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
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