED UP WHAT THAT
SUGGESTS IS THAT WE ARE
GETTING WORKERS COMING IN FROM
SIDELINES BECAUSE WAGES ARE
PICKING UP, AND SO MANY JOB
OPPORTUNITIES, OUT THERE, AND
I WROTE A STORY EARLIER THIS
WEEK SAYING THAT, YOU KNOW,
THE PRIVATE SECTOR IS
EXPECTING THE SLOWDOWN, YOU
DON'T SEE IT IN THESE NUMBERS
IT IS A VERY GOOD REPORT.
MARIA: CHARLES, WHAT JON JUST
SAID 3. % UNEMPLOYMENT RATE
49-YEAR LOW, HAS AS NEW
PREMIUM COMING IN SHOWS
CONFIDENCE IN JOBLTH MARKET
CONFIDENCE IN THE ECONOMY.
>> THIS IS AN AMAZING NUMBER
WE COULD TALK ABOUT IT TWO
WAYS, MAIN STREET AND WALL
STREET FOR P MAIN STREET POINT
OF VIEW THIS IS AMAZING,
PARTICIPATION UP WAGES UP,
GOODPRODUCING JOBS
MANUFACTURING WE SAID WOULD
NEVER COME BACK TO THIS
COUNTRY KEEPS BLOWING THEM
AWAY COMPOSITION OF THIS 2000
RETAIL JOBS ENGINE INSTEAD
PEOPLE ARE GETTING JOBS IN
TRANSPORTATION WAREHOUSES
AMAZON PLACES CREATING --
>> THEY PAY MORE THAN RETAIL A
COMPOSITION SOME SAY ABOUT THE
SAME NUMBERS PRESIDENT OBAMA
HAD LAST YEAR NUMBERS THE SAME
THE COMPOSITION CHANGE TO GO
HIGHER PAYING JOBS I THINK
IMPORTANT ALSO.
>> KEVIN KELLEY I AM COMING TO
YOU IN A SECOND WITH ANALYSIS
MARKET HAS GIVEN UP GAINS I
WANT YOUR TAKE BEING WHY
LOSING STEAM JOANIE COURTNEY
WHERE ARE JOBS RIGHT NOW FOR
PEOPLE WANT TO GET IN JOBS
MARKET WHERE SHOULD THEY BE
LOOKING.
>> MARIA SUCH A STRONG JOBS
MARKET YOU KNOW 7.1 MILLION
OPENINGS ACROSS THE UNITED
STATES, AND THEY ARE BOTH IN
BLUE COLLAR AND WHITE COLLAR
OPPORTUNITIES.
SO YOU'VE GOT ENGINEERING,
ACCOUNTING FINANCE HEALTH CARE
VERY STRONG, BUT WE ALSO HAVE
MANUFACTURING LOGISTICS
CONSTRUCTION.
THERE ARE SO MANY
OPPORTUNITIES, IN THE MARKET P
37 THE BEST PART ABOUT THIS
REPORT TO ME DEFINITELY THE
LABOR PARTICIPATION RATE
SEEING MORE PEOPLE COME BACK
INTO THE JOB MARKET BECAUSE
WAGES ARE MOVING, AND THERE
ARE OPPORTUNITIES, OVERALL I I