good friday morning so much for joining us up hope you are having a good morning. i am maria bartiromo friday,

february 2, 8:00 a.m. east coast breaking news in from the president donald j. trump told me he will not repoint jay powell as fed chairman should he return to white house right here i began this clip with asking president trump about his meeting with teamsters young this week. >> mr. president you met with teamsters young what did you hear from team cities are union why did uaw decide to support president biden nie never spoke to you. aw they are a hopeless case led their industry right into -- the poor house. and now they've finished it off, because, if you if biden gets elected, you won't have an auto worker working in united states everything is going to china and other countries outside, this being electricity car band-aid insane made in china, we have gasoline, oil and gas gasoline, and that is what people want for the most part

a, i will say this. if you want an electric car you should be able to if you donate internal combustion hybrid you should have everything everything for sale, right now they have tens of thousands of electric vehicles for sale nobody wants to apply them. >> main issue for teamsters. >> no, you know what we didn't talk about that you know what we talked about? nobody is coming into our country illegally meaning a very strong border had a strong border millions of people coming with biden, not going to be teamsters. >> they are worried about bus drivered don't flow if they are weird i told them in my opinion worst thing they can do allow biden to become president for many reasons our country won't survive it cannot survive another biden presidency worst president of in history of country.

>> jay powell talking about a soft landing do you believe people see is a soft landing. >> i think he is going to do something to probably help democrats i think if he lowers interest rates. you have to potential of having massive inflation again, because the middle east could drive up the price of energy, energy has so much to do with it. and the middle east, again, bombs dropping all over the place ships starting to get hit, hit hard if that hoops you are going to have tremendous spikes in the price of oil, and if you do that going to inflation not able will to do anything, but looks to me trying to hour interest rates for the sake maybe getting people elected. >> you think preliminary going to -- >> i do i think political, yes. >> biden team can say if things are so bad how come stock market is on a roll. >> because they think i am going to be elected. >> you think the stock market rallying because people think you are going to be elected. >> i do, yeah look iowa new

hampshire stock market going crazy since then long before then when i announced i was running i took lead early then i beat everybody, including ron desantis call him desantis now took the other name back. to economy would you reapoint jay powell. >> no, i wouldn't do that no. >>. maria: because? missed in addition. he did is mr. no, i wouldn't be. maria: choice for fed chairman. >> i would have a couple choices can't tell you now. >> your take on this central bank digital currency you pledged to bank is that surveillance. >> very dangerous one day you don't have money in your account can be very dangerous thing, the other thing that i think, is maybe the most dangerous thing out there, of anything because no real solution, the ai as they call it, it is so scary i saw somebody ripping me off other

day had me making a speech about their product i said i didn't endorse that i am telling you you can't tell difference looks like i am endorsing it you can get into words other things something has to be done, about this and it has to be so done fast, nobody really knows what to do, the technology is so good, so powerful, that what you say in interview almost doesn't matter anymore they can change things around nobody can tell the difference even experts can't tell the difference, this is a tremendous problem, in terms of security. this is a problem, that they better get working on right now. >> a lot of breaking news headlines there, cheryl he is not going to repoint jay powell should he go back to the white house, he is talking the potential for the middle east to spike inflation something i have been mentioning because of red sea. cheryl: the tanker, attacks on ship at some point a sunken

ship be honest here going to see oil market raikt that is when gasoline prices are going to hit americans, right where it literatures in pocketbook inflation story an election year all very dangerous for the current president, also, i am will glad you asked about electric vehicle, because president biden pretty much shoved evs down throats of americans the consumer said no thank you, now you've got all dealers, going into the automakers give hybrids ev mandates a mess else california you covered so many things in that interview seeing the rest on sunday entire sit-down that inflation story, we don't hear "bidenomics" because it is a bit of a mess. maria: a lot of spending what is "bidenomics" billions in borrowing, and trillions in spending probably led to 40-year high inflation. >> i think three things that i

took away from what president trump said there you start off brikdz that your young contract is worthless if the economy is not there to support those jobs, 12,000 people laid off from ups i don't think making teamsters happy pivot to the electric vehicles president trump's point yes, we need to have a blended energy sources but if you are looking at hertz refused 20,000 teslas, lack of command lack of reliability now pivot to what is going on policies passing, the pausing of the exporting liquefied natural gather when we know basically beginning of leverage over to chinese communist party giving leverage to opec drained our strategic petroleum reserve at home not policies passed by a president that has main street in mind these are policies being passed by a president more concerned with the

partisan aims of his party, than with making sure america goes in the direction they want it to go. >> my interview with former president trump fox news live at 10:00 a.m. eastern, join me with 45th president united states joe it has been great having you great analysis we are wearing red today as part of the national heart association wear red for women support the cause at fox awareness card vascular disease, go red for women.org how do you like wearing red. i think we look fabulous a wonderful cause cardio vascular disease a violent killer for women. maria: "mornings with maria" live on fox business right back.

