>> BREAKING NEWS ON THE
ECONOMY THIS MORNING. THE
FEBRUARY JOBS REPORT IS JUST
OUT AND IT FAR EXCEEDS
EXPECTATIONS WITH 678,000 NEW
JOBS ADDED IN THE MONTH OF
FEBRUARY. NBC NEWS BUSINESS
AND TECHNOLOGY CORRESPONDENT
JO LING KENT JOINS US NOW WITH
THE VERY LATEST. JOE, GOOD
MORNING TO YOU. LET’S GET
RIGHT TO THAT JOBS REPORT.
WHAT ARE SOME OF THE BIG
TAKEAWAYS.
>> YEAH. THE BIG TAKEAWAY IS
THAT THIS IS A VERY, VERY
STRONG JOBS REPORT. 678,000
JOBS WERE ADDED THE
UNEMPLOYMENT RATE TICKED DOWN
TO 3.8%, WHAT YOU NEED TO KNOW
WHAT THE EXPECTATIONS FOR THIS
MONTH. WE’RE VERY MUCH LOWER.
440,000 IS WHAT WALL STREET
WAS LOOKING FOR US. YOU BRING
IN THIS NUMBER, CERTAINLY A
BIG BLOWOUT. NOW, IF YOU LOOK
AT THE BROADER PICTURE HERE.
WE ALSO SAW A REALLY BIG JOB
GAINS IN DECEMBER IN JANUARY.
THOSE NUMBERS WERE REVISED UP
BY 92,000 TOTAL AND YOU SEE
THE TOTAL UNEMPLOYMENT,
THOUGH, WHEN YOU LOOK AT THE
BIG PICTURE, THE WHOLE
PANDEMIC. WE’RE ACTUALLY STILL
IN A JOBS HOLE BY ABOUT 2.1
MILLION JOBS. AND IF YOU TAKE
A LOOK AT WHAT THAT ACTUALLY
MEANS. THAT MEANS WE’RE STILL
MISSING ABOUT 1.4% OF ALL JOBS
OUT THERE RIGHT NOW. AND
THAT’S ACCORDING TO THE LABOR
DEPARTMENT. NOW, WHEN YOU TAKE
A LOOK AT THE BIGGER PICTURE
WHEN IT COMES TO WHERE JOBS
WERE ADDED. I THINK THE BIG
TAKEAWAY HERE IS THAT YOU SEE
THAT HEALTH CARE HAD REALLY
STRONG GAINS PROFESSIONAL AND
BUSINESS SERVICES. ALSO DID
REALLY, REALLY WELL. AND SO AS
YOU LOOK AT THIS ENTIRE
PICTURE, YOU SEE THAT THIS IS
A VERY STRONG JOBS REPORT IT’S
UNCLEAR HOW MUCH IMPACT THIS
WILL HAVE, THOUGH, BECAUSE
THERE HAS BEEN SO MUCH
INFLATION AND THE FEDERAL
RESERVE CHAIR JEROME POWELL
HAS ALREADY SAID, LOOK, I AM.
THE FEDERAL RESERVE IS
PLANNING TO HIKE INTEREST
RATES AT THEIR MARCH MEETING.
AND SO A LOT OF THE PERHAPS
EXUBERANCE YOU MAY SEE ON THE
MARKET HAS PRETTY MUCH BEEN
TIED UP ALREADY EITHER WITH
UKRAINE OR ALREADY BAKED IN
GIVEN WHAT WE KNOW IS GOING TO
BE HAPPENING WITH THE FEDERAL
RESERVE. BUT CERTAINLY BIG
GAINS ACROSS THE BOARD IN
RESTAURANTS AND HOTELS
HEALTHCARE CONSTRUCTION. SO
OVERALL, A VERY GOOD JOBS
REPORT CONSIDERING WHAT WALL
STREET WAS EXPECTED.
>> AND JOE, I MEAN, SO WE HAVE
THE UNEMPLOYMENT RATE DIPPING
DOWN TO 3.8%. WE STILL HAVE
THAT LABOR SHORTAGE. YOU’RE
TALKING ABOUT WHERE DO THINGS
STAND OVERALL WHEN IT DOES
COME TO THE LABOR SHORTAGE
ACROSS THE COUNTRY.
>> ABSOLUTELY. THERE’S A LABOR
SHORTAGE ACROSS A BUNCH OF
DIFFERENT SECTORS RIGHT NOW.
RIGHT. YOU SEE THAT WHEN YOU
GO TO A RESTAURANT, YOU SEE
THAT IN YOUR LOCAL SCHOOL
DISTRICT AND INTERVIEWED THE
SONOMA THIS KNOW WHAT
INDEPENDENT SCHOOL DISTRICT
SUPERINTENDENT ABOUT THIS VERY
ISSUE AND WHAT HE’S HAVING
PROBLEMS WITH RIGHT NOW IS
RECRUITING ENOUGH TEACHERS AND
BUS DRIVERS TO FILL THE HOLES
THAT THEY HAVE. AND IT REALLY
IS WHAT HE SAYS IS A PIPELINE
ISSUE WITH INTO THIS.
>> HAVING BEEN A SITE
ADMINISTRATOR FOR MANY YEARS.
I’M GOING OUT AND RECRUITING
AND HAVING ANYWHERE FROM 60 TO
80 APPLICANTS FOR COUNSELING
POSITION OR MULTIPLE SUBJECT
TEACHER POSITION. WE’RE NOW
SEEING IF WE’RE LUCKY ONE TO 2
TO 3 APPLICANTS.
>> AND SO THE ISSUE HERE IS
NOT JUST THE LACK OF NUMBERS
OF PEOPLE APPLYING. BUT ALSO
THE TYPES OF JOBS PEOPLE ARE
INTERESTED IN GOING INTO THE
SUPERINTENDENT TELLING ME,
LOOK, YOU KNOW, THEY WISH THEY
HAD A LARGER POOL TO SELECT
FROM, BUT BETWEEN THE HIGH
COST OF LIVING IN CALIFORNIA,
AS YOU VERY WELL KNOW, JOE
PLUS THE FACT THAT SO MANY
PEOPLE, YOUNG PEOPLE ARE
SEEING EDUCATION IN A
DIFFERENT LIGHT GIVEN THE
PANDEMIC. IT’S JUST BEEN
REALLY CHALLENGING. ALRIGHT JO
LING KENT, THANKS SO FOR THAT