♪ this is the maria bartiromo's wall street. >> welcome to the program analyzes the week that was it helps position for the week ahead. i am jackie deangelis and for maria bartiromo. >> i think it's a historic day for economic recovery. today's national unemployment rate fell below 4% 3.9% the sharpest one-year drop in unemployment in the united states history.

3.9% unemployment rate. experts said we would not be able to do it how? how how did that happen? elizabeth: present buying of the new unemployment numbers where the jobs? shocking myth but unemployment lower than expected. kenny is here to break it all down for us. and the nightmare continues for a second week with the winter weather wallop on the east coast not helping matters tens of thousands of flights canceled or delayed with passengers stranded across the country. here how frontier airlines ceo barry response to criticism that the airlines and saw a lot of his headaches, and could have prevented them. and biden putting the blame for rising crude food on big companies i'm speaking with ceo his reaction to that in his warning for consumers coming up. here's a look at where markets ended the week spooked by a hawkish fed comments and much less in jobs added last month

than expected but does not include the full impact of a crime just yet buried 199,000 jobs added in december where expectations were for 400,000. we did see unemployment ticked down to 3.9%. here's me now chief market strategist kenny great to see you. let start the jobs numbers what you think? [laughter] >> they are certainly disappointing on the top line and very much in contrast to what we saw on wednesday when abc came out with an overly strong jobs report. almost double what the estimate was going for. the party number was confusing at best. although we did see growth in some areas which is good. other employment dropped to 3.9%. that is going to keep the pressure on the fed to maintain what their current pace is which is the triple threat of great tapering and balance sheet reduction for the other thing that's important to keep their eyes on here is the wage growth.

we saw better than expected 4.7% year over year we were looking for four-point to. that brings up the spiral inflationary conversation almost of the late 70s for employees set up pay higher wages to deal with higher prices prices went up some more, wages went up more and then you ran into the wage price spiral is something you're starting to hear economists around the street talking about. that's going to be something to keep your eyes on. but that only fuels the argument for the fed to maintain the policy they are on. jackie: a couple points i want to dig a little deeper he did not mention labor participation, still under the highs we saw before the pandemic roughly 63% but some are worried about that. of course are still 6.3 million people that do not have jobs, kenny. >> it is interesting 6.3 many people who don't have jobs nearly 12 million jobs available. some are saying and i would believe part of this is true

there is an education deficiency there. while there are some jobs may a lot of people out there looking for jobs do not have the proper education that is another conversation we got to have it. but that speaks to the point about the economy, the number of jobs being created they are looking for people to come to work then you get hit with omicron, as this is closing down people afraid to go to work they don't go to work. there is costley pulling back and forth at least for now and probably for the next month or two until we see the passing of this. jackie: let's talk about the fed that is on investors mind they are considering how their positioning their portfolios in 2022. the fed has said it is going to start to taper and it is going to raise rates. when you think that will happen? >> here's what i think i've been saying it for a while. the end of last or everyone missing the fed is going to be slow methodical and all that i said no, once you get into the

new year the tone of the conversation is going to change and become much more aggressive in effect that is what we are seeing, right? not only are we talking about ending it sooner than what we were expected maybe is going to end in february and march and rates are going to potentially rise in tandem something jay powell told us four months ago was never going to happen is not very much part of the conversation. now with her in the triple whammy which is the balance sheet a lot who were thought was going to be 2023 event is now suddenly moved into not only 2022, but even potentially the spring of 2022. that is what's going to be concerning for the markets. they get more aggressive is what's going to drive the action in the month ahead. something is going to happen relatively quickly. we already start to see the stockett as it takes in all of this new information. >> let me ask you this jobs report that came out we did see revisions higher for

october and november that was actually a positive sign. many are saying they do not expect to see that for december because of omicron. we know will be dealing with omicron for probably the next three or four weeks at least. we see the spike will start to taper down a little bit. how do you think that impacts investor horizon, the fed timeline, all of this? >> it's interesting the fed has a one meeting in january, they do not have a meeting in february so the next one is march. the fed is going to be very, very careful and coy about what they say and how they say it at this meeting because there's going to be that gap in the time they had their next meeting will be plenty and one way or the other i think investors need to be just on guard. they need to be on guard the markets are going to remain volatile and i've been saying this for months in the first quarter if not the first half of this year. but do not use that to panic at all if you are a long-term

investor you should allocate new monies whether it's your 2022 retirement money or money should putting into an investment portfolio and balance it out with. don't necessarily go selling high-growth attack names if the reason he owned them has not changed, right? i am not selling apple and microsoft bayonne at the story has not changed. maybe i will buy more. i feel good about the story for those stocks is not changed, why am i throwing them out the door? >> i'm not. elizabeth: you cannot use fear as a driving factor that is not the way to trade request certainly not the way to invest you but went to trade that way but not as a long-term investor. i would take new monies and more defensive consumer staples look at energy up 9% in five trading days, right? financials are up strongly. therefore those typically industrial names which will do better at a recovering economy that is where i would allocate new money. i would not get drawn into the

