And welcome to the CNBC special inside jobs. It's a whopper of a jobs number today, and it's a shocker to Wall Street just didn't see this one coming. It's got enormous implications for the economy, the way we all work, and maybe even the way we all live.

Can you say four day work week? We'll talk about that idea later in the hour. I'm Aiman Javers in Washington. Jim Kramer has the night off, but don't worry. We'll get his take on the jobs reports tonight too.

But just look at this red hot labor market 528,000 jobs added in the month of July compared to estimates for just 258,000 jobs.

The unemployment rate is now back to its pre-pandemic level. It's tied for the lowest since get this 1969. And as you can see from this morning's pre-market action, the moment the data was released, the strong labor number was at first received poorly by the stock market as investors assessed what the strong data would mean for the Fed's rate tightening campaign.

But that didn't last. The Dow ended the day in the green. So here to explain what it all means for your money and maybe your life, Paycheck CEO Marty Musi.

He's got his finger on the pulse of small business in America, then our all-star CNBC panel joins to discuss the confusing jobs market and the real differences that we're seeing between economic sectors.

Plus, Kevin O'Leary, he's got some thoughts on the job market. All that and more tonight on this CNBC special inside jobs.

But first, let's dig deeper into the market's reaction to this shocking jobs report this morning stocks. Initially, as we said, selling off but closing well off the lows of the session, the Dow finishing with a small gain on the day.

Let's bring in our own Mike Santoli for more. Mike, what the heck is going on here?

Well, I am, as you mentioned, it was a jolt in the sense that investors have been looking perhaps for evidence that there was a more persistent slowdown in this economy and that the jobs report was going to confirm that idea that we were decelerating.

And in fact, that might mean that the Federal Reserve was getting close to the end of its rate hiking campaign.

What really seems to be the case that companies have been telling us they haven't seen demand go down very much, travel's been booming. The services sector has actually been quite strong and that has not necessarily been captured in a lot of the other data we've seen.

So, all that being the case, the market was able to migrate toward those sectors that do benefit from a stronger domestic economy.

The banks did well, energy rebounded a little bit and essentially you got a reversal of this trade that was going to be all about lower bond yields and perhaps a more gentle fed cycle to come.

It doesn't mean that we kind of got this all sorted out and it means the economy is not going to have some challenges out there.

Some people are talking about how jobs are kind of a lagging indicator, or at least a coincidence and not a leading indicator of the economy.

But for now, the market was able to absorb it, I think, because the Fed has been telling us it's still on the case in terms of raising rates for months to come.

And if that's the case, you'd rather have the economy be relatively sturdy to absorb it rather than seeing it really weakening in the short term.

Mike, we had all this talk about the recession looming over the past couple of weeks. Everybody on Wall Street sort of predicting that might be the case, what do you think? Is the recession canceled now?

You can't say that it's canceled, Amy. A lot of things look like it's kind of laid in the cycle. The Fed itself has not even really conveyed that much confidence that it can decisively avert a recession.

We did see two quarters in a row of slightly negative GDP. That isn't in itself a recession, but it tells you you're on alert for one.

But I do think you have to defer that call. And basically, say, right now, you rarely go from half a million jobs in a month to none in the course of one or two months.

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