not raise rates as the market expects, also, that helps to dampen inflation, that is positive for the fed, because that's key of what they're worried about. >> saira malick, thank you and have a great weekend it's that time, ladies and germs, make sure you join us next week. "squawk on the street" is next good friday morning. welcome to "squawk on the street." futures are up on the jobs number that is a miss at 210,000, but the best labor force participation of the year, positive revisions for the seventh straight month, and average earnings that are a touch light. implications for the fed and the market that we'll get into slower hiring, but renewed covid uncertainties, risks to the economic recovery.

we'll get the first reaction from the white house with gina raimondo. a rare mea culpa from docusign, after they issued weak guidance. ftc now suing the takeover of the chip designer's arm jim, it sounds like you're taking a more bullish tone >> yeah, just wind back the tape with chairman powell he might have said, look, i'm worried about commodities. i'm worried about the new variant. and now i also think that labor is weaker, so what we have to do is hold for the taper. >> do you he has everything he's

less worried about >> he didn't seem that unworried. >> oil is down dramatically. >> just in the last few days >> next week he would have to give -- >> he should have waited a week. >> right. >> maybe. >> maybe >> you don't know. that move in oil, the jobs number -- i have to turn that off. we still don't know about omicron. >> no, but but i'm getting more sanguine about -- >> you're raising it anecdotally. >> it's not empirical. >> it's been a week now. i'd like to hear the numbers wouldn't this be great to know how many people got on the plain who had the variant and how many people a week later have the

variant. the dutch have those numbers >> how can the dutch just -- >> because it's not necessarily indicative of that you need a much broader sampling, don't you? it's arrived -- >> yeah, you're saying -- here's what i'm saying. i'm saying the free out may have been misplaced, and perhaps we should be more skeptical, but i'm also getting the feeling that as long as the hospitals can handle things, until we get the antivirals, we've got a bring. >> that's going to be the key. >> i know iowa yesterday, highest hospitalization of thee. boston, page one this morning, hospitalizations -- >> that's delta. >> that's the thing, was the surge we thought was delta actually omicron >> but i looked at dr. gottlieb

saying -- that's a back door to vaccination. we know that the vaccination makes delta less of a killer or something that puts you in the hospital. >> yes, yes. back to the economy, back to jobs connect them all for me. >> i just think there's two reasons why people were worried last week at this time so far we have not gotten the sense that omicron is killing people, which matters. the idea that we were going to have a faster taper, and now the data comes out to say, well -- remember, you said a few months early? he may say, well, maybe not. >> just from this one jobs number >> no, come on >> you think he's going to backtrack? >> doesn't he have another jobs number on monday

>> that's always been an issue i would take that job to find out. two principles worries of last week i feel better about that's all i think it's hard to be as concerned about a red-hot market after this -- get this let me posit something i'm listening closely. i'm fog cows ed here's the deal. let's sake you were making $7.25 an hour. suddenly you're making $15 an hour maybe you work half the time, so the labor force is missing people who are doing better and they don't need to work's much. >> if you were making $7.25 an hour you were barely able to live. >> they take it to $15, maybe

you don't need two jobs. >> interesting >> i thought of it myself. >> are they measuring appropriately the people who left the workforce, but are actually still working in some fashion or another >> you talked about that with marty walsh. >> they asked me for benioff's number i don't know what came of it just to get more better numbers. the numbers are tabulated. they were before the great digitization. >> you do start to wonder a bit. >> that's why leiesman said this morning he doesn't buy the numbers. >> and he got that dead right, but he also had to do a mea culpa. >> he did.

meanwhile, back to omicron, there are employers who are going to put offer once again. >> agreed point. >> google putting off back to the office alphabet is one of the latest. some of the biggest technology companies have made it vaguely optional. >> i have a stock for this i have a key to this market. it hit an all-time high yesterday. sherwin-williams it's a retailer. people are coming away from home depot. when google says, listen, let's go back to work, you know -- >> i have to live in a nicer room. >> and then an added layer of moving past the supply chain hiccups we thought was going to torment stocks like these. remember that? >> i know. so, again, i come back and say -- i'm trying to figure out

the rally yesterday, whether that was the real or the phony one. i come back and look at sherwin-williams, and i say that's indicative of people saying, listen, we have to change that's why the order numbers continue to be good. we're going to talk about marvell, the deal with ford was very special. >> we're just getting numbers worth presenting 200,000 retail reservations for the f-150 lightning. >> i knew it. >> maybe you're first in line. >> no, i ordered the maverick in march. i'm getting a good feel for march. >> march. >> well, it had abepa issue. >> so a year to get the car? >> that's what it looks like. >> aiming to reduce their ev battery -- before the end of the decade. >> he does have a company -- working with a company -- not quantum scape, by the way.

you should know that, david. >> got it. >> i just think that auto -- can he go back to williams sonoma last week, that stock is now down $30 they had an unbelievable quarter. they're every bit as good as sherwin-williams >> everybody knows that. >> you think he thinking is it organic? >> i'm sure he experts the bark. >> you think the blowback that's the sole most important person in america today >> potentially, yes. some people wonder whether they should be filing a 13-d on every single company when they put a letter out and saying we're going to be doing this or looking at that -- >> no, i'm not, i'm just positing the idea of their

power. >> it's been a remarkable 24 hours out of washington. we got the korclean cr, and news out of the treasury. ylan mui has that. good morning, ylan. >> treasury has placed 12 countries on a foreign exchange watchlist over concerns on how they manage their currency china is on that list. with the lack of transparency around the exchange rate mechanism. the treasury says it's closely moni monitoring, and switzerland is also on the list vietnam and taiwan has a stronger designation, but treasury says it's satisfied with vitt snaps's progress and urged taiwan to address currency undervaluation no country was finally labeled as a currency manipulator, but

12 countries on that watch list, two countries requires enhanced analysis. >> that's a delicate game. we'll watch it closely, ylan. >> taiwan is worse than the prc? >> some are on the ropes, as much as i know. >> as you say. >> okay. look at futures here as the jobs numbers crossed, prizing on fed funds futures, kind of unchanged. when we come back, we'll talk about what docusign said and how they're trading. oo and nvidia, t. more "squawk on the street" from the nyc in a moment