panic pickax and got it, kenny great to see you sir happy new year thank you so much free. >> and you. >> coming up tens of thousands of flight cancellations and delays spilling over into the first week of the year leaving frustrated passengers stranded. i'm asking the ceo of frontier airlines what could have been done to prevent this? where did things go from here? >> it is a panic and then you go online they wanted to reschedule and fly a different airline right now i'm not going to try to wait. going to try to wait. >> my plane was supposed to trelegy for copd. [coughing] ♪ birds flyin' high, you know how i feel. ♪ ♪ breeze driftin' on by... ♪ if you've been playing down your copd,... ♪ it's a new dawn, it's a new day,... ♪ ...it's time to make a stand. start a new day with trelegy. ♪...and i'm feelin' good. ♪ no once-daily copd medicine... has the power to treat copd in as many ways as trelegy. with three medicines in one inhaler, trelegy helps people breathe easier

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at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. good i have my flight at 1:00 p.m. it got delayed four times or. >> a little bit here since 9:00 p.m. too. >> my flight got canceled three times already brickwork to the three hour line all around the airport. >> is busy visiting family in minnesota over the holidays him and trying to get back to seattle for the last seven days. >> i don't know what to do.

>> just upset but. >> really tired brickwork spot to get home. >> thousands of flights grounded disrupting travel for the second week in a row. now, winter storm battering the east coast this weekend making matters worse. as of friday morning there were over 4000 cancellations and over 4000 delays. according to flight tracker, flight aware expanding the flight mayor into its 13th tapered airlines or buy me a combination of bad weather and staff shortages over these past weeks. one pilots association claims airlines oversold tickets ahead of the holidays on flights they knew they would not be able to staff are joining me out front year airlines ceo barry. happy new year to good to see you. your response to that could a lot of these cancellations been prevented? >> look, i cannot speak for the broader industry. you look at front tier, we had plenty of pilots, plenty of flight attendants, crew members to handle this. think what happened maybe

somewhere a little understaffed. i think what is most important is you what you're saying with restaurants, the subway systems and everything else you are saying this is a level of sickness we've never experienced. i think society is having a tough time dealing with it. i think the silver lining is that it is moving so fast and burning out so quickly that hopefully were going to finally be able to move from the crisis or emergency phase. jackie: i agree with you on that it did take many folks off guard. it definitely has stalled businesses that were in recovery mode. obviously the airlines and at such a difficult time over the course of the last two years. are you finding omicron has severely impacted you with respect to your staff? but hopeful to a certain degree it will run through and there will be light at the end of the tunnel. >> sure. we have five -- 6% or actually out sick positive with covid that has been that way, some are coming back for a week or

so ago. we are adding new ones every day. we have over 20% reserves for weather, for other illnesses and so forth. but the reality is when you pile on her own covid sickness, everyone else's covid sickness. i think what everyone is focused on is focused on the airline we are with the customer sees but they don't think about the air traffic control that supports, the feelers that support us and they are having challenges. all of those things are compiling, if it was just our own problems we could probably all deal with it. but it's everyone else in the travel chain is having a challenge. the good news here, the silver lining its burning out so fast as we saw in south africa this may be the last gasp we needed to get everybody herd immunity and we can finally move to the endemic phase. let's get on with moving our economy and living our lives after two years but. >> absolutely a lot people hoping you're right on that.

it's been a lot of discussion about a potential vaccine mandate for domestic flyers. have you heard anything from the white house on this? any grumblings about this would you be in favor of it or do you think it will be a problem for business? >> i've heard the rumors of that i don't think anything's official it's a comment thrown away on a talk show. i am a little sick of us picking on airlines. are you going to require of bread that goes in a bar? i know a lot of people are getting covid much more in a bar or restaurant. find it interesting if you want to have a vaccine mandate for the country, have it. but the truth is i think once everyone gets a vaccinate are largely vaccinated that with time to move on. the good news is we have hundreds of employees out with covid. but none of them are in the hospital fortunately. all have mild symptoms for the most part that are gone in a few days. again i think it's time to celebrate the end of this and let's move on.

