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Jobs numbers worse than expected

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    Matt McCall wraps up the week in business news and looks ahead to earnings reports for next week

  • Duration 6:14
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2000 and -- -- joining me now.

Now -- -- anything over thirteen thousand is like sports it's the new 151000 resonance with a magical number early get my father calls Begin new week with the Dow finished -- -- above thirteen thousand.

Into the weekend if not asking why what's going on so yeah that the -- that the average American.

-- really relate to and we're still above it and we're down 160 right now but it's been tough roller coaster ride the last few weeks week.

The Dow is having its best time and then it became its worst time is that due to a sell -- we're due to earnings.

Well -- is a combination of both I mean just earlier this week the Dow closes the best level in over four years I mean things are really good.

You wouldn't know that those talking to people talking investors who would set 401 -- doesn't feel like -- for your high right now.

We have sold offerings have been pretty good big reason we're -- today is a jobs number I mean that's the big number we've been waiting for we sold off in anticipation of.

Not the greatest number they actually came in worse than even lowered expectation -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- But they couldn't possibly even consider hiring more people until they know what Obama care if it passes the Supreme Court test.

Will cost them.

But they cannot calculate whether or not they can afford -- employees I I greet them 100% it is very difficult to know what the cost of that employee is because.

You're -- you're -- and so many say well I'm partially because either I had hired any of my services there might goods.

And if there isn't it how much is gonna cost them -- to come on and is it worth it -- employee is gonna make up for the amount of goods that they're gonna produce -- services they produce.

You don't know assembly cost particularly huge for that equation.

They're also may be some small business owners out there but it does I think we need that much but there's a company like -- -- would not as big.

They made just hear all the rhetoric that you hear on the media and just at conferences in -- that lack of confidence I should say it is in their mind and that's just one reason not to it's a reason not to go out.

There -- things really bad people say.

I'm not going I'm not spending money this Christmas season.

It wasn't because that person is making -- what they just got their -- everybody else was doing that there was a reason not to go out so I think if anything it's.

As a -- reason not the hired people and if that's truly is.

It is no cost.

The president was talking earlier we're listening to talk to high school class about college debt.

And how he and Michelle graduated with a lot of college dead and now there are fewer job prospects that would allow you to pay that debt off.

It is such a sobering.

Situation for someone in that age demographic.

Some even in college already may be voting for the first time.

Do you think the president has in the back of his mind that he can turn this around between now and November.

If he does that nobody been waiting for because -- honestly I don't think you -- interact if you look at the trend of the last couple months of the the growth that we've had here in the United States if you look at the economic numbers of fortune are all going in the wrong direction they're so positive that we're still treating 1151000 jobs last month.

We still grew at kind of jobs do we -- -- service almost all the listeners I had the break down here I believe.

Not 201000.

Of those jobs were service jobs.

Many times lower paying job to the restaurant hospitality so that person who's getting the job is really not.

Putting that much more back in the economy a lot of times they're short term jobs -- -- long term generally good well it could be two steps below the job -- train for we don't know what most likely it probably is really the most troubling number that I sold though is what's called the protest a patient race.

Which has fallen to lowest level since December of 1980 want what's that so what that means is is each take the amount of working age people in the labor force and how many of them actually have jobs only 63 point 6% of people out there have jobs.

At the same time the unemployment rate fell to -- resolution to months at eight point 1%.

The reason for that is over the last twelve months two point seven million people said I'm done.

I'm not looking for jobs anymore so they're not included in that number.

Which is a very you know so what's the real unemployment rate to real unemployment rate might make you add them back I didn't do it for this month last month is closer about eleven point 311 point 4%.

There's also never know another number that is about fourteen -- half percent they call that the underemployed rate BC people out of work and people that -- ten jobs that don't really have enough hours that's fourteen -- half percent why isn't the government report that is there indicator why don't they tell us every that real number of how many people are really unemployed for six months from a few days ago or so.

There's or demolish -- reelected.

Trillion -- with fourteen point 5% and these are government numbers to they're not numbers that that it independent service is coming up with a remarkable up with these -- actual BLS numbers it's just what we still have -- I didn't get a chance to watch how this morning back.

I assume -- Obama was saying.

-- obliterates faulty eight point 1% I mean I could -- wrote wrote that speech for him that's how it's reported that as -- -- -- but -- but but reality if you look at the participation rate.

The least amount of people working since December 1981 there's no way you -- put a spin on that there's no absolute way.

Well obviously this is an indicator that everybody can understand and everybody wants to go in a particular direction but what -- the other ones won't want for example next week what will be available housing numbers construction.

Sector information what do we have come.

Actually we have a lot -- -- coming out so you see a lot coming out from independent companies he lost Tennessee consumer sentiment come out and that's always important to me because.

-- regardless of what the number is it.

To me it's how you feel when you wake up do you think things are getting better and again -- there's a million studies out there that that take the gauge of how Americans feel towards the economy towards jobs towards did the government.

And they're all starting to slip of the same time so.

Unfortunately we're moving in the wrong direction and confidence to -- and most important thing.

To turn this economy -- -- wake up in the morning and again I didn't making more money than it did last year but -- -- -- confidence I'm not spending.

About -- but -- not putting my money back in the economy which basically is a cycle of boosting our economy back up.

And we also the big news next week not -- -- government.

FaceBook that FaceBook came out discerning what's called the road show so Mark -- is on the road trying to bring investors invest in FaceBook.

We -- 900 million active monthly users I mean I was on the FaceBook as it is -- mark has time I'd like to personally invite him to join us here Fox News.

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