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maria: welcome back.

futures a gain start of trading take a look at market here agency we are wrapping up a busy week fourth quarterios youps 42 nasdaq on fire up 186 right now that is largely due to big tech, meta up 17% trimmed profits of fourth quarter announced first dividend ever 50 cents a share in dividend meta up 17% right now apple weak spot reported first revenue growth first time in a year but also suggested weaker iphone sales first quarter after sales dlnd 13% china fourth quarter also reporting a double beat raising outlook for first quarter apple down 2. % amazon is up better than 7%, joining us right now host of making

money with charles campaign author of "unbreakable investor" charles payne great to see you. >> great to be here thank you. >> big tech? >> my goodness, meta number is -- you know i remember last year early last year when meta stock had come back off lows; right? talking about the maturation of -- of mark zuckerberg, and then sort of thinking you know what spending less, doing what wall street wants not imagining would o i am skeptic whether it comes to metaverse in terms of participating you know it is going to be huge but really is remarkable i mean peef to tip hat to this guy what he has been able to pull off in short period of time is amazing now dividend, can you imagine that. maria: interesting huge quarter the stock moves one day after he embarrassed, maturation of mark zuckerberg,

from if he going to d.c. everyone thought robot, rehere'sed didn't necessarily feel sincere per se but prepared to make comments. >>. cheryl: millions of dollars going to make instagram for kids blew that off got that against him on the other side they spent millions lobbying to not have the kids online safety act -- one of the things marsha blackburn was upset about during hearing. >> congress needs to do something talk about getting tiktok i guarantee tiktok will never go away you know what you can be upset at folks say where else can we make money when it comes to children but lawmakers aren't doing squat every, now and meetings which is a tidesing guys taking lobbying money. maria: i know you don't like the -- everybody on a show,

on, you own big tech. >> new money after outsized move everyone went to again i hate big top of the market, again, i just -- i am worried about macroeconomics geopolitical risks red sea on my mind, you know, yes, long runway with ai we have a long run with ai that is not going to change, even though this year is a little bit crazier krairz jobs numbers 14 years ten-year treasury yield ahead of jobs' report out yield 10-year 3.88% what do you make of this. >> a nail-biter. >> it is. >> my mind like a ball of confusion jay powell's comments, reaction to jay powell comments maybe disengage meant bonds and stocks unnatural to begin with anecdotal stuff leading up to

this, from unit labor costs you know growing at significantly lower rate adp 1, 07,000 to regional fedsing manufacturing numbers to jobless claims anecdotal data said a bad number what workforces me. >> expectations 180,000 nonfarm payrolls added to economy in january moiment rate expected to take liar to 3.8%, zoom announced gos to cut 150 jobs adding to more than 20 companies laying off workers this year, so charles you are right look, this number is expected to show growth in jobs, but look at companies cutting right now. >> that is key even more than cutting lack of hiring, hiring announcements came a record low last month a record low. so now if you start to lose your job no one is going to pick up slack we've seen gap between, job leaves, stayers closed dramatically i will tell you goldman sachs looking for 250,000 today, if it didn't come in he they will

blame it on weather what bothers me we will take this number go with it pull off pom n pom, almost 600,000 floifgs, in 11 months, when real numbers comes out no one talks but, you know, the i would say. >> we do. >> we do, but -- >> we do we do. but other than that like if it wasn't in paper next to objectbituary. >> last number was fake. >> commercial property market raising eyebrows you know the "the wall street journal" reported commercial property losses hit banks u.s. japan switzerland last time we spoke in davos howard lutnick from kanter quits gerald,

