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MOORE: These are seasonally adjusted numbers, don't forget that.
MCDOWELL: OK.
BARTIROMO: So you're not worried about the retail cuts?
MOORE: Well, I am. I'm just saying that we -- you know, you can't say it's surprising given -- because they take into account that you would normally have more people in the -- I mean, in other words, there were more people in retail, just not as much as you would normally expect during the holiday season.
MCDOWELL: That's bad, Steve, that's bad.
MURPHY: Let's just remember the beginning of this month, we had a pretty big election, so, you know, people may have been holding back.
BARTIROMO: OK.
MURPHY: .on hiring people. So, I think, really what I want to focus on, you know, talking about manufacturing, construction, mining, jobs like that, Charles. Let's see how that impacts. How that's impacted next month and in January.
PAYNE: By the way, this week was going to -- the OPEC deal, you know. In 2014, we had almost $300 billion in construction associated with exploration and production. This year, that number's less than half of that. Man, you want to talk about infusion of cash. What if we had $100 billion that's missing into construction, into the heartland where Donald Trump won a lot of people.
MOORE: Repatriation.
PAYNE: Yeah.
MCDOWELL: And Greg Zuckerman said because of the pickup of oil prices, he was on for the Wall Street Journal yesterday, that the cost of extracting a barrel of oil out of the ground has come down so much for the extractors, that he expects, like, it might take a year, but you're going to see people coming back -- be re-hire, and job additions.
(CROSSTALK)
PAYNE: They also have the thing they called the great crude change. And what happened we had a 15 year period where nobody in the country wanted to do those kinds of jobs. So you have older skilled guys that can do it and just recently younger guys, but there's a gap there. There's going to be some huge opportunities, particularly with a president who is focused on American energy. I mean, we're going to get a lot of jobs here and our economy.
(CROSSTALK)
BARTIROMO: The wages are really underwhelming here, average hourly wages down 1/10 of a percent in the month of November.
PAYNE: I think we're breaking down, we start looking industry by industry, we're going to see if you've got certain set of skills, you're doing extraordinary well, but everyone else is falling back.
BARTIROMO: We're looking at it year over year number. We have 2 1/2 percent year over year. Dagen, you said earlier it was up 2.8 percent. MCDOWELL: October.
BARTIROMO: That was in October. And year over year, it's up 2 1/2 percent. This is month to month, down 1/10 of a percent. Joni, I asked you earlier, what are the skill sets that people need to thrive in this new normal of economy that we're looking at? We see where the jobs are. They were in health care, they were in construction. But what do we need for the jobs of the future?
COURTNEY: Yeah. The jobs of the future, I think, really, what we're going to see is that the technology skills are going to be very important, and engineering is going to come back, that did get impacted, obviously, by the energy sector as well. But we're already starting to see movement in the energy sector. Employers are starting to talk about hiring and starting to ramp up, and with the new Trump presidency, it's expected that that will increase. But in addition, there's other jobs that are expected to come back into the U.S. which is customer service jobs. So all levels, even though we're seeing finance and accounting, should be in high demand. Information technology, engineering, a lot of the stem jobs still a strong area. When you look at students today that's where they need to focus on education and training is it to get that experience because those are where the jobs are in the future.
MURPHY: I agree -- completely, Joni. Donald Trump mentioned an industrial revolution, I think even to expand upon that, we're seeing a technological revolution, you know, as you're seeing more startups, more technology affecting how these industrial companies do their jobs. They can do it more efficiently. So I think there will be job opportunities where you combine technology and startups to affect every other industry out there.
COURTNEY: Absolutely. And to Charles' point, if construction is coming back strong, the trades jobs are key. We don't have enough people going into the trades today, and that's a huge opportunity, and that would be a great opportunity for people that maybe don't have the skill set for some of the technology or engineering, but could get the experience and go back to the trade schools and get those jobs.
MOORE: You know what the problem is there? We have this -- this also gets to the culture. Everybody has to send their kids to a four-year college, they come out with a psychology degree, and they can't get a job. I mean, this is one of the things I agree with President Obama, we should put more money into our community colleges, vocational schools, anybody who's got a useful skills out there, if you're a plumber, if you're a carpenter, if you're an engineer a plumber, if you know how to do something, you can find a job in this economy in 72 hours.
