NBC Predicts 12 Million Jobs in Next Four Years 'No Matter Who is President'

On Friday's NBC Today, less than two hours before another poor jobs report, co-host Matt Lauer touted a bold economic prediction: "Some of the analysts I've been reading have said that no matter who is president over the next four years, the economy will add about 12 million jobs just because of the cycle it's in." CNBC Mad Money host Jim Cramer agreed with the rosy scenario: "...a lot of pent-up demand in autos and pent-up demand in exports. It's not such a bad moment."

Earlier in the discussion, Cramer predicted that the upcoming jobs numbers would be "a little better than expected" from the projection of 135,000 jobs created in August, with "Maybe 10,000 jobs more than that." At the top of the 9 a.m. hour, fill-in news anchor Tamron Hall delivered the much more disappointing reality: "[The unemployment rate] now stands at 8.1% for the month of August, down .2% from July, but only because more people gave up looking for work. The economy added 96,000 jobs last month."

Lauer led off the segment by touting a stock market rise: "...the Dow closed at 13,292 on Thursday. That's the highest closing mark since December of 2007....Not only was the Dow up in record territory, we had the NASDAQ hitting the highest mark since 2000, the S&P 500, the highest mark since 2008. Why the party atmosphere?"

Cramer replied: "We're seeing much better numbers from most of the companies that we deal with, particularly companies that are based in America. It's really positive. The earnings are good."


Here is a full transcript of Lauer's September 7 exchange with Cramer:

7:09AM ET

MATT LAUER: Now to this morning's new jobs report and how it will impact this race, this after the Dow closed at 13,292 on Thursday. That's the highest closing mark since December of 2007. Jim Cramer is the host of CNBC's Mad Money. Jim, it's good to see you.

JIM CRAMER: Good morning, Matt.

[ON-SCREEN HEADLINE: Jobs, Jobs, Jobs; Unemployment Report to be Released Today]

LAUER: Not only was the Dow up in record territory, we had the NASDAQ hitting the highest mark since 2000, the S&P 500, the highest mark since 2008. Why the party atmosphere?

JIM CRAMER: We're seeing much better numbers from most of the companies that we deal with, particularly companies that are based in America. It's really positive. The earnings are good.

LAUER: We're going to look at some jobs numbers this morning. And we should mention the President had those numbers last night when he took to the podium, he knows what's coming. What are you expecting?

CRAMER: Well, he has a poker face, because he didn't seem to tip that the number will be that great. I think it'll be a little better than expected, not much more than that.

LAUER: Well, when you say "than expected," a lot of people are predicting about 135,000 jobs created, the rate unemployment sticking at about 8.3%. Is that what you see?

CRAMER: Right. Maybe 10,000 jobs more than that. We got some encouraging numbers yesterday. But nothing that moves the needle on employment.

LAUER: Where are – where is the strength in the jobs mark? Where are the weaknesses?

CRAMER: Really the only strength is oil and gas, particularly oil, because we're finding it in a lot of places that we didn't have it. And everything that goes into that infrastructure.

LAUER: We're – these are going to be the August job numbers. We're going to get September's in October, and October's just a couple days before voters head to the polls in November. Do you remember a time where data like this has had such an amazing effect, or will have such a big effect, on the political situation?

CRAMER: No. This is it. This is the highest jobless rate. We've got a terrible percentage. Remember, the 2007 period we had pretty good unemployment numbers. We don't have that kind of percentage now.

LAUER: Some of the analysts I've been reading have said that no matter who is president over the next four years, the economy will add about 12 million jobs just because of the cycle it's in. You on board with that?

CRAMER: I kind of am. I've got to tell you, we haven't built much in this country in the last four or five years. No big buildings, not a lot of houses. We also have what I would regard as being a lot of pent-up demand in autos and pent-up demand in exports. It's not such a bad moment.

LAUER: Alright, Jim Cramer. Jim, always good to have you here.

CRAMER: Thank you.

LAUER: Thank you very much. And you can watch Mad Money with Jim Cramer, weeknights at 6 and 11 Eastern Time. Of course that's on CNBC.

Kyle Drennen
Kyle Drennen
Kyle Drennen is a News Analyst for MRC