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docusign looks to open down. missing on current quarter revenue and billings guidance. the ceo said, quote, we weren't executing. he will be a guest on "techcheck" this morning they're going to slow significantly in q4. >> sometimes you get conference calls where the numbers aren't

good, and everyone just ignored them the management team comes up to the call and they start asking tough questions. i'm going to give dan springer credit at the beginning, he says demand is slow, urgency of customers, buys patterns, that's very, very negative, except a step down the environment shifted more quickly. he said the thesis changer, ubs thesis changing, debacle q, look at these wedbush, piper, and the real call is they didn't see it coming at all. they continued to think what would happen is people switching -- but there have been fewer decisions that needed docusign i can tell you that the analysts -- the gloves are off in the conference call. >> you don't think it has anything to do with just coming off a tore i had year last year

with such rapid growth >> i think that's a great question there was this transition quarter that wasn't a transition they came off torrid growth, but it doesn't stop, and then book it was this quarter. you had one quarter that was not a quarter of the pandemic, and it still was good, and then, wow, did it just cool off. >> though if you were smart enough to have shorted zoom, peloton, docusign. >> the three musketeers -- >> -- you are having a great year me ville is still down even though it's's 20% up on the new money he got tiger global only up 6.1 these hedge funds are not doing what they're supposed to go, which is making those kinds of decisions. >> there was an up grade with

peloton. >> deutsche initiates buy, 76. >> the time is now okay hybrid work model. i prefer sherwin-williams, as i mentioned, but palo alto, he brought the little thing that you can have for your home to keep your cyber house safe it looks like a big alexa >> can we talk nvidia. >> do you ever call -- >> no, i don't have alexa. i don't like something listening all the time. >> you say "i'm sorry," she says "it's okay." >> let's talk about nvidia it's a news story, so we're going to talk about it. >> citi says only a 5% chance now.

>> the ftc is blocking the billion dollar acquisition. >> it's a hearing, come on, david. >> let's talk about the ftc. it's not the only deal did you see they also came out to block great outdoors purchase of sportsman's warehouse >> it's down badly >> i think they're going to block people who are dating each other. >> listen, they want it will stifle chip it development, and jim, not a surprise to anybody, including us we've been talking about this deal as being hidely unlikely to get approval, not just here, but in the uk, and potentially in china. the only people who seem to still have hope? >> me and gens are not. >> a-- jensen. >> and the cfo it's expanded its offerings. this one is still borne in part

because -- i will say it -- there will never be a company as powerful in the semiconductor industry as the nvidia arm you know, telco, high-performance computing, and you already own the metaverse. >> this will speak to the fact that the ftc has become a break on large strategic deals you know, you speak to any practitioners in mergers and acquisitions and they will say, yes, there's no doubt, if you read what the ftc has to say listen, there's no doubt that the ftc is an issue right now, when we advise clients when we think they're doing something big, noteworthy, it may require them to go to court to get it done. >> and nvidia is going to court. this is going to be a court battle maybe they will. >> really?

>> that's a lot to go through. softbank isle soller of arm, obviously. and it was like $308 billion remember when softbank owned 5% of nvidia. masa, mr. long, long term bought it december 1st of 2016, sold it september 28th, 2018 5% of nvidia now is over $40 billion. they made money. >> a lot of people -- >> i do come back to that number thinking they're selling arm to think, but if he just held on to his nvidia stake, he would have a $40 billion -- >> i was with a group of cfos, almost no one knows how big this company is

they're line, nvidia >> they don't realize it's the seventh largest -- >> they don't know nvidia. they think nvidia is my -- it's incredible that jensen has put together this company that i think will rule the metaverse. that's my own view they're stick ig totally to the idea this deal will get done jensen that is ha avatar >> here we go again with the fast-food ordering i'm still trying to figure it out. >> you want to paint with me did you hear that picasso can teach you to paint in the metaverse? >> first of all, nobody can teach me to paint. i can barely sign my name. >> no, you'll be able to. >> i'll do the globe with shakespeare. i'll do that.

we'll get cramer's mad dash, and the opening bell still a lot of stock to get to and what munger is saying about costco today don't go away. what's strong with me? i know when i'm ready to run. what's strong with me? i can find strength in a rest day. what's strong with me? there are some nights i sleep so well... i'm ready for anything. find out what's strong with you with daily readiness on fitbit.

futures are higher the short end is a bit higher. oil shooting for 69 this morning. the opening bell is a few moments ago, and we'll talk with

gina raimondo. so keep it here. there's this feeling we chase... like someone upped the brightness on the entire world. like your body is super-charged, but your mind is super calm. it feels like 20/20 vision for your whole being. and we'll chase this feeling, until we can feel it... one. more. time. feel the hydrow high.

if you wake up thinking about the market and want to make the right moves fast... get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity. time for a mad dash, and we'll get to an opening bell on this friday so let's squeeze it in >> marvell technology, a

semiconductor, the target rates by several >> so all the analysts were blindside bid how good things were. >> exactly. >> that's really helpful, raising targets afterwards >> by the way, callen had downgraded it last year. marvell, david, it was a magnificent performance. it was 5g, it was auto, internet of things, but high-performance computing. when i found out matt murphy was being interviewed by jon fortt, i thought it was great it didn't hurt my feelings at all. i was sanguine >> i'm happy to hear that. >> i pushed for the interview so badly. i blew it. >> you have 60 minutes you can't get everybody.

>> he has an incredibly cruel jacket sartorially, he's the best ceo you know triathlons, i think he's doing quad-@alones. he's the toughest. he comes on, and he's total tnp he takes no prisoners. >> yes >> you were already looking to semis. >> this is one of the biggest positions for myocharitable trust, but we had been pushing, pushing, pushing for people to be in marvell. we were blindsided how great this was by the way, this ford deal magnificent. he gets some of those chips that people are having a hard time

with >> yes >> yeah. ford this morning says they'll be the number two ev maker within two years annual production capacity at 600,000. do you buy it? >> yes, absolutely i buy it. absolutely that's far more than a lot more than people are looking for, including jonas, who put out something incredibly weird today, gm versus lucid i finished it and said at the end what was that? it was like the jonas brothers, one guy liked gm, and one guy liked lucid. >> very james joyce-ian. >> it was, wow, it was like ulysses. >> there's the opening bell. at the big board, local bounty celebrating a listing via spac at nasdaq it's nutriband

everyone wants your take on didi, jim, what this means, this delisting, whether or not china tech is toxic. >> i'd respond by say there's a fact sheet out today called holding foreign companies accountable. you have to identify whether the chinese communist party is involved, have to have your accounting by the oversight board. i remember that because of enroll 20 years ago, but it's an admission of, okay, guys, we can't do this stuff anymore. remember didi was theparty coming out saying -- it wasn't as bad as when they deemed the tutorial companies suddenly nonprofit, but good riddance i want the congress to adopt what gensler is talking about.