>> i agree with you think a lot of people are thinking these vaccines would prevent you from getting covid. that is not the case but is preventing severe illness and that certainly is a positive side of this. very great to see it thank you so much for your insight. >> thank you for having us on. >> coming up, president by and put the blame for rising food prices on american companies paradigms ceo of joya foods. his response on that and his morning to the consumer coming up. >> in the last few decades into many industries a handful of giant companies dominate the market. in meat processing, railroads, shipping, too often they use their power to squeeze out their power to squeeze out smaller every year we try

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>> i was sitting in my kitchen yesterday there's a sunroom off the kitchen. and my wife was arthur's sister and a good friend named marianne. she was saying to realize it's only over $5 for a pound of hamburger meat? five dollars. well, this is partly the pound of beef today cost five bucks compared to four bucks for the pandemic part of said it before i'll say it again, capitalism without competition is not capitalism its exploitation by. >> biden's big beef with the meat industry. the president vowed to crack down on companies he says are responsible for driving up grocery prices per joining me know ceo bob, good to see you. and happy new year to you, sir. going to start the higher prices. we are seeing them on most food products. not just beef, poultry pork as well. what do you make of the president's comments essentially saying it is the

producers that are price gouging. >> you know, people do not understand the faults, the reason for inflation lies specifically at the feet of government. not only our government but the governments worldwide. they are competing with business. it's not -- women talk of insurrection. it is not an insurrection of the people against the government. it's the governments insurrection against the people. they are at war with the people they're taking away our reason to work, to get up in the morning, and they are competing with government, with industry. this is creating supply chain crisis and inflation crisis. >> what's really interesting to me is when it comes to president biden whether it's the beef industry for example or oil companies, or any other industry out there, the grocers, the grocery chain he's essentially saying they

are all price gouging here. no blame on this administration as you said for the supply chain crisis, for the labor shortage, for the labor shortage count for the policies that have hiked up energy prices the input costs are so many people. that is how i look at this. i say whatever business you are and you are paying more for labor if you can get the workers. you're paying more for gas, delivery, transportation costs but if your products are stuck in the supply chain you are having to deal with that as well. we have got administration, and a continent we are just pumping money in steve got more money chasing fewer goods. that is what create plot price inflation. >> the government is competing with business. they have all the money in the world. this is a move towards socialism under the guise of the gangrene deal, being bring back a broker. all our socialist programs. the states are the firewall between democracy and socialism heard bert moving towards socialism the states

opener being prosperous. we are an essential business all businesses are essential. we need to work. goyer worked courageously we are very prosperous very successful. because of that we were able to give back millions of pounds of food. we have launched goyer cares. we have taken away the purpose. we need to work we need a reason to get up in the morning, god, family, work, school for their closing down the schools are closing down the businesses. i read an article this morning and 2021 there 40% mortality in people between 18 and 49, 40% more 45% between 30 and 39 mainly because of opioids. we are destroying, we are killing our spirit they were taking away our reason to get up in the morning and we are

competing with the businesses. this is crazy in creating all this inflation from sea to shining sea from the left coast to the right coast our ports are jammed. jacksonville was closed for a week they cannot take the stuff off the peers. so it is creating a supply chain crisis. it is creating inflation because the government is competing with us. it is a war against the people by the government with our own money. with our own money. it is just crazy. jackie: @news from kpmg said groceries are costing 14% more this year than they were last year because of the inflation prices issues you mentioned. with americans paying on average $611 a month this year compared to $532 a month last year. you look at this and think to yourself, this could cause severe financial hardship for family this trying to put food on the table.

>> we make some of our own cans, we buy some cans. we have a factory's all over the united states. all over the world. cans are going up 64% they went january 164%. half the cost of a case of canned goods is the can. that means the goes up 32% inflation, it is crazy, why? because people are not working. the economies around the globe shut down because of fear. they created fear, division, and we have to be courageous. we were an essential business. 60million people 14 million people in the restaurant business were out of work. because the government controls they shut you down. all work is essential. it is god's at -- we need to

give reason to our lives give thanks to god for our blessings but we need to work it so essential we need to study per they do not want to teach our children. why do we shut everything down? >> it's a huge problem, bob, many people are complaining about their waking up to it hopefully the midterms will come and things will change a little bit. bob unqnue great to see you thank you very much. don't go anywhere there will be more wall street right after this. with voltaren arthritis pain gel. my husband's got his moves back. an alternative to pills, voltaren is a non-steroidal anti-inflammatory gel for powerful arthritis pain relief. voltaren, the joy of movement.

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jackie: welcome back to the big show the works for next week be sure to tune into wall street every friday at our new time 7:00 p.m. eastern. and catch marie at the sunday

morning at 10:00 a.m. on the fox news channel for sunday morning futures. she's got exclusive interviews with house majority leader kevin mccarthy, south dakota governor senator ron johnson and doctor. corey. plus start smart every weekday from 6:00 a.m. until 9:00 a.m. eastern with the mornings with maria right here on foxbusiness for that will door g and have a great weekend. ♪ ♪ ♪ ♪ ♪ ♪. gerry: this week on the wall street journal at large is american democracy in peril? if it is who is really to blame? we'll dig a little deeper by the grim theatrics of that generous sixth anniversary celebrations but while children ever be allowed a proper education urge americans teaching units at such a grip on the education system because we'll just have to learn whenever and