The First Look - Adam Shapiro, Fox Business
Feb 1, 2013|
The First Look - Adam Shapiro, Fox Business
Transcript - will not be 100% accurate
We'll -- economic data that we've been receiving this week much of it has been to the downside. We're joined by Adam Shapiro from the Fox Business Network he's gonna help us sort it all out Adam good morning paper to do it. Well I was doing great until yesterday morning at 830 when I saw the GDP come in minus point 1% that was a surprise to me. -- it is amazing to me about that is I loved to play that the expert the people that I quote all the time. That the tone of the discussion all missed it. They were expecting one point 1% growth that was that was the best that. Content that. And they all have an excuse for two -- We always -- You look at I have to be audit I doubt I'm not an expert -- count me in among the Talking Heads that blather on repeatedly get -- -- you know it's this stuff. It's a cut it's a moving target that you can never eat it perfectly. I usually what someone does Martin -- Gloria -- -- and the doctor do -- always -- the economy is going to crash in the world going to come but and look at broken clock is correct place today. Right -- -- then you guys -- the the inconsistent part of it was. Fifteen minutes earlier we had received the ADP report that looked pretty good to. Yet the typical and we have ADP report the private payroll processor which they'd change the way they calculate that. Where are Andy that guy he's over his right they. They've changed with a Catholic so it's actually a much more accurate indicator what's happening out there it is now moving in -- with what we'll get to more the Labor Department numbers. But Asia that we added it was 8092000. And yes -- try 177000. So that would mean that private employers are adding to their payrolls. Be the explanation or getting as to why he GDP now. Was that there was drop in spending military spending and that pushed across the economy. And Q4 sandy maybe write an -- I I got the impression. At a at a W but I got the impression with the election everybody was distracted and they wanted to see was gonna happen with the debt ceiling just like their -- reform. I think there's a lot of people sitting on their hands. I throw out the unscientific here's my gut tells him now I think people -- -- me when I talk about people -- in media expert in the politician. -- the big money movers they're not people. Made a polite for the producers and every possible. But here's the deal. I think a lot of people were really nervous in December and I think we held back understands it. I think people like you like me I think is that you know what I'm getting -- dips indicated in the family. On the rest of it I'm gonna cut back to that it is and I think that's. I'd jobs report this morning disappointing number from my perspective 360000. After two consecutive weeks where I was optimistic I was guardedly optimistic but I was optimistic. Yet you're guardedly optimistic it was a below 400000. I use that. We're we're creating. Jobs in the economy that booklet that 400000 we went up 38000 initial entry out of it and it's. We're gonna get tomorrow. The the numbers for January and and we expect to hold -- under rated -- point 8%. But only adding a 160000. You know I used to stated it was 200000 that you had to have. Jobs created. In order to get people back to work with -- and I think it's a hundred that give a quick on the GDP number yes but I talked about consumers and if you take out that and think they can expect GDP. They were some people who are saying what you want -- ball. That we contracted the contraction is always frightening in its. Yet another corner is yet another quarter its a officially a recession right. Yet we have public understanding of Spain. It's too it's too soon Tuesday if we're headed that direction which gambling you know the president. In the first -- -- blaming his predecessor and and the Republicans that the economy he inherited. You know he can't blame anyone but himself on this. No I did talked I've I've had a chance this week to talk to a lot of guys in the construction field this particularly the commercial business appear Boston. They are busier than ever upgrade and they can't hire fast enough I am running into more more employers. That are actually running into labor shortages of skilled labor but they they can't find the workers they need to expand their business. Do you know attitude things that we don't talk a lot about but construction has picked up and we'll find out tomorrow -- -- get that number break down by Specter. But people are not talking about the fact that some employers because of the new requirements and obamacare. Are not laying people off but they're cutting back on the hours you -- So people aren't going to be making as much money and -- the starting to have an impact. As a meeting to see what happens going forward. We consumption and that GDP based on that but you know it's some of this stuff. The experts say this is the transit means I think a lot of it's still trying to figure out this market and in the rally were enjoying it's great. And you know I tend to be in the doom and gloom camp and I don't understand it you know is this an earnings based. Economy based row here is that the Federal Reserve we've -- so much money -- -- that the met at the co opt out I think the Federal Reserve and I get really nervous but right here right and talking about it's time to buy yeah and I'm thinking a bit. The rally that's right Mitt Romney that to think he should have called me four years ago -- -- Adam thank you very much I appreciate your time here Adam Shapiro the Fox Business Network. June night. Has come across a story involving a new phrase called sex portion. I am I you know June I had never heard of that entity brought it to my attention yesterday recover sex what is so extortion when you're gonna learn all about it from June night in our next thing.