And im dominic chu sitting in for wilfred frost. Hell be back on monday. A lot of news this morning and some big stock moves as well. Well have your round up of the names youll want to know in a minute. First, the big market story of the day. That would be januarys employment report. Its out today at 8 30 a. M. Eastern. Forecasters say the economy likely added 185,000 jobs last month during january. Thats a big drop from what we saw in december, 292,000 jobs added that month. The Unemployment Rate is seen Holding Steady at 5 . Of course, well bring it to you live on cnbc. In the meantime ahead of that report at 8 30, u. S. Equity futures are Holding Steady. Its been a calm session overnight after a mixed session in asia. Dow jones futures up 30. S p futures up 2. 9. Its really little action ahead of jobs. This after a lumpy rally that led industrials and materials on the back of strong commodities and again a weaker dollar, heading for its worst week since 2009. Not surprising to see markets a little stable ahead of what could be a big marketmoving number. Lets talk about the fed speak ahead of todays report. Cleveland fed president telling a conference late yesterday that the u. S. Economy remains sound and will overcome recent market turbulence. The policymaker suggesting this will allow the fed to continue tightening Interest Rates as planned. Mester is a Voting Member of the fomc policy committee. Which setting it up potentially for a dissent if they decide to hold pat in march and not raise Interest Rates. And futures are already indicating were not going to see one. Nothing in the bond market. Thats why todays jobs report is so important. If youre just waking up, lets bring you up to speed on the Asian Session overnight. The nikkei in japan closed lower for a fifth tragt day. The big driver, a stronger yen. The exporters in japan do not like to see that. Its completely given back all of its declines from where the boj took interest rating negative a week ago. In china, the shanghai composite closing marginally lower on final trading day ahead of the lunar new year. They will be celebrating the year of the monkey. Starting monday, the markets are closed. Well, if you look at that, just look at all of the monkeys. Its supposed to be i mean, theyre mercurial. Im told in terms of the zodiac, the monkey is a mercurial sign. Could be good for those people out there who are, you know, maybe a little more prone towards having a little bit of fun. Monkeys bring luck . It could be a lucky year for the markets. Well see what happens. Lets check on the early european session. Lets move to asia. New data this morning showing that german factory orders are falling more than expected in december. Among the big stock movers in europe today as well, lets take a look at those. Bnp paribas posting a 52 drop in Fourth Quarter net profits due to a big writedown on its italian bank. Also, plans to cut costs in its Investment Banking division. Were going to hear from bnp cfo later on this hour. Another stock to watch here, arcelormittal under pressure today amid falling steel prices. The company launching a 3 billion capital increase. Green across the screen for the most part. Its a little mixed. Still, a couple big stocks to watch on the global front. Lets show you whats going on with Broader Market moves. U. S. Dollar really took center stage on the weakness. Its helped commodities across the board this week. Its helped stocks too. The euro is pretty much flat into the jobs report. Still, charging toward 1. 12. Were looking at levels we havent seen in about a year. Were actually back to october levels right now. Well keep an eye on that. The dollar is strengthening against the japanese yen on a good jobs report. Usually you see that pair move the most. Strong dollar, weaker japanese yen. Lets show you whats happening in the oil market, where crude oil is actually heading for a weekly loss. It is green right now. Well see if that can stick. 32. 12. Wti crude up about 1. 3 . Brent, the international benchmark, up almost a percent. Green for natural gas as well. Treasuries ahead of the jobs report. This is amazing, by the way. Look at the yield on ten years. Way below. It shows you the gloom and doom. Theres negative rates in some parts of the world. An increasing number of parts of the world. For the u. S. , this is super low as well at 1. 85. And gold has made a big move higher this week. Its at the high etest level in months. What does that mean . Is it a signal the Federal Reserve is not going to raise Interest Rates . Its also been the opposite trade of the dollar. Gold strong, dollar weak. Copper has gotten a nice boost as well. They are linked. Theyre all priced in dollars. Certainly one to watch there. Speaking of the stocks to watch today, shares of linkedin plunging in the afterhours session. The networking site giving weak Fourth Quarter guidance. That overshadowed a beat on both the top and bottom lines. You can see there for linkedin, those shares down by nearly 30 in extended hours trading. Its going to be a rough start to the day. Similar story for tableau software. They topped earnings and sales estimates, but license Revenue Growth slowed down. On top of that, the company