A Payroll Pop, Starbucks Sales, & Big Oil Buybacks 2/3/23

Squawk Pod

CNBC

News, Business News, Investing, Business

4.2 • 543 Ratings

🗓️ 3 February 2023

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In a surprisingly strong report, the Labor Department revealed the U.S. economy added 517,000 jobs in January 2023, and an unemployment rate drop to 3.4%, the lowest level since 1969. CNBC’s Rick Santelli, Steve Liesman, and Andrew Ross Sorkin consider what the strong numbers mean for the Federal Reserve’s strategy to cool inflation. Among the employed, CNBC’s Robert Frank reports a rise in office attendance across U.S. cities. Plus, Chevron announced a $75 billion buyback program and a dividend boost in its quarterly report, and the oil giant’s giant profits are sparking renewed backlash from the White House. CEO Mike Wirth joins Joe Kernen and Becky Quick before tee-time at the Pebble Beach Pro-Am to discuss his company’s financial results and shareholder returns, and to address pressure on big oil from President Biden. After Starbucks reported a miss on earnings this quarter, CFO Rebecca Ruggeri shares her outlook for the company’s next quarter, despite weakness in international sales amid surging Covid cases in China. In this episode: Robert Frank, @robtfrank Becky Quick @BeckyQuick Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Cameron Costa, @CameronCostaNY

Transcript

Click on a timestamp to play from that location

0:00.0	Bring in show music please.
0:02.6	This is Squack Pod and I'm C.N.
0:06.6	See Cameron Costa.
0:08.6	On today's episode, 2023's first labor report crushing expectations.
0:15.0	There's so much good news in this report,
0:17.0	but we've been living in this sort of strange place
0:19.0	where good news can sometimes turn to be bad news.
0:22.0	The labor market is tight. Offices are filling back up,
0:25.5	sort of, but inflation's still high. So what does it all mean for our caffeine fix? We're checking in with Starbucks CFO, Rebecca Ruggieri.
0:35.9	We do actually have more customers coming into our stores.
0:39.2	We're up 10% versus prior year.
0:41.7	They're not coming as frequently, but more customers are
0:44.7	coming in and they're spending more when they come in. Plus one business that's
0:48.8	had a rip roaring year, oil giant Chevron and its massive $75 billion buyback, the profits, the shareholder
0:58.1	returns, and all the pushback from the White House, with the Oil Giant's CEO, Mike Worth.
1:04.3	What we're doing now is consistent with what we've always done.
1:07.7	The numbers are bigger because we're a better company.
1:10.7	It's Friday, February 3rd. It was the best of times, it was the worst of times.
1:15.0	And Squack-Pod from the Golfing Green begins right now.
1:19.0	Stand Becky by in 3, 2, one, queue please.
1:24.3	Good morning everybody.
1:25.4	Welcome to Squawk Box here on CMBC.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.