gensler wants to protect us from these kinds of deals chairman of the s.e.c., doing incredible work to make sure this doesn't happen anymore. >> this is still somewhat uncertain. you have to list in hong kong and make the shares transferrable. there was some idea they may try to race some money and buy in the shares trading here. >> no one knows. they haven't made it clear we all remember coming public, a very brief window there, and then we got the news that the chinese were already unhappy with them, and sort of looking at them more closely in terms of cyberregulation, a lot of different things, and then it's advanced since then. at some point at the take a while to figure it out they have to list these shares somewhere else, that you

potentially can, at least, transfer somewhere else. then you have to do flow-back issues and everything else everything goes back to that market telling people to buy it, and then they get the money back, it's not one of not. >> no, but you've been advocating for some time for -- >> i don't have to do it anymore, because gary gensler, if he gets his way, will make it right. this is a must read. it's only two pages, but it's extraordinary what he's talking about. >> ulta is back to 400. >> what a quarter. >> two-year comp up 14, same for q4 despite that, their biggest category, which is makeup, almost half of their sales, is still down estee lauder is right behind them. >> they'll do fine they did say on the quarter, don't worry about it, and yesterday, what did the ammist

traipse by the deal with target? that deal just started, but i think the target deal is going to be great. by the way, remember, kohl's is a competitor now it's gotten -- do you remember they were best these guys are kind of going at it, but i thought that dave kimble was masterful on the call ulta has done so much things right. they are still adding stores my charitable trust owns estee lauder, but i think that should go to an all-time high the single biggest place to buy their stuff is at duty-free. if they get that, look out chinese are back buying remember the chinese middle class -- it's not the rich that buys these

in our country it is mac is very expensive. >> there's another product they have for ladies that's very expensive. >> cover girl? >> no, no, no. >> maybe lien? [ laughter ] >> can they give me something for my neck? >> you partial look like you had a duck bill with a couple weeks off work, but now it's being used to get rid of faddy deposits, but only in germany. when i went to carlos, the ceo of abbvie, he didn't have a clue the stock is fabulous. yield is 4.7

i want toe stay -- >> why >> because the company is the most undervalued company in muir charitable trust. >> abbvie? i thought there was an activist. you have said that. >> there was no follow-through. >> doesn't even have time to develop the really big drugs, and they have botox. >> they do >> that's true. >> i've been talking about it, you want to know the most undervalued stock in the portfolio, abbvie. >> is that in the investment club >> yes disney, and walmart. >> and costco? can we talk about what munger said >> i had my spac -- we briefly hit the amex business, using a spac to go public. what i noticed as well, is how

many advisers apollo's brought into this deal do we have them? they brought in every single investment bank to advise on this deal. smart. pay a lot of fees, you get a lot of good stuff. >> good coverage >> but the deal itself is a $150 million as a burnout as well the pipe was $335 million, a back stop for redemptions. here it is this is so funny how many people they had advising. i mean, it went on and on. just for a little spac deal. the other spac deal is buzzfeed. they announced their redemptions. remember, this is something i was talking about a few months

back, these incredibly high redemption rates, and the trust that they can use. 94% redemption rate, but the stock is up. enfa, that's the spac they're going through public through sometimes we do see a squeeze because there's no shares outstanding anymore, but let's keep an eye on that one as well. it's a good start there. they get the vote, even though 94% who held it said, i want out. >> the journal says the company itself raises $16 million -- >> it's not. it's 94% of what -- i have to look back at the actual number yeah, you're talking about a very, very small number with what they will raise it gets back to the ideas for these companies that are banking on using the money for growth capital, what are they going to

do we've had a number who say, we'll be fine, it will be okay >> we talked about costco a moment ago, charlie munger at a conference, said a number of things, the market is crazier now, but did say he predicts costco will be a big internet player, prefers it over amazon it's got people arguing berkshire should just go ahead and buy this thing. >> $235 million company, richard galante would tell you they were late initial ly to online, but think costco had a number of other day that was slightly weaker, and the stock didn't go down that much there is talk they could easily put through price increases to

be a member, and it's a juggernaut, only two stores in china. they could have 100. 210,000 jobs added in november, unemployment falls to 4.2, the lowest since the pandemic began joining us is secretary raimondo madam secretary, good to have you. >> great to be with you. so many of the internals are so strong, and because we've had positive revisions now for seven straight months. do you think there's something squirrely in the headline data >> as you say, each month we've had revisions. by the way, all revisions to the up side. what ially say is you can never take too much from any one report, you know there's ups and downs, but if

you look at the trend, it's very strong as you just said, unemployment is down 70% since the president took office. if you just look at the fundamentals of these numbers and last months, more people are working, more people in the labor force, fewer people unemployed, wages are up so overall, i wouldn't be at all surprised if there were technical revisions, but if you just look at the trend over the past seven or eight months since the president has beenin offic or a steady march forward and more people are working. >> lane force participation, one of the most anticipated number, 61.8 is the best for the year and it's been stuck at the top of the range for about a year and a half what do you think is drawing people back? >> i think people want to work

is the economy is fundamentally strong, employers are hiring, people are getting back into the workforce, this is the best report we have seen this year, more people in the labor force wages are up i also they the president and his team have done an extraordinary job with covid the truth of it is a lot of people were holding back from the workforce, because they were afraid they didn't know if their colleagues would be vaccinated so i am bullish -- i'm not saying everything is perfect i know that folks -- there's still a lot of urn certainty, but the fact of the matter is, as more people get vaccinated, more people gettheir boosters, i think you'll see continued steady progress in the economy and in these jobs numbers. >> madam secretary, always great to have you on the show. >> nice to see you >> why doesn't the

administration make more of this incredible empowerment small business issue, where you get millions of people leaving the workforce, but here not really leaving, they're developing their own companies, going through shopify, through facebook yet i never hearing the administration embrace these people these are the heart and soul of the new capitalism in this country? >> yes you know, i talk about it all the time, jim. i think it's very exciting americans are fundamentally entrepreneur and strivers, right? that's what makes america great, the strongest economy in the world. we're always hustling, thriving, looking for that opportunity i have spoken to a lot of women who have said this is a great way for me to start my own business as you say, a lot of these online platforms have enabled that, so maybe we need to talk more about it, bud i certainly

celebrate the entrepreneurship and i think it's here to say. >> put a panel together of, say, six women who are making more than a million with you, cnbc, and we show how it's done. >> let's do it i'm in >> all right we're going to do it there you go carl, i've got to tell you, i know the numbers are different, but secretary ray mondayo, i have to asksh the chinese seem to have stopped taking our jobs away, but are you not impressed how the koreans have started creating jobs in our country >> i am impressed. you know koreans are an ally of ours since i've been secretary, i've had a lot of engagement with the koreans, a topic you and i talk about all the time, semiconductors we look to ally ourselves with the koreans, the japanese and many other companies yes, i am.