PAYNE: I think we're going to be -- almost 300,000 short on welders in this country in 2020.
(CROSSTALK)
MOORE: We're going to need immigrants if Americans aren't going to do the jobs.
BARTIROMO: Oh, that's a whole another conversation.
(CROSSTALK)
PAYNE: All I'm telling you drive to New Jersey and look at some of those construction sites, wink-wink, what I'm telling you.
MCDOWELL: I'm waiting for the Trump-Perry and jobs report, which will be December, because we knew the day after Donald Trump gets elected, corporate executives across this country, sat back and said, we have blueprints for what corporate taxes are going to look like from him, and from what the house wants to do. We could actually start analyzing at how to prepare for the coming year in terms of hiring and spending levels because we're bound to get a huge tax break. So maybe that optimism shows up in December.
BARTIROMO: We're going to take a short break. When we come back, then there's this, the market reaction. OK, how come technology has been selling off like Amazon, stock is down -- what, Mike Murphy?
MURPHY: Eleven percent.
BARTIROMO: In a month?
MURPHY: In the last six weeks.
BARTIROMO: OK. Amazon is down 11 percent in the last six weeks. Meanwhile, pick up any financials, it's up 20 to 30 percent in that time frame. We'll get into that next. More with the November jobs report with this all-star panel. Stay with us.
(COMMERCIAL BREAK)
BARTIROMO: Welcome back. The November jobs report just out, the economy added 178,000 jobs in the month of November. That was slightly better than economist's expectations, but really nothing to write home about. The unemployment rate fell to 4.6 percent. That's the lowest in nine years. We want to bring in right now, host of Varney & Co., Stuart Varney get his thoughts on that. Hey, Stu.
STUART VARNEY, VARNEY & CO. HOST: I'm bored by it, Maria, I'm terribly sorry, but I am bored by it. It's kind of a ho-hum report. And then, -- then I found one statistic very deep in the report, did you know that? Last month we created 118,000 part-time jobs.
BARTIROMO: Wow.
VARNEY: And about 9,000 full-time jobs. Doesn't that reek of the impact of Obamacare? Is that how this administration's going to be known for its eight years of economic policy, creating all kinds of part-time jobs that very, very few full-time highly paid jobs. I'm sorry, Maria, that is my take on this.
BARTIROMO: My take was, oh, you know. And how about the wages, Stuart? OK, wages were down 1/10 of a percent month over month.
VARNEY: This would have political significance if it were last month and not this month. I don't know why we've got average hourly earnings.
BARTIROMO: That's year over year, Stuart. Average hourly earnings were huge, up 2 1/2 percent. But month to month they were down 1/10 of a percent.
VARNEY: That's right. Now, that would have political significance at any other time, now it doesn't. Because we've figured this was the case anyway. So I guess the significance is lost there. But I think you're right, Maria, that's a ho-hum report. It doesn't set anything on fire, and I think will have a marginal impact on the stock market today. The Italian vote, Maria Bartiromo, will have a much more profound impact than the jobs report.
BARTIROMO: Yeah, you're right. And let's not forget the banks, Monday -- and all of those banks there, really crumbling. It's a very tough situation.
VARNEY: What was that monty depeche.
BARTIROMO: Yeah, you like my Italian accent?
VARNEY: That's good.
PAYNE: A little practice, but, yeah.
BARTIROMO: I love Italy.
VARNEY: Do you know what they're calling the -- the people who say, no, it's the no voters in Italy? They're calling them the Trumpisti.
(LAUGHTER)
BARTIROMO: I like that. Trumpisti, OK. We'll go with that then. Stu, we'll see you in 10 minutes.
VARNEY: Yes, you will.
BARTIROMO: Nine minutes time, Varney & Co., a must-watch at the top of the hour. Steve Moore, we want to get to you and Stephanie before you go. What should we be walking away with from this report? Because markets are worsen right now and we're about to get into the market action with Charles and Mike Murphy here talking about technology and this rap going-on. But give us your final word here on this report.
