U.S. economy adds 311,000 jobs in February as growth stays hot

CNBC's Rick Santelli reports on the latest data from the February job report. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

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Rick yes very exciting as we await the February jobs report and here we go non-farm payrolls three hundred and eleven thousand three hundred and eleven thousand and if you look at manufacturing payrolls they were down four thousand two-month uh net revision is minus thirty four thousand minus thirty four thousand and if you consider the unemployment rate it moved up to 3.6 3.6 from 3.
00:34
4 which happened to have been a 53-year low if you look at average hourly earnings month to month point two point two point two percent now if we look at average hourly earnings at 0.2 that is the smallest month over month change since February when it was unchanged if we look at year over year it is 4.6 4.6 now that indeed is better than a still unrevised four point 4 and 4.
01:04
4 was the lowest year over year since July of 21. average work week 34.5 34.5 and we are expecting 34.6 so that is a bit smaller than expected in last month's 34.7 moved to 34.6 labor force participation 62.5 one tenth better than expected and one tenth better than the rear view mirror and 62.5 is the best rate since 62.
01:40
6 in March of 2020 and if we look at the underemployment rate or U6 it is 6.8 I do want to point out at the end of last year this series was at 6.5 which was the lowest since 1994 record keeping if we look at what's going on interest rates on tens are going down interest rates on twos are below 470 and the stock market is gyrating a bit into Dow futures but it is moving up a bit and we need to obviously consider all the flight to safety that has distorted uh many of these metrics especially on the treasury side and the very simple reason is you know we had the biggest punch
02:20
bowl in world history for many years then we had coveted hit and we threw a bunch of money into the global economy and specifically the U.S economy Banks were flushed they purchased a lot of Securities uh much more in the Securities Camp than what they tried to loan out when they were flushed with all these deposits well with rates moving up and money markets so competitive they're losing deposits and all those Securities they have if they hold them to maturity they don't have to show the losses from
02:51
an accounting perspective although you can find it if you really look at their statements the point here is should they need to start liquidating because deposits keep moving in a way they're going to end up liquidating Securities that were held for sale or to be determined to be held to maturity if they liquidate those they have to show the losses and that's something to pay very close attention to back to the panel