What does December's jobs report mean for pace of hiring?
Matt McCall breaks down the latest report from the Labor Department
- Duration 6:52
- Date Jan 4, 2013
Matt McCall breaks down the latest report from the Labor Department
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-- It's Friday job's Friday -- -- sitting in -- thanks for joining us on this holiday -- -- but.
Very busy week.
Quick update on Wall Street for you.
Big gains for the week were completely flat today because the jobs report was completely flat look at and -- -- that calls sitting right next to me.
But for the week I mean the broader markets of 4% so stellar week best one so far I don't managing -- in thirteen months Matt McCall.
To -- left the president at ten financial group is here.
To break down all of these jobs -- -- happy new year.
And I feel -- we -- probably just just played a tape from a year ago disgusting you know a jobs report from like march of 2011.
And it might have been sent.
It's pretty much in my movie scene I mean over the last two years we've -- -- gain of 153000.
Jobs per month for running a sample what -- -- five so we've really gone nowhere.
The unemployment rate when Obama took office seven -- -- percent the unemployment rate in December some -- -- percent.
So we really have not seen any traction at all if you talk to the left to say things are great we're creating jobs you talked to the right.
Things are terrible are treading water.
And I kinda have to go the right on this taking all political views out of it because.
And when -- at this stage of the economic recovery which we are that stock market so close to the fifth year global market.
We should -- job creation upwards of 300 to 350000.
Which is what you need to bring down the unemployment exactly.
But yeah -- has been coming down from the -- from about you know above 9% -- it was the reason has come down is because Humana people looking for jobs.
Get that he had given up looking for jobs has increased so they're not -- -- that number anymore so you see you later participation rate stayed steady at 63 point 6%.
That means a lot of people out there are not looking for jobs they've given up their living off the government so.
Realistically you put that them back in the -- people have left since Obama took office it's that close of 11% -- unemployment rate.
The U six which incorporates likely to have given -- looks that he has fourteen point 4% so there's a lot of -- -- throughout there.
These -- try to get crosses.
Didn't salad -- going sideways that you are but realistically.
The jobs markets not getting any better.
What I like about you is that you do my work forming typically economist or someone Smart to be sitting here -- -- I waited a lot of our base and it not only night that it has like.
In real men's terms explained that they said -- you existed that perfectly and essentially Seng is about thirty a third of America is not working and collecting.
We're not even -- beyond that they're there at the point now where yes government assistance they're beyond.
Getting unemployment -- -- now is getting a lot people filed for disability and they're getting you know welfare and other types of government subsidies food stamps -- seen food -- skyrocket.
Obama took office so at some point there taking money in.
-- -- I think that taking money from us people that are working and what that we're put his money we're paying higher taxes as many people out of work so.
It also look at what you think about unemployment I can -- -- every number in the book and talked to neighbors talked to family members -- -- they feel there's still a lot of people out of work they don't feel very confident on the future again.
Market health care costs are going up -- -- the payroll tax is going up because of fiscal cliff Vietnamese people are bringing home less money.
-- as extra and you'll see that starting this weekend your paycheck that you got.
Today or yesterday that what I saw people based on this morning post and got their paycheck for the week seeing how the money's actually coming out or read their paycheck is Latvia and that's that that's important but it's and they have a job -- -- making less.
Which what is so interesting about that now is that late Tuesday night I think it was it was agreed to do that that's on congress -- all right let's.
Not extends that payroll tax cut and it just a couple of days later like they can get that implemented so quickly.
But it's at the months to decide.
Of course it that.
Let's go live vs private sector that is I think you flip -- switch and a computer the government of course that's the debate for the last minute that we come up with some.
It would -- jobs report in the sense of hopefuls and we can see where we had some of the gains in manufacturing and in construction.
The construction on its obvious here super storm -- the rebuilding effort there.
And I also the housing market getting -- -- -- -- so so there is some strength although that sector's been hit pretty hard.
I was also reading the report and -- might have noticed this as well bars they're popular right now they're hired workers.
-- health were drinking a wire -- and we feel good that we -- that top -- -- our but.
I think is trying to lower -- let that if I didn't well bucket for the happen and that's what I think I go out.
But yes I mean.
The consumer is still continue to spend you see that in reits really see that in the bars.
But how long does that last especially now when you bring home if the person -- 50000 dollars a year an average.
Because it is payroll holiday federal tax now bring home I think less that -- eight hundreds of dollars less per year that's sound like a lot but you know what.
And that little bit heard Kate -- paycheck may be you know less retail spending less going -- that -- grab as house health outcome yet it did this.
This report as much as I wanna be positive on a Friday -- for holiday going right weekend.
It doesn't really do much for.
I know -- it.
So for all of 2000 an 111 point four million jobs were created and one point eight.
-- -- one point eight million were created for 2012.
And it insists.
It's still annoying and frustrating that two years back to back to all of this stimulus.
To help the economy have the exact same number it's knowing where you need to -- Making great point because when you brought the stimulus I think we create one point eight million jobs that's good that's means -- three point six million more people working in the last two years -- that that's fantastic.
But how much of the government's bend to create those jobs I don't know that -- -- -- -- -- numbers way to spur job how much per job and -- to figured out.
That the government spent for that and I I have to believe it's gotta be probably six figures.
And the ever -- of these three point six people working is not in the six figures by any means so.
The government should not be in the business of creating jobs they should be in the business that creating an environment where which highlighted sector feels comfortable creating you know I don't -- small business I know -- -- -- -- -- out there it's very difficult right now to create your own business because of regulations taxes health care unknowns.
-- -- we do have a small business of let's say forty people you're gonna it's gonna -- -- 100 employees.
If you get the fifteen now know next Syria could be -- your mandated that it do obamacare so.
Well I think there's no stop outlining our show we and that kinda mechanical I think he's real nice and happy Friday has been here for coming on I.
We'll pull up on the screen and as I do that I'm gonna bring Anna Chapman -- and anyone listening.
He say we got the employment and unemployment numbers now what about the number of people that were removed from or added to the welfare -- food stamps.
And something else I wonder why we don't get them strange.
Thank you for writing in.