my focus, my obsession on behalf of the president, is american competitiveness, making the necessary investments in skills, in development, in chips so america can compete and out-compete and work with our allies while we do that. >> on that note, madam secretary, the infrastructure bill that was recently passed is intended to do that very thing, but there are questions about the ability to hire enough skilled workers. i'm curious on your thoughts on how that will be implemented, and whether there may be issues when it comes to moving quickly? >> i think we need to be honest with ourselves this will be hard. it is hard to implement successfully a trillion dollar package. having said that, we will do it. the president has convened the cabinet on several occasions, talked to each of us individually to, you know, drive it home to us that implementation is a priority

my own focus on broadband, i'm going to have to hire hundreds of people in order to do this, but we're going to nail it it is hard, we will do it, and it's necessary, and we're going to create a lot of jobs in the process. i also think that it's going to be a new day when the american people start to see in their communities progress, start to see fiber being laid to the homes so people have broadband start to get the airports, roads, bridges improved. with respect to the labor force, we've got to get creative. you know, we have to expand the labor force. we have to rely more on community colleges, more on high schools, frankly, be willing to hire fox who have been formerly incarcerated, dropped out of the workforps, or maybe don't have a four-year college degree we have to train them, help them get the skills they need to be effective. i am not, you know, diminishing

the level of difficulty, but we are up for it. i'm actually incredibly excited to see the results >> finally, madam scaecretary, o were beginning to see signs of improving supply chains. since then, a lot of data shows better time, less backlog, lower shipping rates do you think this is for real? >> absolutely. truthfully, i talked to companies' ceos every single day, from the biggest to the smallers companies, and they are telling me they see it, it's for real they're telling me the stocks will be -- excuse me, the shelves will be stocked for christmas. the wait times are down, the crunch is easing, the ports are moving more smoothly so it is really on the administration, wove leaned in on this.

i have, secretary buttigieg has, the white house has, and i think you'll see incremental progress every day, every week, every monday. >> madam secretary, appreciate the time a busy morning good to see you again. >> have a good day >> gina raimondo commerce secretary. two year, 63 basis points, just now crossing ihs market final services pmi is 58 versus a flash 57 some of the opening gains have been lost, though. we'll be right back. ♪♪ care.

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your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire i'm morgan brennan at the reagan presidential library where the biggest defense conference of the year is happening.

there's a lot on tap, afghanistan, russia and china, in what's being referred to as the new arms race. china is the biggest threat to the u.s. it will be a big topic here over the weekend. and it's one we're going to get into exclusively with the ceo was' northrop and united launch. in the meantime, more "squawk on the street" after this break

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and present, can continue to get the tools they need to build a future of unlimited possibilities. it's time for jim and stop trading. >> yogi bearau once famously said [ inaudible ] and that's how i feel about chipotle. and they're putting out the -- all their best stocks. underappreciated and misunderstood. they're talking about chipotle making 300 per unit. loyalty, which is brian nickel's specialty is 30 million people i think its been skauled maybe it's time to go back to buying chipotle. good piece

>> interesting piece labor inflation som, an issue t can work with? >> they have the ability to raise ever so slightly because people love their product. this is a new theme i get. are they sustainable one of the thing he pointed out is because there's sustainability, people buy the stock and people go there. >> it's important. >> we're a long way from the 18-months period where we thought we'd have to erase our memories from the troubles of the food supply. >> americans are short sighted >> and what about tonight on the show >> before we get to that, there's a lot of software companies having a rough go in the market sorry to jump on -- >> i know. >> at least docu sign is -- and you pointed out alibaba's down 9% that's a huge move down. >> and docu sign is part of many

etfs entertainment stocks are done again. they're toxic. i have food porn on tonight and that's not toxic >> yes, boot barn is maybe what you want but david, there's a lot to do it's not just about sports >> no. yes. >> he said the ftc would be active who thinks they're going to reach down and buy dave's sporting goods and jim cramer's outdoor? >> buy sportsman's warehouse >> remember, dave's outdoor was a bust out >> we'll see you tonight, jim. "mad money" 6:00 p.m. eastern time dow has lost its gains

welcome back to "squack on the street." back with big, breaking news if you look at ism services. the biggest swath, the november read, zoom, zoom, zoom, 69.1 the highest since record-keeping began and that was in 1997 last month, at 66.7 was an

all-time record and this one out distances that if the equity markets are getting spongy, this might put a jolt back in them. factory orders up a full 1% and our last month was revised times two plus, to up half of 1% strip out transportation and it's zooms again up 1.6. almost three times what we're expecting. and another big positive revision from up seven-tenths to 1.1. now durable good orders. final numbers replacing mid-month numbers. down half 1% is down four-tenths of 1%. and capital goods orders, nondefense x aircraft, a proxy for business spending. up 1/10th and if we look at shipments verses orders, up four-tenths.

these are pretty hot, theb jobs number was not it will be interesting to see if we can reverse some of the negative signs with regard to equities and up 14 basis points on the week 145 in tens is down three basis points for the week. think about that carl, back to you. >> amazing, rick it's a lot of interesting data, inc includeing the jobs number early on i'm with david faber here at post nine of the new york stock exchange morgan brennan is out west for the reagan national defense forum. we did start with opening gains. session lows down 124. as rick said, some of the metrics on the macro economy pretty hot we'll see what atthat means for the fed. >> here's three big movers we're keeping an eye on this morning didi is down after the chinese

ride-hailing firm said it will delist from the new york stock exchange. for it's going to pursue a listing in hong kong. it's a difficult process but not going to be trading here anymore. moderna as well. it's not doing much right now, but the stock, as you see, it's up a little bit. this follow as report from the fda, which says it's working towards a quick review process for updated covid shots. and that name, as you see, has been coming back after a recent drop finally, we'll end with docu sign those shares are just getting crushed. down 40% this after weak q4 guidance. that may be pressuring a lot of other names. concern as it's reflective of a broader slowdown we're going to get into that with ceo dan springer. he'll be with tech check in the next hour. a closer look at the jobs number, as well as the barn

burner of a number on services morning, steve >> morning, carl yeah, that is a big number and that is the biggest part of the u.s. economy doing quite well. but two report to mark this morning. wow, telling two very different stories about the job market a payroll survey showing weak job growth and an economy struggling to put people to work and a household survey suggesting they're hurdling head long at a fast clip. up 210 against an estimate of 573,000 and showing a sharp drop as the unemployment went down and people came back to work 61.8 600,000 coming back to the workforce, back to the payroll survey 0-3. work week ticking up just a little bit look at this differential.

