Jobs report a second look, not so rosy.

0:00 Speaker 1 The country’s leaning economist, and Larry, what the heck is going on in our country? I mean the markets are up, the markets are down, interest is up. Oil went down eight dollars a barrel. You tell us, well, I.

0:13 Speaker 2 Think today was very interesting because stocks turned around up almost three hundred on the Dow. And I think the reason for that is that the jobs report was really much weaker than people thought. Give me a second on this.

0:30 The top line number was very strong, three hundred and thirty six thousand. However, when you look under the hood, full time workers actually fell twenty two thousand, and part time workers rose one hundred and fifty one thousand, so part time was the biggest contributor to the overall number.

0:55 Full time actually declined, and by the way, who work on multiple jobs also increased, and that shows you there’s a lot of weakness. There’s a much softer report than people fought. Plus hours worked for manufacturing workers fell, wages are only up slightly, so real wages were flat for another month. And you know that’s the Achilles heel of bidnomics.

1:24 Affordability is down, prices arising faster than wages, so you’re working more, but it’s buy and less. But anyway, the stock market looked under the hoods, saw the weakness and figured the Federal Reserve not going to have to tighten policies in their next meeting, which is not until next month.

1:44 And I think that’s the reason the market rally.

1:46 Speaker 1 In other words, you think the Federal Reserve is not going to tighten.

1:51 Speaker 2 I don’t think we’ve seen the last of the Fed, but I don’t think they’re going to tighten in the next meeting.

1:58 Speaker 1 You know, Larry thinks are in trouble themselves. I mean, because of the of the tightening and the real estate industries in shovels. Why did you know? I don’t want to ask myself, but I’m going to ask you. Why do you think oil went down eight dollars a bout.

2:19 Speaker 2 The dollar? The dollar is very very strong, and that’s because these bond market rates, the treasury rates, the ten year has gone up just about a full percentage point. It’s slipped a little today, but it’s closing in on five percent. So the dollar has gone up a lot, and obviously you buy oil and dollar terms, and that

2:43 suppressed the oil price. I don’t think we’ve seen the last of the oil price. Either frankly, because I think the dollar rally is going to slow down.

2:52 Speaker 1 I mean Goldman sacks JAP Goldman Sacks JP. Morgan Bank America Will said one hundred or one hundred and fifty. I mean, one of them is right and one of them is wrong, and they may be go through.

3:04 Speaker 2 Well, I know, right, don’t rule out that they’re all wrong. Yeah, I mean Wall Street says it, so I don’t know does that mean anything anymore? But I think you’re still you still have a production shortage problem in the world’s oral market. I think you’re still several million barrels undersupplied, and therefore, I think this is just the technical correction,

3:26 as I said, based on the strength of the of the dollar. Dollars very strong against other currencies, dollars also strong against gold. Gold prices have been weakening. But I’m just saying the economy itself. Again, you look at it as first glance, that was a big number today, but you look under the hood, it was not a good number.

3:46 And people are you know, they’re not going back to work, So you’ve got a lot of issues there regarding the economy. The other thing that’s interesting to me, you know, what’s going on in the world. I love that question. Forty five Republican House members wrote a letter saying they must change the rules. Okay, this idea that one crazy insurrectionist

4:09 been dumped the speaker by vacating the chair has got to stop. And the tragedy this week was the whole Kevin McCarthy story. The guy is a great speaker, he’s a prolific fundraiser, he’s a solid conservative, and because of personalized in.

4:27 Speaker 1 A decent person.

4:30 Speaker 2 He’s a very decent person. Now it is interesting the race to succeed him. You’ve got a lot of good people running. Steve Scalise is a very good Jim Jordan’s a wonderful person. Former President Trump, as you know, announced his endorsement of Jim Jordans. I don’t know how that race is going to turn out. I’m not going to predict,

4:49 but they have a good bench. They’re both terrific. There are others who may run that are good, and I think I wouldn’t write off the House Republicans all right. Liberal media is too quick to write them off, because they’re going to come back next week. They will elect the speaker, They’re going to finish the budget bills, the

5:07 appropriation bills. They’re going to fight to close the border. I mean, here’s another dumb thing. Yesterday, my arcis the DHS secretary. So he files a Federal Register report that says we must immediately build a wall in Texas. Now it’s kind of phony because it will be fewer than twenty miles worth. But Eddie today he turns around and says,

5:32 I didn’t mean it. I mean, that is moronicle that I put something in the Federal Register and then turn around and say I didn’t mean it. It’s the stupidest thing I’ve ever seen.

5:44 Speaker 1 Then you could testify both ways.

5:48 Speaker 2 I mean you just I don’t know if Eddie Cox is in there. Eddie and the group that yes listening, all right, you can’t you can’t file in the federal Register and that as a Cabinet secretary and then say I didn’t need it. No.

6:04 Speaker 3 I mean, look, the administration knows, no one cares about the Federal Register.

6:11 Speaker 2 You’re right, it’s a law, it’s a legal process.

6:15 Speaker 3 Once that ever held them up. Come on, Larry, Larry Kudlow, thank you, just thank you for coming on and thank you and we will have a great weekend.

6:28 Speaker 1 Thank you so much,