schwarzman said we are er largest own of real estate across the world understand weakness in office a major problem does it take banks with it. >> may take down a lot of regional banks the ones have great exposure, here, recently. some banks that are down pinnacle down 8%, valley national, i have account down 14% of course new york community bank down 45% so a lot of regional banks in trouble regional banks index trying to come back getting slammed once again so i am real concerned more about regional banks than larger, money centers. >> i agree with that mark said a good point yesterday federal reserve jay powell, in his press conference removed the line banking system --. >> it wasn't a line it was a paragraph! whole paragraph whole -- didn't replace with anything. maria: of course that day we saw new york -- bank down 40%

or something, but, that is stunning. >> it i go stunning a entire paragraph out like, out forget it, we made a mistake on that one. maria: all hand on deck charles sticking with us appreciate it jan jobs report out 10 minutes' time all-hands-on-deck showing impact on market 7 pm eastern steve scalise will join mean kevin hassett reaction to january jobs' report join me 7 pm also a residented from east palestine ohio to talk about president biden's expected trip a year later you are watching "mornings with maria" live on fox business. stay with us. . . ♪

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you can make money the hard way as a bullfighter or a human cannonball... or save money the easy way, with xfinity mobile. existing customers can get a free line of our most popular unlimited plan for a year! not only will you save hundreds but you'll also be joining millions who have connected to america's most reliable 5g network. sure is a lot safer than becoming a stuntman for money. get a free line of unlimited intro for a year when you buy one unlimited line. plus, get the new samsung galaxy s24 on us. maria: welcome back. take a look at futures a firmen tone rally in nasdaq dow industrials up 32 nasdaq a up 175 this morning we're about six minutes away from jobs numbers for the month of january, economists expecting the -- 180,000 nonfarm payrolls added to economy in january unemployment rate ticking up to 3.8% we will get

those shortly could be market mover zip recruiter julia pollak former trump economic adviser steve moore macromavens president stephanie pomboy, cheryl casone great to see you. thank you for many here kicking off with you your take what you expect from jobs focused on when we get numbers five minutes' time. >> not looking at so much the january jobs number but the benchmark revisions to the payroll data for last year, as we've been talking about every month, there has been a huge gap between household survey and payroll survey maybe that will be rectified with benchmark revisions household survey shows 800,000 fewer jobscide in 2023 than payroll survey, the other thing is payroll tax receipts are down % year-on-year while

payroll employment report shows increase of 2% year-on-year. so numbers don't add up looking at those benchmark revisions as to what january is, this number is so unpredictable every january economy sheds 3.2 million workers, for the bls to estimate, how many jobs actually created in month after seasonal adjustment is kind of a challenge. >> do you still expect the economy to slow do you still expect jobs to start rereflecting that this year. >> i do, hopefully, the shenanigans with payroll with report following we actually get real numbers the broad trend clearly slowing obviously, look at regional ism nfib indicators suggest going to see that continue, to say nothing of the prospect that

we have a double-dip profits recession i anticipate, this yeari obviously will immediately impact, hiring ambulance we did see with challenger survey you know hiring plans absolutely imploding. >> what do you see from your end julia. >> also job gains slow and narrow so i am focused on bread there of job gains which industries causing jobs in america the moment. this clearly is a time where secretary paul does not seem worried about the market almost every won with a front row seat watching closely is a lot more nervous, just to pre-pandemic norms slowed further. >> steve moore what will you be focused on in twoma minutes. >> stephanie nailed it never seen this in last 25 years

where you see is a divergence in terms of how many jobs out there a instruction in the number in the in the survey of people who are -- taking the survey themselves, here is the thing: other big thing happening in employment situation right now we talked about this week after week month after month the biggest employer in the last six months maria has been what? government, government and healthcare, if we get jobs we want to see those jobs in the industries that make things, manufacturing, construction, wholesale mining business services want jobs we should be shrinking government jobs my god where you think a -- why keep spending so much money. >> one area we have seen lots

of job creation healthcare rebecca i know one of your favorite sectors in terms of buying a big field. rebecca: absolutely i want to pick up on stephanie's point i agree numbers don't add up specifically last time such the amount of revisions that we've seen was 2008. so, i almost eerily similar to precursor looking for revision of what happened last month again to put a spin on a you know the fact that we have consistent revisions to the downside average loss 47,000 jobs not a small number. maria: in terms of healthcare? do you like healthcare stocks. rebecca: i like healthcare they have, really a lot of product kind of their a.i. yes. maria: are just about getting numbers, shortly waiting on jobs numbers expecting 180,000 jobs created, in month of

