Job Growth Rebounds, Mr. Musk "DOGE" to Washington, Lululemon Soars: CEO "First on CNBC" 12/6/24

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David Faber (1:01)

Market Insight and Analysis. You're listening to the opening bell of CNBC's Squawk on the Street.

Carl Quintanilla (1:07)

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Futures are fairly steady as jobs come in roughly in line, 227,000. The unemployment rate ticking up to the highest since August. Yields are lower, 10-year hits 414 That's the lowest since mid-October. A roadmap begins with the jobs number, non-farm payrolls, as we said, above expectations. Unemployment goes to 4-2.

David Faber (1:32)

Plus, Elon Musk and Vivek Ramaswamy are meeting with Republican lawmakers to discuss their DOGE plans. We'll give you some of the details. And Lululemon, you just heard from Dom as well, one of the top gainers on the S&P this morning. That follows a beat on the top and bottom lines. There's his CEO, Calvin McDonald. He's going to join us live right here at Post 9 We'll talk about the quarter.

Carl Quintanilla (1:52)

Let's begin, though, with the jobs number today. Interesting internals, Jim, the 6-month annual rate goes to a cycle low, 108

Jim Cramer (2:00)

Yeah, look, I think there's a lot here for, that would have meant to me, rates would go higher. Rates are down. Where people are being hired is what I like to look at. And this travel and leisure, this hospitality component, which to me is something that if I were Jay Powell, be concerned that obviously people have a lot of leisure, a lot of leisure money. David, these are the kinds of things that I can say, you know what, if you want to cut, go ahead. But this is pretty good economy. And don't make it too hot and don't make it too cold by your own means. Be happy, don't, you've got this plan to cut. But then say, hey, listen, we gotta wait and see. And that's not bad.

David Faber (2:41)

Don't you think that kind of is what Powell indicated in that conversation he had with Andrew the other day?

Jim Cramer (2:47)

Yes, but at the same time, there's still so many people expect a lot of cuts next year. And I'm more concerned with what the majority is thinking than I am concerned with what people, what he's saying. Because they seem to not want to get off the schneid of, hey, listen, we're gonna need more cuts. This is a good economy.

David Faber (3:03)

Yeah, as you say, 53,000, Carl, in November for leisure and hospitality. Health care also, 54,000 in November.

Jim Cramer (3:10)

Yeah, I don't know if they want that. By the way, you know, speaking of the so-called devil, when you have the government employees of 33,000, I mean, is that something where Musk says, you know what, we have to stop that. We have to be like Ronald Reagan. We've got the government only as good as the people. We've got to start shedding jobs in the government.

David Faber (3:30)

Well, that could be, that's government across the board. That's not just feds. I think it's kind of government, too.

Jim Cramer (3:34)

No, but I think that they're kind of setting a tone.

David Faber (3:37)

Yeah, absolutely.

Jim Cramer (3:38)

Look, they don't control. We have a lot of things, people talking about regulations. They're going to cut regulations. Well, most of the regulations are state and local. I'm saying setting a tone. Reagan set a tone. I think that Musk wants to set a tone. And by the way, just to be sure, in the FT today, Musk did donate more than 250 million to Donald Trump's campaign.