It's Jim Kramer here. You're listening to the opening bell of CBC's Squawk on the Street. Don't miss a minute of the action. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintiniu at Leslie Picker, Mike Santoli, a post-9 of the New York Stock Exchange. Kramer in favor have the morning off. Pre-market does like the jobs number. $187,000 is above consensus, but June and July get revised lower by 110,000. Unemployment spikes

to 3-8, highest in the year and a half, wages are light, the 10-year yield drops to about 408.

Our roadmap begins with that last jobs print ahead of the Fed's September meeting, showing

some continued strength in the labor market despite rising rates.

NEC director, Lail Brainer, is going to join us first later on this hour.

Meantime retail's mixed picture, Lulu upping its guidance, Walmart at a record high,

the dollar stores, meanwhile trading at some multi-year lows,

and then got some media tensions as well today.

Disney and Charter in this heated distribution dispute,

while Barry Diller calls Netflix

the enemy when talking about the strike. Let's kick off reaction first, though, to the jobs number.

Light wages, Leslie, average hourly earnings. Light is since June of 2021, better labor force participation,

especially among the older crowd, 55 and up.

Yeah, the market clearly likes what it sees, a very clear reaction to the print when it came out.

That 3-8, when was the last time we talked about the unemployment rate?

We haven't necessarily because it has been historically low for such a long time.

And going into the print, economists were expecting're expecting it to be 35, 38.

Huge upside surprise here.

And of course, Mike, you know, the key narrative this week and in recent weeks has been bad news is good news.

Yes.

And the question, I think, remains, and you can see this from the reaction today,

is how long that sentiment really carries through into equity.

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