revealing it probably wont realize the benefit of certain tax assets. The shares there plunging by 36 . A huge move. The private equity arm of silver lake is making a half billion dollar investment in cybersecurity. Symantec announcing plans to buy back more shares, and is unveiled a special 4 dividend per share. Those shares up by 9 . Other stocks for you to watch this morning. Revenue at news corp. Declining for the Fourth Quarter. The stronger dollar and shrinking revenue weighed on the wall street journal owner. Lion gate entertainment posting earnings and revenue that missed consensus. The movie studio also is back in talks to merge with the cable movie channel starz. Shares under pressure, heavily being punished for those weak results. Shares of outerwall sliding after issuing a weak outlook. Rentals decline sharply. So is the stock. Down 16 . The Company Formerly known as coinstar. Anyway, in other Corporate News, apple is considering bringing its Software Services to android. The report citing comments tim cook made to apple employees at a companywide town hall meeting. He is said to have mentioned apple music on android as a way for the company to test its services on nonapple made hardware. Other options in the future might include Services Like icloud and apple pay. And in other tech news, foxconn ceo meeting with sharp executives in japan today. In comments just hitting the wires in the last hour or so, the chairman saying that the company has cleared 90 of the hurdles when it comes to reaching an agreement with sharp. He says a final announcement will be made by the end of the month. A lot of Corporate News out there as well. Coming up, its jobs friday. One might call it our market super bowl. Were going to talk expectations. We got a monthly super bowl here. Absolutely. Plus, we want to hear from you on the actual super bowl. Our twitter question of the day, should the monday after the super bowl sunday be a National Holiday . I am surprised at how many votes are coming in no. Tweet us cnbcwex. Well share the results. Dom has a mustread this morning arguing point by point for why it should be. Well be right back on Worldwide Exchange. We were born 100 years ago into a new american century. Born with a hunger to fly and a passion to build something better. And what an amazing time its been, decade after decade of innovation, inspiration and wonder. So, we say thank you america for a century of trust, for the privilege of flying higher and higher, together. You gein your car. Odors you think it smells fine, but your passengers smell this. {ding} eliminate odors youve gone nose blind too, for up to 30 days with the febreze car vent clip. Wow, it smells good in here. So you and your passengers can breathe happy. Welcome back to Worldwide Exchange. If youre just waking up or getting into work, lets get you up to speed. Lets start in asia. A very mixed picture overall. A couple of places youll want to focus on here, japans nikkei index down 225 points. The losing Streak Continues over in japan. And then a mixed picture here for china. The hang seng in hong kong up by about half a percent. The shanghai composite down by about one half of one percent as well. Lets look at these other markets. Wti crude, the u. S. Benchmark, up by about 1. 3 . Ice brent crude, the world benchmark for oil, up by about 1 , 34. 77. Of course, thats leading up to the u. S. Markets overall. Weaver seeing some green ahead of that big jobs number. Dow jones futures up by 39 pointinpoin poin points. All fractional gains ahead of that big jobs number. The Chinese Markets will be closed next week for the Chinese Lunar holiday. Reporter china is a society on the move. At no time is that more true than during lunar new year. Every year hundreds of millions of chinese hop on trains, planes, and buses to return home for the holidays in the largest migration of people on the planet. This holiday doesnt officially begin until february 8th, but already in the year of the monkey, millions of Migrant Workers have gone home because of the slowing economy. Migrants like these women say they can no longer afford to live in a big city like beijing. Both lost their jobs working at a restaurant when it ran into financial problems last september. Theyre waiting to receive their unpaid salary of about 1,000 each before heading back home. We have no money to buy tickets, to buy gifts for our family or children. Normally we spend 650 every lunar new year, she says. I am not coming back. Theyre far from alone. Many migrants are considering finding a new life in the countryside, fearing jobs wont be available to them if they return to the big cities. For years, Migrant Workers have been the backbone of chinas economic growth, working in factories and constructing buildings. But in 2015, the migrant population fell by 5. 