1.1 million additional employed, verses just 210 in the pay roll survey that is a top five differential between those two in the history of these two surveys i went back 50 years payroll disparity full of dispointments. transportation is strong too leisure and hospitality, that does not appear to be coming back and retail down 20,000, despite really strong retail sales reports for november and government declining 25,000, despite all the confusion, most economists think all the jobs data, taken together, is enough to keep the fed on pace to keep its taper later this month and writing this morning, while this report is disappointing, it does not change our view that faster tapering will be announced in december, unless the scientific news on omicron variant is disastrous. right on cue, saying on the

ticker this morning that he sees the labor market as tight enough and he wants to speed up the taper. my take on this is there's a lot of evidence the jobs market is strong i'm siding with the household survey on this, which i have almost never done, carl. >> we actually talked about that earlier, steve you're saying people on twitter may be calling you a hypocrite have you got any nasty tweets? >> i got one that wasn't nasty he said you said call you a hypocrite so you're a hypocrite. so, appreciate it. just when you think it's going to turn nasty, everybody's very nice about it. and people are sufficiently confused there's a lot of other stuff that tells us the job market is strong, employers are looking to hire and this idea that people came back the workforce, that's interesting. almost 600,000 and the decline

of almost 500,000 in the unemployed number, which is big to prrp. >> you raise a lot of questions and give us insight. thank you. we did speak with commerce secretary last hour. we got her reaction to the today's numbers. >> i am bullish. i'm not saying everything is perfect. there's still a lot of uncertainty. but the fact of the matter is as more people get vaccinated, get their boosters, i think you're going to see continued, steady progress in the economy and in the jobs numbers >> let's bring in j.p. morgan strategist, david kelly and dianne swan. david, i'll start with you what message is the jobs report sending? >> i tepd to agree with steve liesman's recent conversion to the household survey, at least for this report. i think you have to look at the mosaic of all the numbers,

including the services, i think is quite important it says there's lots of momentum in the labor market. the payroll survey gets messed with by seasonal factors we added 330,000 retail jobs we're still in the sort of quasi-pandemic value and it's strong, particularly for low-wage workers i see a lot of momentum, more on the demand than supply side. and i tend to agree this means fed probably tapers fast by raising rates that they were earlier doing. >> dianne, you agree are we running out of workers fast >> i agree that this is a much better report than at first glass r glance and i agree with everything we've heard so far. the household survey and the payroll survey, the dissidents between them is deafening. in reality is somewhere been

tween, which is better in the fall -- i think the federal reserve will embrace the fall in unemployment rate and the highest since march of 2020. that's what they've been waiting to see, people participating and data suggested leisure and hospitality fell during the month. i don't believe that for a second and i think that gets into the seasonal problems david eluded to. we're seeing wages pick up and we're seeing the number of multiple job holders stay at a million below what it was in february 2020. that's good news because of the rise in low-wage wages in fact, one of my clients told me about my letters of thankfulness they got, mostly from women, who have said they were able to, with the wage hikes they put in, finally work only one job, instead of two that really is a major shift in the labor market and much better

than it was in the best of times during the last expansion. and i think those are important shifts we're seeing out there. there is a constraint on the supply we still need to get more workers back but we're moving in the right direction. >> i wonder what you think of the evolution of the fed's thinking we've gone from not thinking about to thinking about to not taper to taper by the end of q1 and now saying we should think about letting the balance sheet shrink have they gotten religion in a fair amount of time, in your view >> i think they're getting a little extreme i wish they'd started raising interest rates and tapering earlier on i think the economy was strong enough the direction was correct here but i think they're reacting to high inflation numbers one of the challenges they're going to have is, as the next

few months going on, yes wage growth will remain strong, but supply constraints are going to back off i think we'll get a hot inflation number last week but lower energy prices and perhaps lower food prices. when that happens, the fed's not going to have as much of an excuse to tighten quickly. i have no problem with them speeding up the tapering but they should be more balanced in terms of their messaging. the story isn't fundamentally different from what we thought six months ago i don't understand why they're changing their message from what is way too dovish to the more hawkish tone now >> do you think they should have had the courage of their convictions in the word transitory some worry they're over communicating now. we reached a point where they're over communicating too much. >> i'm not sure the fed can communicate too much

but do they do it right all the time no and i think david is right he's pointed out that they be patient but not hesitate to raise rates. now, instead of being -- we should have been tapering sooner, thinking about this sooner the fed was slow in the uptake prrls what i worry about now, is as i deal with the residual underlying conditions, the surge pricing we see in services, as that comes back in 2022, that the fed panics instead of being prudent on rate hikes. and that's where it is tough this is the first time the federal reserve has not preempted inflation in more than 30 years and it's preempted a nonexistent inflation for the bulk of the last 30 years. now it's going to chase inflation down and the risk is we get more of a boom-bust cycle, amplified by an over hang of inventory in 2023

and we don't want that either. i think there's a panic out of the fed n stead of prudence and i'd prefer prudence at this stage in the game. >> thank you both. >> thank you >> meantime, nasdaq now down 1.5% let's get out west to morgan brennan in california. >> so much is still ahead, carl. i'm live from city valley, california, with the reagan national defense forum kicks off today. this is the largest defense forum of the year, invite only the groups gathering at a precarious time, with the u.s. grappling with a growing number of threats from across the globe and beyond this hour we have two big interviews to come northrop grumman ceo discussing

the defense spending and hypersonic missiles in the heels of china's secret test and coming up right after this break, i'll speak exclusively with the ceo of united launch alliance about the upcoming space force mission and what investors need to know about this sector. hsu a big show ahead so don't go anywhere. ? i know when i'm ready for a rest day. ...so i can be ready for anything... tomorrow. find out what's strong with you with fitbit sense and daily readiness. wondering what actually goes into your multi-vitamin. at new chapter. its innovation organic ingredients and fermentation. fermentation? yes, formulated to help your body really truly absorb the natural goodness.

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presidential library, with the ceo of ulaa joint venture between lockheed martin and boeing and has a big launch scheduled for this weekend with. the stp 3 mission expected to lift off this sunday thanks for joining us. >> happy to be here. dollar the fact you have the space force mission this weekend and of course we had the first meeting with the biden administration of the space counsel it's become an ever growing topic. how do you think about it, especially given the fact that china has been so hot with its launch streak? >> what a great question it is about now a war-fighting domain, where we have to strive deter aggression in space. >> so, how to we do that >> in a couple of ways first, we make assets that are there more revilsilient, able to absorb an attack and we need to

make it less easy for those assets that china and russia are developing and have been for a decade now, to access our satellites on orbit and harm them, so we make their investments obsolete by leapfrogging them with technologies that do these two things >> is the u.s. working fast enough to counter for u.s. and china? >> we are now. so, they've been working on space weapons for a decade we haven't been. so, now we're in a big hurry to leapfrog that and get in front of them and we're working very hard what the t means is one of the other things we talk about in resilience is rapid reconstitution in the ability to stay ahead of the threat you will see the launch cadence go up over time. >> part of that will involve, in coming year, the volcan centar

i ask because it's a rocket being made with american rocket engines supplied by jeff bezos's company, blue origin >> it is this is the most exciting part of any rocket development program. they're being paced by 92 engines and new technology and fuel two launches before the year is out. >> so, early next year, it sounds like blue origin's delay snd. >> i was hoping to get the engines for christmas. i have giant stockings at home waiting for them it's taking them a little longer to fabricate my production engines. they're in the factory now the covid epidemic has effected them and their supply chain and it's taking a little bit longer. but they're doing very, very well there's been no problems with

