BLOWOUT: Latest jobs report claims economy is STRONG

[00:00:00] Sheryl Cassoni: jobs day blockbuster the labor market just delivered a big surprise and it's a lot stronger than wall street was expecting welcome to the big money show i'm sheryl cassoni along with my co-host lou bassinise marcus limonis and jackie deangelis and with us for the hour he's back big money in the morning co-host brian brenberg it's good to be back in the neighborhood i love what you've [00:00:21] Brian Brenberg: done with the place i like this seat change it gives you like a line of sight to everybody [00:00:27] Sheryl Cassoni: we'll switch later all right we'll fix it up for you brian okay here is the news and it's big the united states adding 165 000 jobs in october that is more than double almost triple the number economists were looking for and the unemployment rate dropping to 4.1 percent and september's job growth revised up adding 31 000 jobs now these numbers point to a resilient labor market jackie deangelis kick us off here what a blockbuster number this morning it was a great number this [00:00:57] Jackie DeAngelis: morning i think that's why you're seeing some green on your screen today because we're reminded once again that the fundamentals of the economy are strong you saw pretty much everything you wanted to see in this jobs report not just the headline number but i'll just add to that that august and that is why i'm a little bit disappointed this week in terms of the midterm election results because i'm thinking to myself this actually is a strong economy even if people weren't feeling it as a result of overly aggressive tariffs and the war in iran that dragged on and took gas prices up the the runway is there the big beautiful bill did what it was supposed to do there you see where all the jobs were added government um just slight but we've been seeing government go down under this administration which has been a good thing and so i'm thinking about some of the choices that were made and some of the decisions that were made in terms of timing and i'm saying to myself man if things had been different you take out those two caveats you still could have pursued a tariff strategy just maybe not as aggressively you still could have done the iran war but you could have finished it when you said you were going to finish it and after the big beautiful bill and what we're seeing on the fundamentals and gdp growth god [00:02:15] Sheryl Cassoni: marcus there's more good news to show when it comes to the average american worker and their wages because we saw actually wages average hourly earnings up four tenths of a percent that was better than the expectation from economists three point one percent year over year that is average earnings for american workers so the question is i'm wondering if these wages higher kind of starts to maybe cancel out the hit that they've been taking across the country on inflation well i think what it tells you is that employers are [00:02:43] Speaker 4: recognizing that they have to pay people well to keep them and then when there's a strong demand by consumers there's a strong demand for employees and so i like i like that money number i think the piece that is struggling uh for me is uh just because people have jobs doesn't mean they can afford things and you pointing out that wages are increasing it mitigates some of it but it doesn't resolve at [00:03:05] Speaker 5: all and that's what that's what happened but they can pay their bills as jackie likes to say right that's [00:03:09] Jackie DeAngelis: always you have a job you're paying your bills you're buying your necessities you might shift your mix a little bit because things cost more but the job to me is the core stability that everybody needs and if you need a job there is a job out there for you that's what this is saying you say you can pay your bills but [00:03:22] Sheryl Cassoni: they're still mad brian way in though brian way in here well you you and the team and the big money in the morning team covered the jobs report this morning so what stood out to all of you uh 165 000 [00:03:34] Brian Brenberg: jobs stood out to us because we were expecting what was like 59 or 60 000 or something it was a very big number and yet you go across the report everything looked good you go deep into the report things look good you go to the household survey which kind of picks it's a different way of measuring and it picks up a little bit more of the entrepreneurial activity you had like 460 000 jobs added in the household survey okay so great number steve moore on the program said man i wish this would have come last week instead of this week i don't think it would have made a big difference in the midterms my question going forward though because this is all backward looking stuff how excited our employers going to be to hire in this new congressional regime compared to the last one and i you know you're a company out there whoa i i'm are you in growth mode now or are you in protect mode because somebody might be coming after [00:04:26] Sheryl Cassoni: let's talk about that lou that's a great point because corporate america is facing an entirely new world come january with the new congress and with all these executives getting threatened with every subpoena known to man uh what is the corporate environment do you think going to be and do these jobs numbers do you think hold as we move into 2027 yeah great questions i think jobs stocks love jobs so [00:04:48] Speaker 5: i think this is a positive for the stock market you look at the trend in the jobs report because this is really noisy data which amazes me we can't get accurate data here but we've seen three solid months of gains but i think corporate ceos and interested what marcus thinks about this we always operate i mean i've been entrepreneur all my life you always operate with there's uncertainty and you have to find a way to thrive so even if there's a new administration coming in is my business doing well do i think i can keep expanding and growing what does the threat of increased regulation mean to that i don't think you ever just pause to wait and see what happens in washington because on main street you can't right we can't do that at home the individual american so i look at the corporate outlook and i don't think this slows anything down i started reading through a lot of the earnings reports from data center companies they're not slowing down by any chance but they have to temper expectations of hey there is now regulatory risk that didn't exist pre-midterm yeah the one caveat to this jobs report we always [00:05:36] Sheryl Cassoni: have to bring this up on the network is that this is backward looking data and look the environment has changed this is the october report and certainly november january december are going to be very different but marcus to that point we have been in this no hire no fire environment that's been going on for months we had incredible job growth in 2025 when president trump took office we have seen that environment [00:05:59] Speaker 4: shift a little bit this year it is backwards looking data but employer sentiment today isn't worse than it was 30 or 60 days ago and i think that while we're not satisfied with what happened in the election the consumerism there's going to be a euphoria by the in some of those blue states where people are going to keep spending money and if people keep spending money people are going to continue to hire people we also [00:06:20] Sheryl Cassoni: have this guys and let's look at what we're seeing in technology right now tech stocks had a multi-trillion dollar meltdown yesterday unless you're just waking up but i don't know where you are right now you you probably know what we're talking about here democrats are going to crack down on ai and everyone is panicking about the new texas governor elect he's gonna make sure to like and subscribe to the [00:06:42] Speaker 5: latest news on fox business on youtube and 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