CNBC reporter Sara Eisen told MSNBC’s “Morning Joe” on Friday that August’s just-released jobs report is “a big disappointment” representing “the worst level of job creation all year long.”
The Bureau of Labor Statistics claimed that 142,000 jobs were added last month, well below the 225,000 expected by economists.
“It’s a disappointment, a big one,” Eisen admitted. “It is actually the worst level of job creation, in terms of the monthly number, all year long. We were going solid above 200,000.”
“I guess if you want to say something on the plus side, unemployment did tick down to 6.1 percent,” she continued. “Still, that could just be a reflection of fewer people working.”
Previous jobs reports have show increases in unemployment even when job-creation numbers are much higher.
Eisen noted that retail jobs were sharply negative, “meaning that some of the big retailers are not hiring, or were not hiring in August.”
“It could be a seasonal thing,” she explained, “happens during the summer, and then they gear back up for back-to-school and then the holiday shopping season.”
A serious slump in GDP earlier this year was also blamed on the seasons — specifically the 2013-14 winter, which brought marginally-colder temperatures in most parts of the United States.
Eisen explained that this new report may push the Federal Reserve to continue pumping easy money into the stock market. “It’s kind of this perverse trade going on here,” she said. “But not a good number.”