january moiment rate to tick higher 3.8% watching risks looking at production, you got the numbers, right to cheryl. cheryl: 353,000 -- nonfarm jobs i had to seriously -- >> [laughter]. cheryl: unemployment down 3.7%, actual number looking for 3.8%, let me give you he i don't know what to say all right. private sector jobs 317,000, the street looking for 155. government jobs, 36,000 we don't get an estimate on government jobs remember last month it was, 52,000. average hourly earnings, year-over-year, up 4 1/2%. 4 1/2% that is more than what we were expecting looking for 4.1%. and .6%, pntd 6%

month-to-month higher than expected looking for -- early average hourly earnings excuse me came in with jump 46% few things labor force participation rate 62.5%, that is exactly what we had last month. but, again, it is a headline the headline number guys that you got 383 -- >> -- 353,000 jobs thank you, maria i am going to dig into report see where hiring was i have a feeling i know what it is going to say let's give you the actual what government tells us. >> progressively business services gain healthcare, retail trade, social assistance employment decline fell in mining, quarrying oil and gas extraction the breakdown that is the headline numbers guys the market yeah, maria were up going into this now down. maria: dow industrials down

but flaz up 109 right now certainly the dow has reversed course in the face of in i am wondering if it is strength of jobs numbers or also, the wage number here, stephanie your reaction to this report. >> well, i think you are right to key off the wage number this idea fed going to pivot, in march -- seems, insane on its face before we got this number i was struck that in addition to not asking the fed about why, they moved the statement about a sound resilient bank system from their statement no reporter asked the fed if everything is so great atlanta fed forecasting 4.2% gdp this quarter, why on earth is fed contemplating rate cuts at all much less talking about potentially in march i think this wage number amplifies that, 353 headline number underscores the point i made about wild seasonal

adjustments for the month of january. again, when we flip the calendar from december to january, the economy losses 3.2 million jobs, all holiday workers disappear and the ability of the bls to measure with any -- you know -- fine point is will ridiculous i think this number will be revised lower no one will pay attention to that other than -- cheryl: revisions -- for december, revised december, to 333,000 initial number we got for december 216,000, that is revision for month of december that is incredible, it is -- i don't know even know what to say about revisions. maria: , wage number something this market is focused on, but your thoughts. >> it is we go back to that sort of powell pressure olz

when an knows what he sees has access to before ahead of time, obviously, the reason given equity, equity gains up sort of takes fed out of -- >> i think wall street has more confidence than fact may have a strong economy either one i think ideally you want strong economy to be buttress for strong stock market i don't know there is a lot of confidence the street would have rather seen a lower number infused the idea maybe march in play be site what powell said one thing you've got to come through listen. i am always focused on how many people came into the labor force i see the participation hasn't changed going to be into dealsing to through. >> go through details julia what strikes you here. >> looks like labor market slefg not cooling, the jolts

report shows a decline in job options over the year showed a big drop in hiring, a big surprise to market. >> the next question what does fed do about it stephanie. >> well, i i mean again i think that it is insane even contemplating rate cuts in the face of the data, i would point out though, household survey was down again in this number, you know after being down 687,000 in december declined 31,000 you are having a yawning gap may be that is something the fed is focused on why kind of tilting dovish, but, you know,, this report i think really buys hollow through this idea going to pivot anytime soon, to say nothing of you know the math

on inflation cpi numbers will hit low in february, then they start is to skew higher the fed has very narrow window if going to cut before inflation data dart is to act as headwind. maria: steve moore okay what with a treasury yields are doing we've gone from down to up on the 10-year, and talking about a big move access the report. >> this is. maria: nine basis points ten year up in my opinion basis points two-year up 11 1/2 baseize points is a scriptings between payroll up aed household survey if those, talked about almost 400,000 discrepancies between these two that is going on a long time. i don't understand that, don't

understand how you continue to have one report saying a good employment situation and another report saying that it is not a very good one. the other thing that i would add to this, you know, there is no reason right now fed should be lowering rates, if you look at we talk about the economy doing well, the other point is look what is happening to, for example, commodity prices since beginning december up 7, 6, 7% a lead indicator that we have not solved the inflation problem so i think it would be a big mistake right now for the fed to be, um -- to be lowering rates. maria: yeah, look he took it off the table in march me doesn't do it in june going to be all political going to say getting political, of course, what president trump told me in my exclusive interview that he thinks the fed is going to get political cut rates to help joe biden rebecca how do you see this report are.

