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CNN This Morning
February Jobs Numbers; Hollywood's Biggest Night This Weekend; Daylight Saving Time Change This Weekend. Aired 8:30-9a ET
Aired March 10, 2023 - 08:30 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
DON LEMON, CNN ANCHOR: This has an immediate effect on everything, right? You, our lives, everything. Just in, the U.S. Bureau of Labor Statistics just announcing how many jobs were added to the economy in February.
Christine Romans here with the number.
So, is this -
CHRISTINE ROMANS, CNN CHIEF BUSINESS CORRESPONDENT: A lot of hiring.
LEMON: Is this good or bad?
ROMANS: If you are looking for a job, it's good. If you have a job and you're job hopping, it's good. It is a strong job market, 311,000 jobs added. And we know it was a blockbuster report in January. That was revised down a little bit to 504,000. That's still a very, very big number.
This shows you that businesses are hiring despite those headlines you've seen of tech companies that have been, you know, laying people off. They hired a lot during the pandemic. Despite those headlines, this is a very, very strong job market. And 3.6 percent is the unemployment rate. It went up a little bit. That's because about 400,000 people came off the sidelines and started looking for work. So, that's an unemployment rate rising for a good reason.
People are hearing from friends. They know that there are plentiful jobs. And so they're out looking for work now.
And then the sectors, guys, the leisure and hospitality, hiring a lot of people, retail, government jobs. So, they're -- we broke them all out for you. A lot of - just a lot of jobs across the board.
KAITLAN COLLINS, CNN ANCHOR: So, it's good for employees. Bad for employers. Bad for the Fed.
ROMANS: Yes. COLLINS: Bad for Wall Street?
ROMANS: So, a good economy could eventually be bad news for Americans because it means the Fed has to continue to raise interest rates. You've got wages up 4.6 percent. That's great. I mean people's paychecks are unequivocally bigger. But it's feeding into the inflation story. And so the Fed thinks that inflation staying too high is more dangerous than maybe trying to cool off the job market a little bit.
LEMON: So --
ROMANS: I know, it's upside down.
LEMON: Well, it's weird because everybody I talk to - and this -- just yesterday I was having breakfast with a bunch of folks and they said, Don, we're so confused when you guys talk about the economy -
LEMON: And you get the new jobs numbers and the stock market, whatever, everything's going gangbusters, but yet it's bad. How - what do I -- I don't know what to say to them.
ROMANS: You know, it's interesting because we kind of broke all of the models after Covid and so we're trying -- we have a very confusing picture of the economy. The underlying strength of the economy over the past six weeks has been undeniable. The consumer, retail sales, the job market, and inflation is still too high. All of this is a function of a - of a strong recovery in the economy.
And while that is good news, it feels like good news, if it feeds into inflation and inflation gets entrenched, then that slows growth, and then that can cause a recession.
COLLINS: And the question -- everyone who's paying close attention to this, not just us, it's the White House. Our senior White House correspondent MJ Lee is on the lawn.
MJ, obviously, they are always looking closely to this. You reported they were looking for this goldilocks number. It got a lot higher than goldilocks. It's way more than expected. What's the reaction you're hearing so far?
MJ LEE, CNN SENIOR WHITE HOUSE CORRESPONDENT: Yes, Katelin, you know the number that White House officials had really been hoping to see was something in the mid 200s. So, you're right that this is a little bit bigger than that. But I can - I suspect that they are going to be pretty pleased with this.
You know, that goldilocks number that we talk about, they wanted something that wasn't too big, like what we saw in the month of January when the economy added more than 500,000 jobs. That was, frankly, shocking to a lot of economists. But they, obviously, also always want to see strength and robustness in the jobs market.
And so much of this has to do with being on Federal Reserve watch. They knew and very much took note inside the building behind me when Jerome Powell said in recent days and suggested that if there are more indicators that the jobs market is just too hot, that the labor market is too hot, that, yes, the central bank could bring back more aggressive interest rate hikes. That's not something that the White House wants to see.
