Wall Street reacts to hot jobs report

ABC News’ Alexis Christoforous discusses Wall Street’s reaction to the higher-than-expected jobs report.
3:54 | 06/02/23

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Transcript for Wall Street reacts to hot jobs report
GROUPS TRYING TO SAVE THE YOUNGEST VICTIMS. THE YOUNGEST VICTIMS. BUT WE DO BEGIN WITH THE JOBS BUT WE DO BEGIN WITH THE JOBS REPORT. REPORT. THE LABOR DEPARTMENT SAYING THE LABOR DEPARTMENT SAYING THAT THE U.S. ADDED THAT THE U.S. ADDED THREE HUNDRED AND THIRTY THREE HUNDRED AND THIRTY NINE THOUSAND JOBS LAST MONTH, NINE THOUSAND JOBS LAST MONTH, MUCH HIGHER THAN PREDICTED. MUCH HIGHER THAN PREDICTED. BUT THE UNEMPLOYMENT RATE ALSO BUT THE UNEMPLOYMENT RATE ALSO RISING UP THREE POINT RISING UP THREE POINT SEVEN PERCENT. SEVEN PERCENT. OUR BUSINESS CORRESPONDENT OUR BUSINESS CORRESPONDENT ALEXIS CHRISTOFOROUS IS HERE ALEXIS CHRISTOFOROUS IS HERE WITH WHAT IT ALL MEANS TO ALL WITH WHAT IT ALL MEANS TO ALL OF US . OF US . ALEXIS , THE REPORT, IT'S ALEXIS , THE REPORT, IT'S BETTER THAN SOME ECONOMISTS BETTER THAN SOME ECONOMISTS EXPECTED, CONSIDERING THAT EXPECTED, CONSIDERING THAT COMPANIES LIKE FACEBOOK'S COMPANIES LIKE FACEBOOK'S PARENT COMPANY CONTINUE PARENT COMPANY CONTINUE TO ANNOUNCE MORE LAYOFFS. TO ANNOUNCE MORE LAYOFFS. >> THAT'S RIGHT. >> THAT'S RIGHT. SO, YOU KNOW, IT'S SORT OF SO, YOU KNOW, IT'S SORT OF A CONFUSING JOB MARKET RIGHT A CONFUSING JOB MARKET RIGHT NOW, KYRA, BECAUSE WE HAVE NOW, KYRA, BECAUSE WE HAVE A VERY ROBUST MARKET RIGHT NOW A VERY ROBUST MARKET RIGHT NOW WITH THE ADDITION OF WITH THE ADDITION OF THREE HUNDRED THREE HUNDRED THIRTY NINE THOUSAND JOBS THIRTY NINE THOUSAND JOBS THE MARKET WAS EXPECTING. THE MARKET WAS EXPECTING. ONE HUNDRED AND NINETY THOUSAND ONE HUNDRED AND NINETY THOUSAND JOBS CREATED. JOBS CREATED. SO IT SEEMS AS THOUGH PAYROLLS SO IT SEEMS AS THOUGH PAYROLLS CONTINUE TO EXPAND. CONTINUE TO EXPAND. BUT SOME INDUSTRIES ARE NOT BUT SOME INDUSTRIES ARE NOT DOING SO AS QUICKLY. DOING SO AS QUICKLY. LIKE TECH, FOR INSTANCE, LIKE TECH, FOR INSTANCE, YOU MENTIONED FACEBOOK'S PARENT YOU MENTIONED FACEBOOK'S PARENT COMPANY, META. COMPANY, META. A LOT OF OTHER BIG TECH NAMES A LOT OF OTHER BIG TECH NAMES AND NAMES IN FINANCE AND MEDIA AND NAMES IN FINANCE AND MEDIA ALSO LAYING OFF LOTS OF WORKERS ALSO LAYING OFF LOTS OF WORKERS . . BUT THAT'S REALLY BEING MADE UP BUT THAT'S REALLY BEING MADE UP IN OTHER AREAS OF OUR ECONOMY. IN OTHER AREAS OF OUR ECONOMY. BECAUSE THOSE OTHER AREAS ARE BECAUSE THOSE OTHER AREAS ARE HIRING. HIRING. ALSO, IT'S IMPORTANT TO NOTE ALSO, IT'S IMPORTANT TO NOTE THAT A LOT OF FOLKS WHO ARE THAT A LOT OF FOLKS WHO ARE LOSING THEIR JOBS AND SOME OF LOSING THEIR JOBS AND SOME OF THOSE KEY AREAS I JUST SAID ARE THOSE KEY AREAS I JUST SAID ARE GETTING NEW JOBS RELATIVELY GETTING NEW JOBS RELATIVELY QUICKLY. QUICKLY. SO