>> a shock, actually, joint jibe, announced 82,000 job cuts in january where are all jobs coming from obviously, need to look at details they do not compute do not add up i think that ups, 12,000 citi -- massive layoffs, the job report best jobs' report we've seen in six months? what is happening with the bls data what is happening. >> zip recruiter julia you see the number of -- applicants looking for work where are the asks. >> pickup in jock seeker activity labor force grown very, very quickly past year mostly because of women coming into labor force, larger numbers than expected, immigration, immigration has

been very, very strong. >> what do you mean. >> i am looking at visa immigration he will jibl very, very high made up for backlogs in pandemic, streamlining getting rid of backlogs more to immigrants per month than normal. >> cheryl what really striking about you this report? you talked revisions what do you think fed is focused on jay powell talked about this press conference on wednesday, i mean was celebrating jobs data. now we know why, basically the problem when you've got somebody monetary policy employment picture on radar obviously, is the fed, this does not make the case for a rate cut even in june i know we discussed this flip side of that argument that political decision, maybe june is going to happen but if

based on data i don't think he has the argument to cut rates when it comes to june i wills tell you now fed funds futures after this report crossed less of a bet that you are going to get rate cuts between now, and summer, look. the fed has got a dual mandate we understand that at the same time i just don't have i don't believe these numbers i have covered revision after revision every month last year massive revisions they revised march last year in this report guys. you can't you can't figure off data from march of 2023? so, i don't i just don't believe. >> what is interesting. we kind of focus on hourly wage but average weekly hours came down a lot. so, as. >> people working less. >> as a consequence average weekly earnings declined in january from december. that is really amazing a lot of economists that come on the show say well it is okay.

that we have record amounts of credit card debt regarded interest rates because people are working, but you know if you are working fewer hours granted you had a raise but if you work fewer hours in december the average weekly earnings 1178.55, last month 1178 bucks and 16 cents you are taking home a smaller paycheck that is something intrigueing to keep mind on. maria: wage number in this report, was a lot higher. higher wage number you are still take home smaller paycheck than december. >> stephanie what happens next how surprised are you that we have not seen a bigger impact from 11 rate hikes from the federal reserve in terms of slowing this economy down? and, by the way, i think january is usually funky, coming off holidays, in december, managers figuring

out not sure already a big revision next month? >> again, you know the seasonal adjustment factor is huge in this number that is a factor. the other thing they do with payroll number that is different from the household number they have, an attempt to figure out how many net new businesses were created not captured in payroll survey generally source of monkey business put it that way splienz difference between household and payroll i think the broader question is, you know what is fed do with this number? obviously, you know they can't dismiss stronger payrolls we are suspicious about kwament of i have the as to your question about the impact of interest rates why they haven't seen -- been felt i argue they have been felt margins have been blissfully

ignoring it in part because of numbers like this morning corporate bankruptcies high net 2023 since financial crises other than covid, default rate moving up corporate credit downgrades largest since financial crisis i think what happened that the credit markets the absorbed that on hope getting a pivot, and, therefore, the increase in rates would purely be a temporary inconvenience, resolved all you have to do get from here to there, and if that gets challenged by a delayed pivot, things could get really ugly. enormous amount of debt, enormous amount of debt this year. >> exactly stephanie made

right point they are focused on ai. >> doubt why rate hikes didn't have same impact? 89 --% u.s. debt fixed rate so this, also is explains dilemma within housing no one wants to sell their home when you have, 71% housing debt fixed rate higher interest rates don't matter when large portion student loan auto loans fixed rate doesn't matter these rate hikes hit people the way in past particularly 70s, 80s, so it is an intrigue things there is a different sort of before you right now caused o other problems in the economy obviously, like housing market situation. maria: cheryl let's reiterate 353,000 jobs in january unemployment rate 3.7% cheryl

what else strikes about you this report. cheryl: what strikes me stephanie was bringing up not to believe this report we kind of knew this going in labor department do, seasonal adjustment factors, update population estimates for the household survey, so, i think what stephanie kind of mention i reiterate i am waiting for february i that i clearer picture of the employment the other issue charles brought up we talked about, adp we saw i.t. job losses, and we know xains. maria: are you mentioned that when it happened. cheryl: i was like i.t. jobs you. maria: a guest on yesterday same thing layoffs in i.t. not seeping that in this report am i seeing it in february i have a feeling i am rebecca? rebecca: i can't, reconcile the data, and revisions to the upside from december, so positive to upside you know