7 million. Its first drop in about three decades. But with the economy growing at its weakest rate in a quarter of a century, many workers are questioning their future, whether theyre in traditionally powerful industries, like manufacturing, or even new industries that depend on chinese consumers. Its not easy to get a job in the restaurant industry, these days, she says. When i first came to beijing ten years ago, i was excited with new hope. I thought i could do well in a big city. But now im so sad and disappointed. Disappointed that her chinese dreaming disappear and the unpredictable year of the monkey. Cnbc, beijing. And i did look it up, dom. Year of the monkey lucky numbers, four and nine. Nine is my lucky number. I like the number nine. You were born in 1980. Youre year of the monkey apparently. Multiples of 12. Once again to the early Market Action in europe. Were talking about the big banks. Nancy hulgrave joins us from london with highlights of her conversation with the bnp ceo. Good morning. Finally some good news. The sector overall second to best performer. As you just said, part of that is due to good news were getting out of bnp paribas. They have unveiled a restructuring for its Investment Banking unit. This is intended to answer some claims the bank has been too slow to attack the leverage problems theyve been seeing and to address the market volatility. I had a chance to talk to bnp paribas cfo yesterday. He struck a confident tone that these changes would help prepare the bank Going Forward for volatility. Nevertheless, as you know, european banks have been particularly hard hit going into the new year. He attributed a lot of that to what he said were unfounded fears around china. Take a listen. From where we see it is that there is no such thing as a hard landing, which is under way, and so i would say probably its a good moment to buy bank stock. So the cfo there, no surprise here, really talking up his banks stock. For now, investors are believing it. The stock up about 5 . He was shrugging off fears not only around china, but more strategically here saying hes comfortable with the level of loan exposure to the Energy Sector. Of course, another big fear surrounding the european banks here. Guys, back to you. Nancy, thank you so much. Banks a focus on both sides of the atlantic. Back on the u. S. Shores, its all about jobs today. The january employment report due at 8 30 a. M. Eastern time. So joining us now to break it all down, jim osullivan, chief u. S. Economist at High Frequency economics. Jim, thank you so much for joining us this early in the morning. Lets talk about the jobs picture. Is it as rosy as the numbers make it out to be . Hi, dom. Hi sara. Good morning. Certainly not as good as the Fourth Quarter numbers. If you step back a little bit and look at all of last year, the first nine months of last year, payroll gains averaged 200,000 a month, which is pretty good. The Fourth Quarter averaged 284,000 a month, which is really off the chart. I think were probably due for a weaker number here. Frankly, we could get a zero today, and the fourmonth average is still around 200,000. My guess is the trend is still solid, close to 200,000. The last couple months were clearly exaggerated. I think unfortunately because of that, we may be due for a weak number today. Are you expecting to see any improvement in the missing link, and that would be wage growth, jim . Well, of course i think the monthly number will be strong today. Ive got plus 0. 4 on the monthly number. Last month was actually on the weaker side. It was zero. I think youre due for some bay p payback. I think youre due for a strong month over month number. The change from a year ago is 2. 5 , which is actually the highest weve seen. That number probably goes down because youre dropping out a strong number from a year ago. If you smooth it out, i think theres been a little acceleration here. Of course, if employment continues to grow around 200,000 a month, notwithstanding what happens today, then i think unemployment keeps falling and you do see more signs of wage pressure. All right. So all of this is of course in the context of how the fed and other Central Banks view this kind of economic data. So if we do get a jobs number that stays on your projections, are we going to see a fed rate hike any time in the next few months . Well, i think the risk today is we get a weak number. I think the trend is probably still around 200,000. My forecast for today is 165. Frankly, i wouldnt be surprised at even weaker than that. If you average out the last three or four months, its still going to look good. I think the risk is this number will be on the weaker side. Itll probably play into fears in the markets right now that the economy is slowing. Obviously a lot of jitters in the markets generally. Some of the numbers recently have slowed. I think a lot of the january numbers could be weak. I think even the snowstorm will have effects on things like retail sales. Given what the fed said last week, chances are theyre on hold. If the economy continues to chug along pretty well here and ultimately the trend is solid, theyll be tightening again. My own forecast is theyre pausing here for a few months, but theyll be tightening again by june. That seems to jive with whats happening with the overall markets as well in terms of head fund futures. Jim osullivan, thank you for joining us. Thank you. And now its time for todays trade on jobs ahead of that report. Our data team crunched some numbers to find out which stocks do well when the jobs report actually beats consensus. Charles