But at the same time, this has almost sort of been a good problem for the White House to have. You know, they know that the labor market being too strong and being too hot can lead to more aggressive interest rate hikes. But at the same time, they're always going to say, look, more jobs being added, more paychecks going to Americans, that is essentially a good thing.
And, you know, I don't have to tell you, the issue of the economy, the issue of inflation, those are some of the most important political issues for this White House and for Democrats heading into 2024. So, they're always going to sort of root for strength in the jobs market and they do basically feel like they have a good story to tell on the economy. But, again, inflation is the one sort of intractable problem that this president has faced, and they very much want to see that trend to continue in a downwards manner.
COLLINS: Yes, we'll see what President Biden says when he speaks out.
MJ, Christine, thank you both so much for breaking down those massive, very hot jobs numbers today.
LEMON: Now the Oscars. I thought it was last weekend, actually. I was confused.
COLLINS: Oh, come on.
LEMON: I did. I was like, well, the Oscars are this weekend. It's this weekend, all right? The first since the infamous Chris Rock slap. How the shown plans to address last year's drama and some fresh controversy this year.
ROMANS: One of the best lines I heard - I read this week was from an economist who said, this is the Gado (ph) recession.
(BEGIN VIDEO CLIP)
LADY GAGA, MUSICIAN (singing): So, cry tonight, but don't you let go of my hand.
(END VIDEO CLIP)
LEMON: OK, so I'm so out of it. I'm like, that's Lady Gaga? Lady Gaga up for another Academy Award this weekend. Will it be her second win for the best original song? This time for "Top Gun: Maverick." And will "Everything, Everywhere, All at Once" keep up the award's momentum for every major category? There's still time to catch up on the Oscar nominations. Not much. Still a little time.
Stephanie Elam joins us now from Los Angeles to preview the ceremony.
Stephanie, hey, how are you? I don't know, who's going to - who's going to get the big win?
STEPHANIE ELAM, CNN CORRESPONDENT: I mean there's so many questions here. I mean, Don, we know that there has been plenty of drama in the Dolby Theatre when we've gone to Oscars. Of course, they would like for you to focus on the drama on the big screens. But just in case you forgot what happened last year, and what they're looking to fix this year, watch this.
UNIDENTIFIED MALE: And when we're done with this, we're going to be carpeting all of Hollywood.
ELAM (voice over): The Oscars are back. The first since the slap made Hollywood's biggest night the Academy's biggest nightmare.
CHRIS ROCK, COMEDIAN: It still hurts!
ELAM: Just a week after Chris Rock took aim at Will Smith --
JIMMY KIMMEL, HOST, "JIMMY KIMMEL LIVE": The second I saw Will Smith get up out of his seat, I would have been halfway to the Wetzels (ph) Pretzel.
ELAM: All eyes will be on host Jimmy Kimmel, who says he will address the slap.
KIMMEL: You know, comedians are mad about it. It's one of those things that for a group of people that find everything funny, it's like not funny, you know. But, of course, it's, you know, you have to.
ELAM: The fallout also upends Oscar tradition since Smith won best actor last year.
MATTHEW BELLONI, FOUNDING PARTNER, PUCK: They have to find somebody to present best actress, because typically the tradition is, if you win best actor, you come back and you present best actress. But that's not going to happen because he's banned from the show.
ELAM: This year's drama should come from the awards. Possible upsets --
JAMIE LEE CURTIS, SUPPORTING ACTRESS NOMINEE: Well, I've been an actress since I was 19.
ELAM: A late SAG Awards surge from Jamie Lee Curtis could lift her over supporting actress favorite Angela Bassett. Neither veteran has ever won. ELAM (on camera): What does that mean for you?
ANGELA BASSETT, SUPPORTING ACTRESS NOMINEE: You know what, it's just a clear example that you've got to hold on.
BRENDAN FRASER, ACTOR: I'm smiling and breathing.
ELAM: SAG and Critics Choice winner Brendan Fraser will go down the wire with Austin Butler for best actor.
AUSTIN BUTLER, ACTOR: I'm ready. Ready to fly.
