Friday, February 4, 2011

Rick Santelli Slams CNBC Panelists for Their Spin on Job Non-Numbers

During Squawk Box at CNBC this morning...

CNBC's parent company, NBC Universal, by the way, is now 51% owned by Comcast while 49% is still owned by GE. GE's CEO is now Obama's Job Czar.

Care to know the job number?

Unemployment rate (U3): 9%

No. of jobs created in January: 36,000

Remember, the consensus was 146,000 jobs, with some so-called economists saying the number might be much higher.

The spin is full-on, and not just at CNBC. The AP's article says:

It conflicts with a business payroll survey last month that showed relatively weak job growth. But that survey doesn't count the self-employed and likely undercounts the nation's smallest businesses. Also, harsh weather disrupted business payrolls in January.

RRRIIIGGGTTT. It's just weather.

By the way, the more frigid Canada created 69,200 jobs in January, 4 times as many as forecasts, while their unemployment rose because more people started looking.

Which would we rather have? Clearly CNBC panelists have us believe a lower unemployment number is good for us.

But as I said, it doesn't matter to the permanently levitating stock market. Dow's up, so is Nasdaq and S&P500. Not by much, but who cares?


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