Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintan here with Jim Kramer at post-9 of the New York Stock Exchange.

David Faber is the morning off. S&P futures trying to hold some gains here as yields drop on the back of August jobs.

22,000 is below estimates. Unemployment rate hits 4.3. That's the highest since

2021. And June jobs actually revised to negative. That would be the first month of job loss

since December of 2020. Our roadmap begins with the last employment report before the Fed's next

rate meeting. Jobs coming in weaker than expected. President Trump's top economic advisor,

Kevin Hassett, will join us

this hour. Joe's Tech Titans dining at the White House last night, as the president says he'll

impose tariffs fairly shortly on chip imports from companies not shifting production to the U.S.

And the trillion-dollar man, Tesla's board proposing an unprecedented pay package for Elon Musk comes

with some ambitious goals for the company.

Let's begin, though, with market reaction to this morning's jobs number ahead of our interview

with NAC director Kevin Hassett. Jim, we were looking for 75, some of the revisions, not as dramatic

as last month, but still lower. No, look, this is an economy. I want to take something on the table,

right? This is not a recessionary economy. Please don't say it really low unemployment. But where the jobs are, I think when you look at the juxtaposition of say billions being spent maybe hundreds of billions on data centers, right? Give the example, it doesn't show up in any of these numbers. You don't see any manufacturing, you don't see any of the construction jobs.

And then what you do see is that we realize, we forget about Doge, because we now think about him as a pay package guy again, not as what he was doing,

but we finally are starting to really see those federal layoffs.

They're so much more difficult to compute for people like us from the private sector.

Because you just, you know, you lay off some of the private sector.

And unless it's just got some sort of provision involving a union, they're off.

So now we're starting to see Doge.

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