9AM Hour: NEC's Hassett on Jobs Report, OpenAI Government Stake Buzz, Tesla Delivers 7/2/26

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**Carl Quintanilla** (0:30)
Market insight and analysis. You're listening to the opening bell of CNBC Squawk on the Street.
Good Thursday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at Post 9 of the New York Stock Exchange. Faber has the morning off. Futures get a bit of a lift from a soft June jobs number. 57K is nearly half of the consensus. Private payroll's down for the third consecutive month. But the unemployment rate dips to four too. That's a one year low. Oil inching closer to 67 this morning as China reportedly not really soaking up all that Iranian crew that's sitting idle in some Asian waters. Saudi exports also at a post-war high. Our road map begins with June jobs in below expectations. NEC Director Hassett will join us in a few moments with White House reaction. OpenAI reportedly trying to defuse growing political pressure in DC, proposing to give the government a 5 percent stake in their company. And some new redemption numbers from Blue Owl just now, as credit concerns continue to impact the alts.
First though, let's get to market reaction to the jobs number this morning, Jim. Interesting internals, manufacturing really doesn't go very far. The government up 8 The weakness in leisure hospitality got some notice.

**Jim Cramer** (1:44)
Yeah, look, I think that that's just to plan out negative. It's interesting because a bunch of airlines got price target raised today. That group is doing very well. Hotels are doing very well. So I don't know exactly where the weakness comes in. I will say that the biggest story in this country is the growth of the data center. Where is it in these numbers? Construction, manufacturing, nothing.
Where are they getting these people? And how does this impact? I question whether this is the kind of thing that I think that a Kevin Marsh would say, you know, we can't take this seriously. We got to find a better way to do this. Because right now, we have the biggest construction projects in history.
And it's not impacting these numbers. And I think that's kind of crazy.

**Carl Quintanilla** (2:27)
What we've talked for years now about the response rate on job surveys. It's gone. It's plummeted over the past decade.

**Jim Cramer** (2:35)
Yes. I just feel like when you have the largest works project in the history of the government other than during the war, World War II, and it's not reflecting these numbers, I just don't know why I look at these numbers.

**Carl Quintanilla** (2:48)
Yeah, to be fair, the construction numbers have consistently increased over the past three or four months.

**Jim Cramer** (2:56)
Right.

**Carl Quintanilla** (2:56)
They're just not, they're not barn burners. I think 11 is where we got on construction.

**Jim Cramer** (3:00)
Well, I just think that if you talk to anyone in this business, we've got reshoring, which is remarkable. We have data center built, which is remarkable.
We have oil and gas, which is at a high, gone higher because of Iran. We have warehousing at amazing numbers because of what's going on with e-commerce. And we have literally no change in those jobs.
I don't know how to trust this. Leisure and hospitality is very strong. I don't know how to trust it. So I come back and say, well, our shit is probably right. I mean, we got to find a better way to look at this.

**Carl Quintanilla** (3:36)
Yeah. I mean, we did get factory construction numbers this week that show 20 percent declines over the past year.

**Jim Cramer** (3:43)
Look, Meta is putting together this plan because they can't find enough workers to put, to build data centers.
Every single one of these companies is traumatized by trying to find enough workers. And this reflects that there's a surplus of workers. I don't know how.

**Carl Quintanilla** (4:01)
Unemployment of 42 connotes some weakness, some tightness.

**Jim Cramer** (4:04)
Look, I just think that the mosaic, as they put it, makes no sense to me because I don't know how it is possible we're going to find all these workers. Now, maybe it's possible we don't have the workers so they can't bring the numbers up. Right, right.

**Carl Quintanilla** (4:18)
And we've talked about labor supply getting pinched, right? Because of immigration and a bunch of other things.