MOORE: I think it is kind of ho-hum report, I agree with Stuart. I want to make a point that was related to your previous discussion about the interest rates because I want to differ a little bit with those. I think the rising interest rates are a sign of optimism in the American economy, I think it's a good thing. It's a sign that investors want to go back and invest again. This is one of the reasons I'm very bullish for the future right now. I think stocks are a great investment right at this very moment. Get out of bonds, get into stocks because we're going to see a big bull market rally.
BARTIROMO: Wow. Got to get Dagen in here on yields. Dagen, did you see the 10 year yield a second ago, 3.07 percent on the 10-year after this report. Oh, that's a 30-year.
MCDOWELL: At some point, Steve Moore, higher interest rates and higher.
(CROSSTALK)
MCDOWELL: For now, but the question that everybody needs to ask themselves, at what point does it hurt? Particularly housing because you've had mortgage rates already kind of heading higher.
BARTIROMO: Stephanie, jump in here.
POMBOY: I'm jumping in. I think the interest rate story is really huge. You know, what we -- the take away from today's employment report is that the economy was slumping along, you know, slower growth in employment. Slower wages, people dropping out of the labor force, still under the weight of this Obamacare tax. And having a massive increase, you know, a record one month increase in both the dollar and interest rates is not going to accelerate that activity. I'm very concerned that, you know, when Trump takes the oath of office we'll be in recession, in the enthusiasm, which I totally share about the outlook for the economy, investors have inadvertently pulled forward all of the pain via the increase in interest rates. And, you know, the history of the stock market in a rising interest rate environment is not a friendly one. Look at 1987. Look at 1994. I hate to bring up, you know, be the wet blanket here. Again, I share the enthusiasm about the outlook for the economy, but we're just pulling all this pain forward and it's just.
(CROSSTALK)
MCDOWELL: I remembered '94. That was the year of Orange County and all the derivatives blowup that leads to the increase in interest rates.
BARTIROMO: Great point, yeah. But can we just get to markets for a second because I don't want to run out of time, you guts. There's been a massive route in technology, Mike Murphy, Charles Payne, weigh in on this. How come you see stocks like MetLife up 20 percent in a month, and then you see a stock like Facebook and Amazon down double digits?
MURPHY: I think to sum it up, big cap tech had rallied hard into the election and now money is rotating out of technology into, with the surprise in the election with Trump winning, money is rotating into the material stocks, the construction stocks, the infrastructure stocks, the transportation stocks. So I think you can look for opportunity within names like Facebook that's pulled back 11 percent in the last month. Names like Amazon. If you believe in the overall economy growing, those are growth stories that you want to invest in.
BARTIROMO: Charles, do you agree?
PAYNE: Yeah, I agree. Yesterday the stock at a day was caterpillar, they halted trading midway to the session for bad news. Three months ago the stock could be down 10 bucks easy. It opened down a couple of points and close 2 bucks off the high, off the low of the session, already one of the huge winners post-election. So, to Mike's point, a lot of money rotating there, record amounts of money in fact went through financial mutual funds in the last month. But I will say this, something deeper with this tech wreck. I'm getting my ass waxed, I hate to say it, but I'm going to get so wax this morning, I got to take my lumps and move away. Something is wrong with tech. I have looked at Amazon, earnings for the next fiscal year at 9 bucks, three months, $10.30. So something is wrong and I don't want to go there yet, although something like a Google at some point, you buy it and you hold it, it's going to be great.
BARTIROMO: Wow, Ok. So you think this continues?
PAYNE: I think it's going to continue. I'm not sure what's going on, but the market knows something, it's not official yet.
BARTIROMO: Is there any reason to believe that the Trump rally was running out of steam? That was a little talk on trading desk.
PAYNE: No, the caterpillar story yesterday told you, you know, listen, the market knows interest rates are going up, the market knows all of this stuff and they want to keep focusing on the Trump specific stocks, they think it's going to be a winner. Caterpillar was your big tell yesterday.
MURPHY: You can't overestimate the lack of regulation, if we get some regulation out of there, that can really help the market as a whole.
BARTIROMO: Steve Moore, Stephanie Pomboy -- mix you altogether. Great to see you both. Stephanie, come back soon. Steve, we'll be right back.
(COMMERCIAL BREAK)
BARTIROMO: Thanks, everybody. Here's Stuart. Have a good weekend.
END
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