schwab, monster, general motors, and etrade all performed well when the jobbings report came in better than expected. For more, go to cnbc. Com and check out more. The big question is how the market is going to react to the number. Are we in a situation where it seems perverse. Bad news is bad news because our economy just isnt getting there. Or is bad news good news. All i can say is this a depressed market. Good news on earnings hasnt been taken that way. Absolutely right. Coming up, lets talk about decision 2016. Were now just four days away from the New Hampshire primary, sara. Bernie sanders and Hillary Clinton squared off in the Granite State last night. Clinton hitting back over wall street ties. The highlights of that debate straight ahead. Now to decision 2016. The democrats are campaigning in New Hampshire again today after their first oneonone debate last night. Hillary clintons way behind in the polls, but she came out swinging. Nbcs tracie potts joins with us the highlights and of course Bernie Sanders can kind of view New Hampshire as maybe his home turf, right, tracie . Reporter well, yeah, its his backyard. Hes from next door in vermont. Although, he had some time last night explaining why so many lawmakers in vermont were not supporting him. As for Hillary Clinton, she clearly went into this trying to prove, number one, that shes the true progressive here. Thats something that sanders has been leveling at her. But also, that shes not being influenced by the big banks. And enough is enough. If youve got something to say, say it directly. Reporter Hillary Clinton pushing back on the idea that she cant be tough on wall street because shes taken so much money from them. You will not find that i ever changed a view or a vote because of any donation that i ever received. What we need to do is to stand up to the big money interests. I am very proud to be the only candidate up here who does not have a super pac, whos not raising huge sums of money. Reporter they debated paying for campaigns and paying for free college and free health care. I do not accept the belief that the United States of america cant do that. The numbers just dont add up from what senator sanders has been proposing. Reporter on foreign policy, the democrats disagreed on how quickly to normalize relations with iran. You dont just rush in, open the door, and say here, i am, lets talk and make a deal. Those are exactly the people you have to talk to, and you have to negotiate with. Reporter united in principle but drawing distinctions on how to get things done. And this isnt the last time youre going to see them one on one. They have several more debates coming up. The next one is thursday in wisconsin. So tracie, the interesting part about this whole discussion is the idea that you can have such a big disparity from one state to the other. How does this set up . New hampshire is just a few days away here. What kind of momentum can one expect to get if they win here into the next set of primaries and debates . Reporter well, the next big one will be south carolina. Look, no question about it, New Hampshire is important. So is iowa. But the background of these two states and the voters and what people are looking at, theyre very, very different. New hampshire is key. You were talking about the disparity. Here you have iowa, where Hillary Clinton won, although she barely won. In New Hampshire, shes 20 points behind. So she had to come out swinging last night. Do you have an update, tracie, on the state of the republican race as we get into the New Hampshire primary . I know theres a new poll result out, and everybody is wondering whether donald trump can recapture some momentum lost in iowa. Weve got another one coming out later today. The latest polls weve seen have donald trump out ahead by a healthy margin, doubledigit margins. And then some back and forth in the polls on whether marco rubio or ted cruz is the number two there. They are very close, within a couple percentage points. Some of the later polls show that marco rubio is actually surging at this point into a number two spot. But definitely ted cruz is looking forward and looking behind him. Tracie potts, thank you so much. Nbc news on the Political Landscape as we head towards the New Hampshire primaries. Now from politics to sports. We go to the pga waste managements open in phoenix, arizona. Check this out. Eldrick the robot golfer making history, hitting a hole in one. The name stands for launch directional robot intelligent circuitry. The robot is owned by former pro golfer gary mccord. In the spirit of full disclos e disclosure, this was his fifth attempt at the shot, but its still a hole in one by a robot. An interesting note here, sara do you feel threatened by this . Im not threatened a the all. Ive had two hole in ones in my life, by the way. While spelled differently, the name also happens to be the birth name of pro golfer tiger woods. Did not even know that. Well, everyone is getting ready for the super bowl on sunday, including jimmy fallon. The tonight show host using a parade of puppies to predict the winner of the big game. The pupping picked between bowls of food marked panthers, which is how they got down the line, and