CNBC editor Rick Santelli on Friday touted the latest jobs report, which showed that the U.S. economy added over 1.3 million jobs in August, and the unemployment rate fell to 8.4 percent.
Santelli on “Squawk Box” called the improving economy following the devastating effects made by the coronavirus pandemic and ensuing lockdowns “wonderful news.” He added that the August report “will lead to even more strength” in the future.
“Obviously, we want the unemployment rate to be much lower,” Santelli stated.
“I think that this is wonderful news, and I think that we have to keep a perspective that there’s many people that really, really want to come back to work but their governors just don’t see as the correct time, although some seem to be changing their mind,” he added. “I also think, when it comes to manufacturing, Steve was correct that we are doing more with less people in keeping up with new demand for many of the same reasons, whether it’s the nervousness in the workforce or inability to attract workers. I do see lots of signs in my anecdotal area for manufacturing and some of these service sector areas that have been allowed to open. But I think the most important aspect of this report, in my opinion, is the notion that we are seeing these trends at a time where, like New Jersey, there are states that are starting to really open up in bigger ways. So, I think this report will lead to even more strength in future reports. And I think the market’s correct.”
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