negates 50,000 jobs revision we have to downside november october from last month and how is adp report out lie tore this number as well this week, i mean -- not reconcilable one likes data, around data this again very difficult to understand what is going on i think all bets off i totally agree with stephanie, governor christopher wallace said last month this is not data on when we make cuts you got another banner, beat on this job reports for january, so, you flow i think the market is going to have to really tamp down expectations on rate cuts stop getting ahead of the fed steve. maria: steve moore about what do you want to say. >> a couple things one that point that charles is making earlier about people working less hours, that is a really important point, because you know one of the con numb brum,

polls american people two-thirds say things are going in the wrong direction nobody can figure that out i think, one of the reasons for that people are still financially stressed out from 18% increase in prices from the day joe biden came into office. maria: yeah. >> and, yes, wages salaries may be up percentage terms but as charles said if irworking fewer hours your paycheck is not keeping pace with the amount of things that people cross the other thing, i want to remind people that january number is -- is seasonally adjusted so, this didn't this is senly adjusted january a month where fewer retail christmas season is over i think on balance economy is doing fine right now there is no question about that, but

people aren't feeling love because still finally finely stressed out inflation rate coming down don't forget, that 18% increase in prices is baked into the cake people feel every fiem to the grocery store. >> great point your take on uncertainty of this talking about a actuation fluid president trump told me last night that he expectancy a potential for massive inflation again, with spike in oil largely because of what is happening in the red sea hos tilts red sea loss tilts, a longer route more money with oil gasoline that is going to spike that area of inflation, it may very well, create a bigger issue for inflation after having come down from highs i think that is something that jay powell is looking at for sure i am certainly focused on it as well. your thoughts?

>> you have to, some shipping rates up tour times. >> 200% last number i looked at shipping rates up. >> but some routes to europe the skyrocketed china less now ours up we know going up more, you know i think six months ago so interesting because economists seemed to have groupthink whatever is happening at that time remember the bounce in inflation -- >> o economists -- [laughter] >> i like 6, 7 months ago every economist a bounce in the inflation like, you know, that was a narrative every won believed it less than a year ago then a narrative became higher, some catchy thing could almost but on a bumper sticker that is part of the inflation puzzle going to stick how much not sure burlt will spining. >> more in terms of what you

are looking at. cheryl: progressively business services 74,000 jobs another question mark for me here average increases 14,000 a month not all -- 74,000 i just, progressively business -- >> i don't buy it. >> retail sale up 45,000 that is -- temporary but full-time jobs. cheryl: full-time jobs, what do we do with data i think this point, think we wait until next month i will say this, as far as the economy and the jobs picture, look, i mean, i think that, you know, we have a very healthy job market expected to report to show a cooling job market if we don't get that that is rate cut story unfortunately it is not going to happen the other issue i think for markets talking about tech, you know, we had all reports coming up from tech so market can drive up tech stocks keep nasdaq

strong but -- i think going to have kind of a rough month of february. >> headlines look good jobs created 353,000 jobs in january i don't know i see biden press conference happening -- >>, "bidenomics", julia i want your take on job seekers out there somebody said you don't flow how hard to get a job people out there looking to switch jobs get a new job, what are the opportunities right now julia? >> we have job seeker confidence tick up wards slightly in the last two quarters, our newest survey that just launched today of q4, new hires, shows that they were still very satisfied with new jobs, that a pay increase when they switched jobs, many of them got, signing bonuses

but, fie are getting recruited recruiters the surprises full job year job gain number, we thought 2.7 million before this report this report revising upwards to 3.1 million in household report, the -- the year-over-year gain was only 1.9 million, then i think what charles said about hours numbers serious many people finding jobs not finding the hours they want, the hours number in this report is quite startling, in good economic times, the workweek range is between 34.3 hours and 34.6 hours this report has number i haven't in years 34.1, very, very, very allow that captures demand for labor closely tracks what

we're seeing in only jobs. maria: you are saying people deciding to work fury hours making that choice. >> i don't think a choice by workers i job seekers want more hours. >> i track demand usually when employers want workers get as many hours as they can overtime mandatory overtime not seeing that they are down sort of unhappy territory right now. >> lie i can that analysis a lot julia thank you for that stephanie where do we go from here to get more information in terms of the economic path ahead? >> i think you raised critical issue earlier maria again coming back to inflation, what we're seeing in terms of renewed supply chain issues, hire energy prices, you know. this is what caused the inflation surge with healthy