them and in fact, we're doing the final certification testing and that is just going really, really well. >> i have to ask about the competitive landscape. you directly compete with elon musk's spacex, which is taken more than half of the global launch market, at least excluding china right now. how are you navigating all that competition, especially when you have other rocket makers starting to reach orbit and you have starship from spacex also on the horizon >> it's good for our country to have a broader industrial base and certainly competition is healthy for our industry we're very happy with where we're at many of the launches you refer to are the starlink launches they're their own launches in terms of what's actually competitive and open, we're basically splitting the market between us and as volcon comes online, it

will be so much more competitive being a less expensive rocket and one optimized for multiple payloads and our sweet spot in the marketplace, which is the most difficult, high-energy orbits to reach. >> final question because they are wrapping me. youvrl you've been around for a while, it's privately held but you've seen a lot of booms and busts in the space sector, as we see all these companies go public, what do investors need to keep in mind? >> i think they want to pay attention to what capability will be added. a lot of the prior investment has been towards trying to invent a new way to do the same thing, maybe more affordable and accessible what our country needs now are new capabilities to contend with the threats and open a new commercial market. invest in that, not fighting over the stuff we already have >> going back to the moon and colonizing the moon, something

we're talking increasingly about. always great to get your thoughts thank you for joining us in person at the reagan national defense forum. back to you. >> thanks. it's been a volatile few weeks for bitcoin, still down around 10% for the month this as skeptic lashes out again, saying i'm never going to buy a cryptocurrency, i wish they'd never been invented i think the chinese made the correct decision, which is simply to ban them my country has made the wrong decision you can always count on monger for a spicy sound bite >> especially with regard to bitcoin currencies specifically. and this has been about competing narratives is bitcoin, crypto currency in general a safehaven asset and one that hedges against inflation or a risk asset?

especially when it comes to things like equities and what you did see is a pronounced drop by 5 or 6% since then, it's been more about the upside volatility that settles back to the lows of the day and we've been pretty much locked in this range just above 58/59,000 and on the low end, roughly 53,000 if you take a look at that context and extrapolate it for the last year, this is still an environment where bitcoin prices are down roughly 18% from the record highs that we saw over the course of just the last couple of months here. so, down 18% roughly from there. if you look at bitcoin prices, they've been consolidating around the this level. that's a level to watch. the other smaller coins and tokens, altcoins, so to speak, have done more volatility.

and ether is up 10% and predominantly to the upside. unlike bitcoin, which has been coalescing around the 50-day average price. ether verses bitcoin, that's when you're starting to see the trader mentality about whether they're trying to find that extra added alpha in bitcoin or other tokens and cones etherium prices up 5.8%. on a year to date basis. keep watching the altcoins, they continue to be more volatile >> thank you as we head to break, check out shares of peloton. deutsche bank initiated with a buy rating but not helping. it is down, as you see, 71% year

to date. remember, they sold a billion dollars of stock around the 21st of november. yeah not going higher 'lbe right back. stay with us

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welcome back i'm rahel solomon. and scheduled to a hold a news conference 90 minutes from now the prosecutor said the only people who knew there was a gun and access were not at the school and she's considering charges against the parents of the shooting suspect and highlighting efforts to donate covid vaccines around the world. officials will announce that 11 million doses will be shipped today with 9 million dougoing to africa and the video of a robot appearing to wake up has been viewed more than 10 million times since released this week by a uk company. the founder says the robot is designed to interact with

people aren't they all? the expressions on the face are a high bandwidth communication tool and you can own one for $133,000, if you so choose >> i might wait for that price to drop but those expressions are quite something. took me by surprise. thank you. rngts we're going to shift gears. who better to talk about the defense space, than our next guest. cathy warden, who joins me exclusively from the reagan national defense forum here in california so great to see you in person. >> thank you for having me, morgan great to be back with you. >> i want to start with the news in the day, the fact we saw another continuing resolution, extension to the budget passed last night, takes us to february from a defense spending outlook, how do you think about the cr? >> it's positive to have a cr,

certainly but we're looking forward to a full appropriations bill and we see that congress is increasing spending proposals and that's a positive sign the federal budget submission was 1.5% increase in defense and congress is looking at another 25 billion or so potential increase on top of that, more in line with inflation and what we think it needs to support federal government spending going forward. >> and a number of big ticket, also classified, but big ticket programs you work on with the government right now, including modernization of the nuclear triad, specifically the b 21 bomber and said there's five, i believe, in production how are you keeping that program on track, given the fact it's so big and complex? >> we started with production on that program, 7 years before award even and have continued to

focus on insuring that the team has the resources they need from the facilities and tooling and processes that support very new design type of capability for the b 21 bomber and it has worked we've kept it on schedule and cost and looking forward to movering to higher rate production later in the decade >> it's pretty amazing it's remained on schedule because historically that hasn't always been the case. you have the replacement programs for the minuteman missiles, ground base strategic deterrent is the program as well very high tech, software focussed and a shovels in the ground infrastructure project. >> that too is progressing well on cost and budget we have looked at that program as another program that requires significant risk reduction, even before we started into the engineering, manufacturing and design phase of the program.

risk reduction phase of about three years preceded the phase we're in right now, which has been ongoing about a year. so, four years of great progress towards initial operating capent for the program as well. >> let's talk about hypersonic missiles it's been a big focus, in light of the tests china has done with hypersonic missiles and talk that china is ahead of us in the new and emerging arms race >> we see that the threat environment has elevated over the last several years and in response, the u.s. military has focussed on the asia pacific rim. and we're looking a that capabilities they need to be survivable against higher capable threat actors in every domain from space, air, cyber space and sea and land as we have worked with the government, the modernization programs, several you articulated with the b 21 and

ground base strategic deterrent are key to project power and defend u.s. interests into the next century >> brenman is one of the key contractors for the u.s. government right now there's successful test you did not long ago with the u.s. military recent contract award to develop a new counter missile as well. how big is the opportunity >> we see that opportunity as growing in significance. right now we are in prototyping phases where we're developing the ability to demonstrate a capability eventually they'll turn-to production programs and right now, it's relatively small in the vast portfolio of northrop-grumman >> space has continued to grow and i realize triad is a key piece of that and you're involved in national security work

just yesterday a development from space habitat for nasa as well how great is the opportunity around space are we at a tipping point here >> i don't see this as a tipping point. i see this as being at the early stage of space capability, from everything such as space exploration and living in space and securities needed. we see this as a fast-growing stream of the u.s. defense budget we expect that to continue through this decade and beyond and we see nasa exploration continuing to increase in interest and that's exciting because it's creating a whole new generation of young people now interested in space and studying the fields in stem that allow us to have a work force to contribute to those important missions >> the l.a. area, for example, has seen an explosion of space start ups as well,speaking to what you're talking about right now. how do you think about that landscape?