WE'RE NOT REALLY SEEING SO WE'RE NOT REALLY SEEING THOSE NUMBERS BEAR OUT IN THESE THOSE NUMBERS BEAR OUT IN THESE MONTHLY JOBS REPORTS. MONTHLY JOBS REPORTS. I HAD THE CHANCE TO CATCH UP I HAD THE CHANCE TO CATCH UP WITH THE CAREER SPECIALIST OVER WITH THE CAREER SPECIALIST OVER AT LINKEDIN WHO TALK TO ME AT LINKEDIN WHO TALK TO ME ABOUT WAYS YOU CAN KEEP ABOUT WAYS YOU CAN KEEP YOUR SKILLS SHARP AND PUT YOUR SKILLS SHARP AND PUT YOUR BEST FOOT FORWARD. YOUR BEST FOOT FORWARD. IF YOU'RE LOOKING FOR A JOB IN IF YOU'RE LOOKING FOR A JOB IN THIS MARKET. THIS MARKET. >> HERE'S WHAT SHE HAD TO SAY. >> HERE'S WHAT SHE HAD TO SAY. ALWAYS BE TENDING TO YOUR ALWAYS BE TENDING TO YOUR NETWORK. NETWORK. >> YOU WANT TO ALWAYS >> YOU WANT TO ALWAYS BE PREPARED TO MAKE A MOVE IF BE PREPARED TO MAKE A MOVE IF NECESSARY. NECESSARY. WE CALL THIS CAREER CUSHIONING WE CALL THIS CAREER CUSHIONING . . THINK OF IT LIKE AN INSURANCE THINK OF IT LIKE AN INSURANCE POLICY. POLICY. SO NO MATTER IF THERE'S SO NO MATTER IF THERE'S A DOWNTURN OR THINGS LIKE EYE A DOWNTURN OR THINGS LIKE EYE THAT ARE COMING UP, YOU WANT THAT ARE COMING UP, YOU WANT TO ALWAYS HAVE YOUR FRONT FOOT TO ALWAYS HAVE YOUR FRONT FOOT FORWARD. FORWARD. SO MAKE SURE THAT YOU ARE UP SO MAKE SURE THAT YOU ARE UP TO DATE ON SKILLS THAT TO DATE ON SKILLS THAT YOU KNOW, THE SKILLS THAT ARE YOU KNOW, THE SKILLS THAT ARE MOST IN DEMAND, THAT COMPANIES MOST IN DEMAND, THAT COMPANIES ARE LOOKING FOR BRUSH UP ARE LOOKING FOR BRUSH UP ON THOSE SKILLS AND HAVE THOSE ON THOSE SKILLS AND HAVE THOSE STORIES TO TELL THAT STORIES TO TELL THAT DEMONSTRATES THAT YOU HAVE DEMONSTRATES THAT YOU HAVE THE SKILLS THAT COMPANIES ARE THE SKILLS THAT COMPANIES ARE LOOKING FOR. LOOKING FOR. WE'RE SEEING THIS MONTH AFTER WE'RE SEEING THIS MONTH AFTER MONTH THE MOST JOBS HAPPENED IN MONTH THE MOST JOBS HAPPENED IN WERE ADDED IN PROFESSIONAL WERE ADDED IN PROFESSIONAL AND BUSINESS SERVICES AND BUSINESS SERVICES AND THINGS LIKE HOSPITALITY AND THINGS LIKE HOSPITALITY AND LEISURE CONSTRUCTION AND LEISURE CONSTRUCTION AS WELL. AS WELL. AS TRANSPORTATION. AS TRANSPORTATION. THOSE ARE SOME OF THE AREAS THOSE ARE SOME OF THE AREAS THAT ARE REALLY HIRING RIGHT THAT ARE REALLY HIRING RIGHT NOW, KYRA. NOW, KYRA. SO LEADING UP TO THE DEAL ON SO LEADING UP TO THE DEAL ON THE DEBT CEILING, YOU KNOW, THE DEBT CEILING, YOU KNOW, THE STOCK MARKET WAS REACTING THE STOCK MARKET WAS REACTING DAILY, PRETTY MUCH WITH REGARD DAILY, PRETTY MUCH WITH REGARD TO HOW IT WAS ALL GOING TO PLAY TO HOW IT WAS ALL GOING TO PLAY OUT. OUT. >> SO WHAT DO YOU THINK >> SO WHAT DO YOU THINK THE OVERALL REACTION HAS BEEN THE OVERALL REACTION HAS BEEN TO THE DEAL ? TO THE DEAL ? SO FAR ? SO FAR ? >> AND HAVE WE BEEN HELPED OR >> AND HAVE WE BEEN HELPED OR HURT? HURT? YEAH, I THINK WE REALLY DODGED YEAH, I THINK WE REALLY DODGED A BULLET BECAUSE IF WE HADN'T A BULLET BECAUSE IF WE HADN'T COME UP WITH A DEAL , WE WOULD COME UP WITH A DEAL , WE WOULD HAVE SEEN A BIG SELL OFF IN HAVE SEEN A BIG SELL OFF IN THE STOCK MARKET THE LAST TIME THE STOCK MARKET THE LAST TIME WE CAME THIS CLOSE TO GOING WE CAME THIS CLOSE TO GOING OVER A DEBT LIMIT. OVER A DEBT LIMIT. AND IN 2011, THE S&P 500 LOST AND IN 2011, THE S&P 500 LOST 17% OF ITS VALUE. 