A CNBC anchor reacted in real time with visible surprise after a new U.S. jobs report came in significantly weaker than expected, prompting a spontaneous on-air response that quickly drew attention from viewers and online commentators.
During a live broadcast on Friday morning, anchor Rick Santelli could be heard exclaiming “Wow!… Wow!” as the numbers appeared on screen — a moment that reflected how far the report deviated from forecasts.
The reaction happened when the Bureau of Labor Statistics released its latest employment data, one of the most closely watched economic indicators in the United States. Financial networks like CNBC often report the figures live as they come out because markets can move within seconds of the announcement.
In this case, the early reaction from CNBC’s studio underscored just how unexpected the data appeared to analysts and market watchers.
Jobs Report Falls Short of Expectations
According to the government data, job growth came in well below what economists had predicted ahead of the release.
Economists typically provide consensus forecasts ahead of each monthly jobs report, estimating how many positions were likely added to the economy based on private-sector data, hiring trends and other indicators.
When the official numbers diverge sharply from those forecasts, the result can trigger rapid reactions across financial media and Wall Street trading desks.
As The Hill reports, the unemployment rate rose by one-tenth of a percentage point:
The February jobs report showed the nation’s labor market rapidly losing steam last month, defying the expectations of experts. Economists expected the U.S. to have gained roughly 60,000 jobs last month, with an unemployment rate of 4.4 percent, according to consensus estimates.
Job growth was widely expected to slow after much of the U.S. was battered by winter storms last month, following an unseasonably warm January. A surge in the number of striking workers was also likely to take a chunk out of February job gains.
But the steep drop is an alarming sign amid rising concerns about the economic impact of the war in Iran, which is fueling a surge in oil prices.
The BLS also issued troubling revisions to previous jobs reports, bringing the total number of jobs gained since December down by 69,000.
Moments like Santelli’s reaction are not uncommon during major economic data releases, particularly when the numbers suggest a potential shift in economic momentum.
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From all the help wanted signs I see when I am out and about, I would have to believe that too many people are still living off of welfare benefits or government severance packages. I believe we have made significant progress toward a productively employed workforce, a belief that is supported by recent productivity numbers. I also believe that it is going to take more than 13 months to get this country fully back on track given the harm done by Democrat policies created in the last 12 of 16 years (2 Obama terms and 1 Biden) especially since the Democrats in Congress try to resist efforts to fix things and are aided by a limited number of Rhinos who are more interested in camera time than actual governing. Our economy will need to catch up to artificially high minimum wage laws and restrictive production legislation.