future competition future partnerships or acquisitions >> yes >> okay. >> i see all three in the realm of possibility and it'sger to have an injection of capital into the capability building of space, including each of the ones i spoke about there are times we partner with the companies. times we look to coinvest with them and ultimately acquisition might be part of the equation. but right now, i think it's important that we just add the competitive landscape and cooperative landscape so we're all building a much bigger market together. >> i do want to talk about supply chain it's something that cape up, not only with northrop grumman, and it powered through the worst of the pandemic, kept people on factory flores worked worked closely with the dod and now we're seeing the pick ups.

walk us throughout what you're seeing and how you're navigating it >> i like that you started by highlighting the resiliency of our work force the men and women serving the industry has have been tremendous and continue to be today. as we look at delta, it did have impact in the third quarter to our industry and being able to have the labor necessary to produce products and that impacted our supply chain too. we saw chip shortages that most are experiencing right now but we see that as temporal. we'll continue to navigate three these covid-related impacts. the industry has been able to do that over the last 21 months and anticipate we'll be able to do that going forward >> sounds like there's a playbook in place for omicron, which i think every ceo is trying to wrap their head around and navigate that brings me to my last question, the people piece of

the puzzle pushback at companies around the vaccine mandate. how does that play out >> we certainly have some employees opposed to the mandate. we're implementing it in a compliant way and the vast majority are looking forward to continuing to do the important work of our nation at the same time, we're talking to the administration to support the industry and making tough decisions about what we do with the small portion of the workforce that is not vaccinated after january 18th, which is the executive order mandate date all of these are ones that have been cooperatively with the administration and we expect they'll continue to work with us through navigated impacts >> when you look across the geopolitical landscape, is there anything that takes the majority of your focus? >> when i think of the challenges we all might face going to next year, the labor

shortages that we're seeing are certainly one that's top of mind we have seen an increase in demand for the kinds of skills that we need to support our work at the same time that we've seen labor participation rates go down and labor rate inflation. so, all of these combination of factors do make work force a primary focus going to 2022. >> interesting of course, the comments on jobs friday, a day we're very focussed again on the labor market as always, so great to speak with you and in person thank you for your insights. carl and david, i'll kick it back to you. >> thanks so much, morgan. still to come, we're going to get reaction to today's job numbers. as you see the nasdaq taking it on the chin, down 22 4.

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the president is expected to speak shortly, following the jobs number. showing the gain of jobs added in november. short of expectations. in the meantime, goldman sachs chief economist joins us this morning. was looking for a number abvl that as well good morning to you. i've seen a lot of headlines saying strangest print i've ever seen are you in that camp >> certainly a huge gap between the establishment survey, and payroll numbers and unemployment rate with this four-tenth decline in the unemployment rate, 1.1 million increase in household employment normally you would put a lot more weighten the establishment survey numbers because they're much less volatile from month to month. however, in this case, i would put more weight than normal on

the household survey, partly because the numbers were so impressive in the household survey and partly because there may be some questions around seasonal adjustment in general in such an unusual period as this one and i would observe that the payroll numbers on a seasonably unadjusted basis were above 700,000. now, i'm not saying that's the right now but it's harder to put more on the disappointment than i normally would this actually was, probably was a reasonably foreign report that site as huge down side on the payroll number >> is the upside surprise

material do you think we finally bust out of the range or continued noise on that front? >> we're likely to go higher over time. i think if we focus on the employment to population ratio, which is the broadest measure of employment strength, there was a five/tenths increase in that ratio for 25 to 54-year-olds that's a strong improvement and sums ares the strength of the household survey overall that's really the sort of one-stop indicator that tells you this was kind of blockbuster household survey, which puts the payroll disappointment into perspective. >> what about wages? i'm curious, particularly at the lower end. what are you seeing?

what are your expectations and what will that mean for the economy? >> our assumption has been that we would converge to something like a 4% wage growth rate, adjusted for all the compositional changes that we're seeing and we've been running abvl that, clearly over the summer. probably closer to 6%. but there were a number of special factors, including the unemployment benefits, which ended at the end of the summer on labor day and so, since then we've seen some deceleration back from six too, something closer to 4%. today's number was obviously somewhat below that, even. don't want to put too much weight on one monthly average earnings number. it does seem there's some deceleration still healthy growth rate, at

least on a nominal basis but not as outside of what you had over the summer so, that's our working assumption, i would say, is consistent with what we saw on today's report obviously there, are a lot of indicators and we'll have to see what happens in future reports on that. >> as we await the president here, you wrote earlier in the week about a variety of scenarios when it came to omicron. some bearish, some bullish others arguing there's a chance this is mild enough to be net positive for risk over time. if it gets us further to the end of the so-called pandemic, how are you thinking about that scenario is it a wild card or something we should invest in somehow? >> i think that is an upside scenario i don't think it's the most likely that we'll find that this is a very transmissible variant.

but one that is ultimately much milder than previous variants. i mean, that is the upside scenario i don't think that's necessarily the most likely. of course, my usual disclaimer, i'm not a health expert. my read would be that the most likely is that the severity is more similar and so, i think it's more of a down side risk and -- >> appreciate that let's get the president. >> government operations for the next few months. when the government is a great achievement is the bear minimum of what we need to get done. in these times of bipartisan cooperation is worth recognition. i want to thank senators schumer, mcconnell and speaker pelosi for getting this done and i want to thank a substantial bipartisan vote in the senate to avoid disruption in the government operations.

and i want to urge congress to use this time to work towards a bipartisan agreement on a full-year funding bill that makes the needed investments in our economy and people, from public health, education, to national security. now, for today's news. every year december brings the joys of the holiday season and gives us an opportunity to reflect on the year gone by and look ahead and begin to imagine the new year to come this year we can reflect on an extraordinary bit of progress. our economy is markedly stronger than a year ago and today the incredible news that our unemployment rate has falln to 1.2% we're looking at the sharpest one-year decline in unemployment ever simptly put, america is back to work and our jobs recovery is going very strong. today's historic drop in

unemployment rate gives conclusion for those that had higher levels of unemployment and they are receiving higher wages. the rate of black and hispanic is also dropping sharp wages are up especially for hard-working americans, often ignored in the past recoveries. workers in transportation and warehouses have seen wages go up approximately 10% this year. workers and hotels and restaurants have seen wages go up 13% and thanks to the american rescue plan, we've delivered significant tax cuts to families raising children tax cuts and wages for middle class families mean americans, on average, have more in their pocket each month since we've been in office, than last year after accounting for inflation let me repeat that even after accounting for rising prices, the typical american

family has more money in their pocket than they did last year in fact, we're the only leading economy in the world where household income and the economy as a whole are stronger than before the pandemic. applications for new small businesses are up 30% compared to before the pandemic thanks to the american rescue plan, we're cutting child poverty in america by more than 40% and millions of children, who spent last christmas in poverty will not bear that burden this holiday season today's news means the unemployment rate has fallen more than two percentage points since i took office. that's the fastest decline on record and three times faster than any other president in their first year in office the number of people claiming unemployment has fallen from 18 plilian from when i took office to 2 million this week another record drop.