17% OF ITS VALUE. SO WE COULD HAVE BEEN IN FOR SO WE COULD HAVE BEEN IN FOR A REALLY BAD SELL OFF. A REALLY BAD SELL OFF. WE AVERTED THAT. WE AVERTED THAT. AND IT LOOKS AS THOUGH AND IT LOOKS AS THOUGH THE MARKET IS NOW SORT OF THE MARKET IS NOW SORT OF SHRUGGING ITS SHOULDERS, BAKED SHRUGGING ITS SHOULDERS, BAKED IN THE FACT THAT A DEAL WOULD IN THE FACT THAT A DEAL WOULD HAPPEN HERE IN THE 11TH HOUR. HAPPEN HERE IN THE 11TH HOUR. SO WE'RE NOT SEEING A MAJOR SO WE'RE NOT SEEING A MAJOR IMPACT AT THE MOMENT. IMPACT AT THE MOMENT. THE STOCK MARKET IS VERY THE STOCK MARKET IS VERY FORWARD LOOKING. FORWARD LOOKING. I THINK THEY'RE ON TO THE NEXT I THINK THEY'RE ON TO THE NEXT THING, WHICH IS EARNINGS THING, WHICH IS EARNINGS SEASON, THE NEXT FED MEETING, SEASON, THE NEXT FED MEETING, WHICH IS HAPPENING IN MID-JUNE WHICH IS HAPPENING IN MID-JUNE ,AND THAT NEW INFLATION REPORT ,AND THAT NEW INFLATION REPORT THAT'LL BE OUT IN A COUPLE OF THAT'LL BE OUT IN A COUPLE OF WEEKS AS WELL. WEEKS AS WELL. SO WE'VE SEEN 10 CONSECUTIVE SO WE'VE SEEN 10 CONSECUTIVE INTEREST RATE HIKES FROM INTEREST RATE HIKES FROM THE FEDERAL RESERVE, 10 . THE FEDERAL RESERVE, 10 . HOW IS THE FED LOOKING AT HOW IS THE FED LOOKING AT TODAY'S NEWS? TODAY'S NEWS? >> YOU KNOW, THEY'RE LOOKING AT >> YOU KNOW, THEY'RE LOOKING AT IT THROUGH THE PRISM OF LOTS OF IT THROUGH THE PRISM OF LOTS OF DIFFERENT ECONOMIC REPORTS, DIFFERENT ECONOMIC REPORTS, THAT NEXT ONE BEING THAT BIG THAT NEXT ONE BEING THAT BIG INFLATION REPORT IN A COUPLE OF INFLATION REPORT IN A COUPLE OF WEEKS JUST BEFORE THAT JUNE FED WEEKS JUST BEFORE THAT JUNE FED MEETING. MEETING. WE KNOW THAT THE FED IS VERY WE KNOW THAT THE FED IS VERY DATA DEPENDENT. DATA DEPENDENT. SO THIS REPORT CAME IN REALLY SO THIS REPORT CAME IN REALLY STRONG. STRONG. IF WE GET A VERY HOT INFLATION IF WE GET A VERY HOT INFLATION REPORT, IT COULD MAKE REPORT, IT COULD MAKE THE ARGUMENT FOR THE FED THE ARGUMENT FOR THE FED TO GIVE US THE 11TH INTEREST TO GIVE US THE 11TH INTEREST RATE HIKE. RATE HIKE. I KNOW THAT FED OFFICIALS HAVE I KNOW THAT FED OFFICIALS HAVE BEEN SAYING PUBLICLY IN BEEN SAYING PUBLICLY IN THE PAST FEW DAYS THEY'D LIKE THE PAST FEW DAYS THEY'D LIKE TO PAUSE AND SEE HOW THOSE TO PAUSE AND SEE HOW THOSE TEN RATE HIKES WORK THEIR WAY TEN RATE HIKES WORK THEIR WAY THROUGH THE ECONOMY. THROUGH THE ECONOMY. BUT AT THIS POINT, WE

This transcript has been automatically generated and may not be 100% accurate.

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