The U.S. jobs numbers are out -- 132,000 new jobs – unemployment rate is 4.5% - and average hourly earnings are up 0.2%. On this morning's "Squawk Box," Mark Zandi, Chief Economist at Moody’s.com, along with CNBC’s Ron Insana and Steve Liesman sifted through all the data and weighed in on what it means.
Insana quoted a newsletter he had seen recently which said that if you look at autos and housing--9% of the economy is in recession, which means 91% is not. So you’ll have a drag from that 9%, but you’ll have a cushion from the rest of the economy. He said the Goldilocks (or soft landing--where the economy is not too hot or too cold) scenario is still working.