dollop of fiscal monitor stimulus allowed it to be accelerated through the entire price structure. but that all dissipated now starting up again i think what we've got to watch what is that means for corporate profit margins again is costs go up a harder time dealing with supply chain issues in which case again i think you have prospect of a double-dip recession negative for the outlook for employment, to julia's point one possible explanation for why we see stronghold payroll numbers get decline in the workweek is this labor hoarding idea businesses happened trouble getting workers after pandemic now rather than rushing to chop heads, they are cutting hours instead because think don't want to let workers go, if turns out a temporary soft patch it may be that, you

know, time will show. but i am really focused on the inflation pressures that you talked about maria, and the effects they have on corporate profits, and then obviously, on broad inflation maria: so, rebecca, what kind of a market performance are you expecting this year in. >> i'm actually interested how this is impacting nasdaq especially because we had such a powerful premarket this morning. as stephanie just mentioned, as you, you know, continue to have an inflationary type environment with this kind of headline number being added, it pushes the rates of cuts off, you know, the table further back and, obviously, that has a massive impact on tech stocks because they're longer duration stocks like bonds. so as we see the yields go back up on the treasury yields, i would expect that tech also is negatively impacted. and we've had such a strong tech start especially because of a.i., so really i would expect

that the tech is not going to like this number, and i'm also really interested to see, you know, like people, we have this big headline number, maria, but people are having to work less hours, so are we having more multiple job holders? >> can i jump in? that's exactly -- we got that data questioned, the first read on q4 productivity and labor costs. labor costs were only up half a percent, we were looking for 1.6%, and the productivity number jumped higher than expected, 3.2 versus the 2.5. so workers, they are more productive, and they're a making less money, and that was for the entire fourth quarter. i think more to come, guys. maria: yeah. steve moore, what about that? your analysis. >> this is an important thing. i haven't is, i didn't see the numbers for this recent report because i haven't been able to look true the report, but i've looked through the last three or four, and what you're seeing is there's been a big, big leap. remember, we talked about this

last month, multiple job holders, people who have to work two or three jobs just to maintain their living standards. so that's a tough thing for people. and will the me just say one more thing -- maria: yeah. >> with totally anecdotal, but i have three friends, you know, that are in their 50s that work for companies for 15, 20, 25 years in some cases, maria, and they got laid off. and these are people in their mid 50s. they're, like, what am am i going to do now? if i don't know if you're all seeing that, but this is a new phenomena but once they reach their 50s, these layoffs are happening with this age group, and that's a sad thing. what are you going to do? maria: julia, speak to that. is that what you're sighing, julia? >> so i think what's tricky about the labor market is it's just such a complicated heteroare genous market where with where you have so many nursing jobs, health care

providers cannot find enough workers and yet most of us can't go and become a physician tomorrow. so in tech, that sector lost lots of jobs over the last couple of months, in information, we're seeing reporters being laid off all a over the place. it's always difficult to figure out what the trend is in january because in december and january, that is layoff season in america. 20% of layoffs take place in those two months. maria: 20% between december and january? >> yes. this is the time when there are the most unemployed people per job opening, and it's very competitive right now on ziprecruit or or. employers are getting lots of applications per posting, but it's going to get better over the next few months. that's what typically happens anyway. so is, you know, hang in there, things will hopefully turn around. but it is a tricky market despite these great numbers. even, you know, even though jobs are being created, they are mostly concentrated in health

care and government and leisure and hospitality although job gains did broaden in this report in a way that, i think, surprises. maria: were you surprised to see a decline in job in mining and lodging? >> no, not really. that sector's pretty maul and a little bit volatile. but i was very surprised by these huge numbers in business services. over the year business support services have lost jobs. maria: okay. well, we were at the lows of the morning on stock, dow industrial thes down 141, the nasdaq has all but given up a huge rally in place earlier. the nasdaq's up still about 60 points. thanks, everybody, julia, steve, tiffany, charles, rebecca, cheryl. we so appreciate it. i'll see you tonight on "wall street." have a great weekend, everybody. "varney & company" begins now. ashley webster in for stuart. take it away, ashley. ashley: good morning everyone,