we learned that in november, 235,000 jobs were created in the private sector when they recalibrated, they found that job growth over the prior two months, september and october, created 82,000 new jobs than previously reported. that nearly 400,000 new jobs a month over the last three months a solid pace all told, in the first ten full months of my administration, the economy has created 6 million jobs, a record for a new president. this is a significant improvement from when i took office in january. a sign that we're on the right track. because the extraordinary strides we've made, we can look forward to a brighter, happier new year ahead in my view. but i also know that despite this progress, families are anxious and anxious about covid, anxious about the cost of living and the economy more broadly

they're still uncertain. i want you to know i hear you. it's not enough to know that we're making progress. you need to see it and feel it in your own lives and around your kitchen table and in your checkbooks and that's why every day my team and i are working to deliver consistent action to overcome the challenges we still face chief among those challenges is covid-19 yesterday i laid out key actions we're going to take this winter to fight this virus to protect one another. to protect our economy and our economic recovery. they include, number one, expanding our nationwide booster campaign with more outreach, more appointments and more hours. i was thrilled to see that yesterday we had more than vaccine shots administered than any day in the past six months number two, we're launching hundreds of new family vaccination clinics to make it easier for children, parents, the whole family to get

vaccinated in one place and new policies to keep children in school instead of quarantining them at home when someone in the class comes down with covid, if they do. thirdly, making free at-home tests more available than ever before by having them covered by our private health insurance plans the availability of community health centers and other sites for the uninsured will be the alternative, as well if you have insurance, it will cover these tests and if you don't have insurance, we have facilities you can attend and get these tests. increasing our surge response is the fourth thing our surge response teams they're made up of doctors and nurses and medical staff who go into communities with rising cases and provide the needed staff for overrun hospitals, for their emergency rooms, their intensive care units to get help to them as they need it. and we're about tripling the number of those surge teams.

accelerate our efforts to vaccinate the rest of the world and strengthening international travel rules for people coming into the united states this is a plan all americans can rally behind in my view. we're also addressing another concern for families prices just about every country is grappling with high prices right now as they fight the pandemic as the world economy continues to come back to life, the more price pressures are going to ease as things begin to move but we're not sitting around waiting. in the meantime, i've used every tool available to address price increases. and it's beginning to work take gasoline and gas prices last week i announced the largest ever release from the united states strategic petroleum reserve to increase the supply of oil and help bring down prices. now, i brought together other countries, india, japan,

republic of korea, the united kingdom who all agreed, all agreed to join me in releasing additional oil from their reserves and china, china may do more, as well they haven't done it yet this worldwide effort we're leading won't solve the problem of high gas prices overnight but over the last month likely to in part to this action we've seen oil and gas prices out of the wells. oil and gas prices on the wholesale market come down significantly. since the end of october, the average weekly price of gasoline on the wholesale market, that's what you sell to the gas stations, has fallen around 10%. and that decline has picked up in recent days as the that's a drop of about 25 cents per gallon these savings are bedginning to reach americans and pick up in the weeks ahead and it can't happen fast enough

i asked the federal trade commission to consider whether potentially illegal and anti-competitive behavior in the oil and gas industries causing higher prices for consumers when they don't need to be that high because of the wholesale prices come down so much. so, we can assure the american people are paying a fair price for gas. at this time of the year, another concern is facing american families is about being able to find what you need in the holidays whether it's gifts or groceries as i laid out earlier inthe week, because of my actions, the actions of my administration has taken in partnership with private business and labor, retailers and grocery stores, freight movers and railroads, these shelves are going, the shelves of our stores are going to be well stocked we sped up operations at our ports. for example, the port of los angeles in long beach, the two

busiest ports in america over the last month, the number of containers left sitting on the docks is over 48%. people come up and say what does that mean? they're down 40% well, it means that the product are no longer sitting on the docks. they're getting off the docks, into trains, into trucks, into vehicles to get them to the store shelves. this is an incredible success story. on monday, i convened a group of ceos from some of the largest retailers and grocery stores, as well as leading companies that works with small businesses across the country and they reported that their investments are up, shelves are well stocked and they're ready to meet consumer demand for the holidays i said that yesterday and then i saw a couple of your stations put on, you found some empty shelves. they're old empty shelves, but it doesn't matter.

go back and take a look at some of those shelves again but the point is, that the vast majority of the shelves are filled and the ceos of not only the suppliers but the ceos of u.p.s. and fedex, which are on track to deliver more packages than ever are saying the same thing. so, we're heading into a holiday season in strong shape again, this is about a concerted focused action we averted this potential crisis by figuring out what needed to be fixed and then we brought together the people who had the capacity it fix it or at least alleviate it. now, now it's time to build on the success we had this year on jobs, wages, creation of more small businesses and fixing challenges in the economy. we need to cut costs further for families that's what my build back better plan does. it is still being considered in congress and will lower the out

of pocket cost for childcare, elder care, housing, prescription drugs in fact a new independent analysis released this week showed that my plan would mean $7,400 in tax cuts and savings for the typical family of four with two children. 17 nobel prize winners in economics have written a letter to me affirming that this bill would reduce long-term inflationary pressures in the economy. and to the leading rating agencies, not, you know, liberal think tanks, two of the leading agencies on wall street confirmed this month -- >> a baritone president biden there going through the jobs number and jumping off there to a litany of economic accomplishments that he says the administration has seen recently of course, talking about the fact that since the beginning of the year, americans have more money in their pocket, even when accounting for inflation

so many of these things, of course, concerns it would seem of people out there reflective perhaps and fairly low approval numbers for the president pointed to gas prices starting to come down of course, there it may be the omicron variant that pressured prices much more than the release from the strategic petroleum reserve. also went on to talk about actions the administration is taking to deal with the supply chain issues saying that shelves are filled despite what you may see in terms of some things on television and then moving to the build back better plan of course, the $2 trillion social infrastructure bill that is still working its way through congress morgan, i'll send it over to you. >> david, thank you. well, we still have a big day ahead of us here at the reagan national defense forum we have a lot to discuss you heard some of it over this past hour. covid and supply chain issues and labor market and how that affected the defense sector and

russia, afghanistan and, of course, china is at the forefront and a big topic here also tech. software this idea of a software driven future so, don't miss some of the next interviews we have we have the c oh of lockheed martin and chairman jim taiclet coming up on "power lunch" at 2:00 p.m. eastern, david >> morgan, have a great weekend, as well. great stuff from out there thank you. that's going to do it for us on "squawk on the street." with the nasdaq down almost 2%, let's send it over to "techcheck." good friday morning. welcome to "techcheck" i'm carl quint quintanilla. stocks are selling off again the na