ELAM: The "Elvis" star won a BAFTA, the British Oscar, a bellwether since the Academy has welcomed more international voters.
BAZLUHRMANN, DIRECTOR, "ELVIS": Denzel Washington said to me, you're about to work with a young actor, because he had just worked with him, whose work ethic is like no other. He was right.
ELAM: If there's an Oscar shocker, it could be for best actress, where Michelle Yeoh is expected to win for "Everything, Everywhere, All at Once."
KATE BLANCHETT, ACTRESS: I am excited. I'm excited.
ELAM: Kate Blanchett's BAFTA win keeps her competitive. But the outlier, Andrea Riseborough, whose role as an alcoholic in the small film "To Leslie" led to a social media push inside Hollywood that won her a surprise nomination. She was allowed to remain a contender after an Academy investigation into the tactics of the campaign. A probe that upset some of Riseborough's supporters.
BELLONI: There could be a protest vote that goes on here. And if there is a shocker on Oscar night, it's going to be if she wins.
ELAM: OK, so in the spirit of the Academy Awards, the Oscars, Kaitlan and Stephanie, your picks for best picture?
COLLINS: Oh, Stephanie?
ELAM: I've got to go - I've got to go with what I've seen, because I've been at all these awards shows.
COLLINS: Oh, my gosh.
ELAM: I think "Everything, Everywhere, All at Once." Got to pull out.
COLLINS: We picked the same thing.
LEMON: Yes. ELAM: See - oh, look at your fancy font. That's a very nice font there you got there.
COLLINS: So - thank you.
COLLINS: No, it's backwards.
LEMON: Oh, yes.
ELAM: I was like, no pick. Oh, that's dramatic.
LEMON: You know why?
ELAM: That's very dramatic.
LEMON: Here's why. It's the only one I've seen. I saw it on the plane as -- when I was going to the queen's funeral. It's the only one that I have seen.
COLLINS: I picked this one because one of the directors is from Alabama. The two Daniels.
COLLINS: And, he's amazing. And also Michelle Yeoh is awesome. So -
ELAM: Also, I would just like to point out, we have some veteran actors who are up for winning big awards that they haven't won before.
ELAM: So, it could be a really thrilling night for some of our favorites that we all have loved over the decades to see if they win on the champagne carpet as they walk down it on Sunday evening.
LEMON: Can I - I want to two things real quick. Humble brag, I've been texting with Courtney B. Vance. And, you know, we love the wife is amazing.
ELAM: You need to tell people who his wife is.
LEMON: You tell people who his wife is.
ELAM: Angela Bassett, who is up for "Wakanda Forever."
ELAM: She's up for that role. So, she may win. Or it could be now Jamie Lee Curtis from "Everything, Everywhere, All at Once." We've seen that the -- for all season long it's been Angela Bassett. LEMON: Yes.
ELAM: But we saw at the SAG Awards that Jamie Lee Curtis won.
ELAM: So, we're not sure. But both of those actors very much loved in Hollywood.
LEMON: The last time we covered -- I don't know if it was the last time we covered, but the last Oscars that I actually attended in person, because (INAUDIBLE) would do the red carpet with you and then we'd do the after show, was 2016 when Chris Rock, fun fact, was the host. Interesting, right?
COLLINS: Oh, a long way (ph).
ELAM: I don't think we can expect to see Chris Rock again. I don't think he will be there, at least this year.
COLLINS: Yes. You can see why.
LEMON: Thanks, Steph.
COLLINS: Thanks, Stephanie.
LEMON: Good luck.
LEMON: We'll be watching.
COLLINS: All right, the Oscars is not the only thing this weekend. Daylight Savings is going to make your Sunday scary -- a little scarier this Sunday, as you're watching the Oscars. Harry Enten is going to explain why this morning's number is 65.
LEMON: He's going to be on the red carpet.
COLLINS: That's next.
(BEGIN VIDEO CLIP)
CHER, MUSICIAN (singing): If I could turn back time. If I could find a way.
