Jobs Tuesday: NEC Director Hassett on Employment Report, the Fed and AI 12/16/25

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Jim Cramer (0:45)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (0:59)

Good Tuesday 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. Playing some catch up with the jobs data today. October jobs down 105K, but November is a slight beat, up 64K. Unemployment though rises to 46 That's a fresh four year high. Ten year, pretty steady around 418 Our roadmap begins with this delayed November employment jobs number, topping expectations, as we said, 64,000 jobs last month. National Economic Council Chair Kevin Hassett will join us first on CNBC in a few moments with his reaction and of course the race for the next Fed chief.

David Faber (1:35)

Plus Ford is going to record almost $20 billion in special charges. This, as it pulls back from a lot of its plans to expand its manufacturing of EVs. The stock is higher in the pre-market. Speaking of automakers, Tesla shares hitting what is the highest level they've seen all year. And that of course is fueling Elon Musk's wealth. Now, measured at over $600 billion. That's never been seen in the 4 billion year history of Earth.

I don't know. I'm going with it.

Carl Quintanilla (2:10)

Let's begin, though, with Margaret's reaction to the delayed jobs data, Jim. Once again, it's basically education and health services that are doing the lion's share of the work.

Jim Cramer (2:18)

Yeah, we don't want that. That's the old days. I wish there had been more manufacturing. I honestly think, alo, the interesting piece today about Michael Intrader.

David Faber (2:26)

Yes.

Carl Quintanilla (2:27)

In which you were quoted, or at least referenced.

David Faber (2:30)

It was quoted. I think during the interview, we conducted, Carl. So it's nice to know that we don't count at all.

Jim Cramer (2:36)

You know, you drove right down to the heart of what I was going to say. You're so good. You're like a heat-seeking missile. No, I just think that one of the problems that I think Michael would tell you is, there's a mismatch. We don't have the people who can do those jobs. They can't pour the concrete. They don't put the rebar in. They don't know how to move the racks in. But we do have people who can do health care. And I don't... it worries me, because there's no change in that. It's not like we're putting so many people to work, Michael Intrader sitting down with lots of good people, trying to change the structure. But I would say, if I were President Trump, and I think we get to be a little bit like President Trump today, with the set up of our show, I'd say 64,000 jobs, 340,000 million people. Are you kidding me? That's ridiculous. We got to triple that.

David Faber (3:22)

How do we do that?

Jim Cramer (3:24)

1% rates.

SPEAKER_5 (3:25)

1%.

David Faber (3:26)

So you're now in agreement with the president that we need 1%?

Jim Cramer (3:28)

I told you I was going to be... I was going to channel the president.

David Faber (3:33)

Oh, I see. Right.

Jim Cramer (3:34)

That's what we have to do. You see, we can actually just play it straight and not get the right answer. Well, Mr. Hassett went to law raids. Well, I don't know the employment side. We have to be a little more creative than that as journalists. And I am saying that out of the time when I was a judge and the apprentice, you don't just say, no, I'm sorry, Mr. Trump, that's not going to fly. You don't do, that's not going to fly because that doesn't fly.

Kevin Hassett (3:58)

All right.

David Faber (3:59)

But specific to the the fundamentals here of this report, 4.6% unemployment rate, obviously October, but I'm not sure how much that counts.