trish? >> thanks, melissa. >>> high unemployment hanging over the market. some on wall street are actually expecting a correction. are they right? we're going to ask our bull. permanent fort foportfolio fund president. i know you're guessing here that they are right. but given that we got such a positive read on the isn number this morning, how do you reconcile that with the employment trend which is clearly showing -- >> i think that's a great question. the isn number was close to 50. i'm going to call it neutral. that's a survey number. if you look at the u-6 number. unemployment counting everybody that isn't making their bills, can't pay their bills, meaning part time people as well as fully unemployed people, that number was a staggering 785,000 people last month. not the 265,000 that has been promoted out there. we think that that number gets worse, which means 26 million, 27 million people out of work. that's not going to work. until that number gets better, we will not see a recovery.

. >>> for more, we're joined by cn cnbc's trish regan. good morning. >> good morning, amy. >> do experts expect these unemployment numbers to keep rising throughout the year? >> yeah. unfortunately, the expectation is we'll probably see 10%. we're now at 9.8%, so we're awfully close. >> we have more than 15 million americans out of work. does this new report indicate that the recovery then has stalled? is that a fair point to make? >> well, you know, some people have suggested that, but i do want to point out that it's typical in any kind of recession to see the unemployment rate actually increase, believe it or not, as you're coming out of the recession. the unemployment number is actually a lagging indicator. so, what you're seeing is more and more people are trying to get into the workforce that maybe had given up previously, and so they're now being counted in the data, and that's one reason why it's ticking higher. the other thing is that, you know, companies are the last to hire. they're going to wait until they have a lot of signs

trish. breaking news. tokyo has also been eliminated. >> tokyo has been eliminated. >> this is a below to the u.s. a below to chicago. darrin, phil, what was chicago counting on, really, in terms of revenue, in terms of what could it have done for the economy to have the olympics there? >> in terms of an economic impact, trish, chicago of banking somewhere in the neighborhood of $4.6 to $4.7. some of that coming in terms of infrastructure projects. the rest come during that two week period of the olympics themselves. to put it into perspective why the olympics are the grand enchilad whampb it comes to the type of the event you want, it's worth 14 super bowls. that's one estimate we received from a consulting firm. it's the one event that can you look to at your city and say here's a huge economic pop. chicago won't get that. >> if i can say one thing -- let me say one thing on the cities that are left. rio de janeiro, madrid. i mean people just never thought madrid was in this. of course they have the form

. >> we'll turn it over to trish regan at the news desk. >> we begin with the case of the newborn babyund friday after being abducted in tennessee. on saturday the baby boy was briefly returned with his mother. he was then taken into state custody along with his three siblings for what authorities are calling safety reasons. this new twist comes as new details emerge about the suspect. nbc's ron mott has more. >> reporter: the 9 day old baby missing since tuesday was found at this home in alabama late friday night. tammy renee silas is under arrest and charges are pending for kidnapping the newborn and attack on the mother. >> translator: she said she was an immigration officer and there to arrest me. >> reporter: the woman stabbed her eight times. when she ran to get help, the woman took her baby. silas took the baby to her home. she told friends she adopted the baby from texas. >> translator: she said it was okay and had legal custody and the court said it was okay for her to have the child. >> reporter: inside their home, baby clothes. signs that a baby lived here briefly. maria is

. >>> but first, trish regan is here with what you can expect only on "the call." trish?> coming up at the top of the hour with 263,000 more jobs lost than the unemployment rate nearing 10%, we will discuss just exactly what needs to be done to create jobs and create them now. and the spotlight, of course, on brazil now that brazil is going to be hosting the olympic games. we're doing to take a close look at where to invest in that emerging south american economic power house. >>> and are you worried about retirement? we're going to tell you how to protect your 401(k). all ahead only on "the call" at the top of the hour. but first, "squawk on the street" is back right after this break. >>> welcome back to "squawk on the street." you're taking a look at brocade commune tagss. it's telling the wall street journal it is up for sale. potential buyers include oracle and hewlett-packard. meantime, let's check in on the day's movers. for that we go to matt nesto back at hq. >> thanks so much. we're checking on this marketplace and seeing a sharp rebound in financials. we talked

. >> but that was august, trish, that's what bothered by about it. >> okay, you're right. the cash for clunkers is a one time. you'll see very strong clothing and other nondurables. very strong. furniture stores, very strong. the ism report today, okay, it did rise, but has held the high ground. it is way above q1 and 2 averages. the jobs number today r if you look at the four-week average, don't get the weekly jumps. it's grinding lower. i agree with you. tomorrow's numbers are not going to be great, but the losses are shrinking. the claims are grinding lower. the pending home sales look very strong. there's a 3% gdp in the third quarter is baked in the cake and i think it's going to be 4 and 5% in the fourth quarter. >> first of all, i think this recovery is like an insecure teenager. it needs affirmation every day. >> that's what we have larry for. >> unfortunately, larry only goes so far. i want to see these jobless claims number come down. i don't like the fact that we're balancing between the 535 and 50. i'd like to see it come down below 400. i'm on told. a bull int

i'm trish regan. >> him leslie is a francis. >> i'm larry kudlow. "power lunch" is coming up next. >>> we're doing the samba today. >> we might be. >> we'll see. welcome to "power lunch." it's a friday. i'm bill griffeth. jobs report this morning initially spooked investors. that loss of more than 260,000 jobs in september pushed the unemployment rate to 9.8%. but the major averages have been fighting back at this hour. coca-cola, ibm, travellers among the leaders in the dow jones industrials. >> i'm sue herera. $500 billion of investment advice for you with jpmorgan fund david kelly joining us on the best places to put your money right now. >> i'm michelle caruso-cabrera. david letterman's late night confession is the talk of the nation. the cbs employee accused of blackmail has been retired. what does it mean? >> dennis kneale, i celebrate heroes of capitalism. today we talk about heroes of do gooders. here's what sells on the menu. >> i'm in chicago where we have an olympic shocker. chicago eliminated in the first-round of the 2016 olympic voting

. >>> but first, trish regan, what can we expect only on "the call"? >> there is no singing today, scott. coming up at the top of the hour, big show for you. we're going to talk about how talks are continuing to between ge and comcast over nbc universal, the parent of this network. we're going to discuss just exactly what a deal might mean for the entire entertainment industry. and with the pronouncement of the odd fed, whether or not bernanke has confused the markets. we have all that plus the latest market reaction to the jobs report. but first, "squawk on the street" is back right after this break. >>> we have a slow growth outlook. it's the new normal. a number of models have been broken. we're in a phase of deglobalization, those forces mean the world has changed going forward and we're looking at a growth rate in terms of the real economy of 1% to 2% as opposed to 3% to 4% which we were used to. >> that's bill gross weighing in on the economy. if this is the new normal how should investors be positions themselves. joining with us friday trade is