(END VIDEO CLIP)
COLLINS: Well, you won't -
LEMON: One of my all-time favorites. I love Cher.
COLLINS: Well, don't play this weekend because you're not actually going to be turning back the time. Instead, you're going to be turning it forward, because the clocks are going forward. Daylight Savings time is this Sunday, which means you're going to lose an hour of sleep, but for the next couple of months you'll have an extra hour of daylight, so it's totally worth it.
This, of course, has been a big debate on Capitol Hill. Republican Senator Marco Rubio has reintroduced a bill that would make Daylight Savings Time permanent nationwide, which mean no more - it would mean no more changing back the clocks. But the question is, is that what people want? Is that what the Americans want?
Harry Enten has looked into this for us and has this morning's number.
Harry, what is it? Do people - do people want this to be something that is actually passed by Congress?
LEMON: How (ph)?
HARRY ENTEN, CNN SENIOR DATA REPORTER: Yes. So, this morning's number is 65. Sixty-five percent of Americans who dislike changing the clocks twice a year. I can tell you, I am certainly one of them. I am not at all looking forward to losing an hour of sleep this weekend. It means one extra less hour of sleep and it also means the weekend has one less hour in it.
But here is the issue, Kaitlan. Here is the issue. We can't agree on a solution. So, Americans don't like changing the clocks, but they can't agree on a solution. Look, 38 percent want Daylight Saving Time, no "s," all year-round, 26 percent want standard time all year-round and then there's 32 percent who like the current system, which is a minority. But the fact is, you've got 38 percent who like Daylight Saving Time all year-round, and standard time, 26 percent. So the people who dislike changing their clocks, they can't actually agree on a solution.
LEMON: Interesting. I thought there was -- I thought we were -- it was going to be permanent, but maybe that was -- I'm dreaming. I don't know.
So, then what about Daylight Saving Time year-round? Do you -- I mean, I kind of like it. I like Daylight Saving all year. And, you're right, leave off the last "s" for Saving.
ENTEN: Yes. Look, here's the issue, Don. Here's the issue. We've done this before. We've tried year-round DST. We tried it during World War II. We tried it in 1974. Majorities turned against it.
Why? There is an aversion to late January sunrises. So, let's say you go to Grand Rapids, Michigan, right, which is on the western extent of the eastern time zone. Kids would be going to school in the dark. The sun doesn't rise in early January in Grand Rapids, Michigan, until about 9:12 a.m. on some days. So, the fact is, it's very difficult.
But here's, I think, something that I would definitely know. OK. Let's take a look at days with sunrises before 7:30 a.m. and sunsets after 5:30 p.m. This is the national average. So, what's the best way to get a good amount of sun in the morning and then a good amount of sun in the afternoon?
It turns out that 72 percent of the days, if you use standard time year-round, gives you a good amount of sun in the morning and in the late afternoon. The current system, 69 percent. In fact, the worst system for it wouldn't in fact be Daylight Saving Time year-round. So, people are pushing that, but the fact is, there's a reason why people are dissatisfied with it when we've tried it before.
COLLINS: Harry, say that again. If it is permanent, that's when it doesn't rise in Grand Rapids until 9:00 a.m. or that happens now?
ENTEN: Correct. If we do in fact make Daylight Saving Time year-round permanent, what we would find is in Grand Rapids, Michigan, in January, the sun wouldn't rise until after 9:00 a.m. And here it wouldn't rise until after 8:00 a.m. on many days in January.
COLLINS: No, I don't like that.
LEMON: I don't know. I just -- I just -
COLLINS: We're in studio anyway.
LEMON: I'm still thinking about it. I can't get over the fact that especially us on this shift we're going to lose an hour of sleep.
ENTEN: I feel for you.
COLLINS: Harry Enten.
LEMON: You're on this shift, too, Harry.
ENTEN: Yes, I know.
COLLINS: Harry Enten, thank you.
ENTEN: Thank you.
COLLINS: And thank you all for joining us this morning and this whole week. Have a good weekend.
CNN "NEWSROOM" starts right after this break.