broncos. Whichever bowl got the most puppies would be the winning team. The little guys flocked to the denver broncos. Interesting. Predicting Peyton Manning and his team will be victorious this sunday. Apparently they have a good track record. They picked the Kentucky Derby winner. I would say sara and i are both dog feel. I always wonder why they use either labrador or golden retriever puppies for all these things. Theyre the most to to jennic apparently. They do appeal. Most mainstream. We have the same kind of dog. Yes, we do. Anyway, time to slip in a quick break. This mornings top stories when we come back. Plus, much more on the big weekend in san francisco. Landon dowdy will join us with a look at the major money behind the game. Landon . Thats right. Get ready for some football. As a journalist, i pride myself on being completely unbiased, even when it comes to reporting on the big game. More on that coming up. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Global markets on edge. Were waiting for todays big jobs report. Let the countdown begin. Toyota launching a major share buyback, but the big question, how much is the stronger yen hitting the automakers bottom line . And were ready for some football. The big money behind the big game straight ahead. Its jobs friday, february 5th, 2016. Youre watching world world woe exchange on cnbc. I got to get up to speed on some of this new music. New music friday. Get with the program. Welcome to Worldwide Exchange on cnbc, first in business worldwide. Im dominic chu sitting in for wilfred frost. Hell be back on monday. And im sara eisen. The january jobs report due out at 8 30 a. M. Likely added 185,000 jobs last month. Thats a big drop from the 292,000 december payrolls number we got. The Unemployment Rate seen Holding Steady at 5 . Now, also, its not the only game in town. Todays market agenda, a read on the International Trade picture at 8 30 a. M. Eastern time as well. The Baker Hughes Rig count is set for release at 1 00 p. M. Eastern today, like it is every friday. Later in the day, the Monthly ConsumerCredit Report is out. On the earnings side of things, on earnings central, cme group, also estee lauder set to report. Lets give you a setup of the Global Markets. Stock futures pointing to a modestly higher open. Dow futures up 28. Nasdaq up three. It could all change after the jobs report coming out at 8 30 before the opening bell. We did manage to eke out some gains yesterday, but it was a lumpy rally, driven mostly by materials and industrial stocks. Lets show you the early action in europe, where theres some green on the screen as well. Banks are getting a bit of a boost from bnp paribas restructuring. Thats helped european stocks climb back from what has been a pretty weak week overall. Asia, mixed picture. Japan got hit again by the stronger yen. The dollar has been weakening. Its having its worst week since back in 2009. That strong yen is hurting the japanese exporters. The shanghai composite closing down 0. 6 pv . Its a little less than the moves weve been seeing. For sure. Thats the stock market picture. As for the Broader Market overall, check out whats happening on the commodities side of things. With oil, you can see across the board some green. Natural gas up 5 as well. Now, on Interest Rates, interesting move here. Tenyear notes, we highlighted it earlier in the show. We have about a 1. 85 yield on tenyear have issue ri notes. Its significant because its lower. That means people bought up treasuries ahead of todays jobs number. Well see if that plays out as we head towards that big release at 8 30 a. M. Eastern time. On the currency side of things, if you look overall at whats happening, we see moves here. Again, euro higher almost 1. 12. The dollaryen, 1. 1685. Just fractionally higher. Gold prices, quick check on whats going on there. For gold, we are seeing a very nice week for gold. Its up about 1. 50 right now. Fractionally higher in whats been a strong up trend for gold prices. Its all about the Federal Reserve right now and whether we see a weak jobs report, that would add to confirmation that the u. S. Economy is slowing. It hit a soft patch last quarter, and it might be a long time before we see it come back. Then they wont have to raise interest rating. Weve been focused so much on mario draghi and the ecb, then kuroda, the boj. Its about fed policy. Certainly a huge focus for a lot of traders. We have some Corporate News for you to watch today. Genworth financial will stop selling traditional life and fixed annuities as part of its costcutting efforts. Deckers outdoor reporting lower than expected earnings and plans to slash costs. It lowered its guidance for the current quarter. State street nearing a deal to acquire general electrics Asset Management business. Big stories there. Heres another one to watch as well. Toyota reporting a 5 fall in operating profits last quarter. That missed the mark for an i analysts. Shares down by about 1 in trading. Well, besides the jobs report, theres sure to be one big thing everyone is talking about at the office today. That would be football. Millions will tune in to see super bowl 50. The biggest rivalry may be between companies. Landon dowdy joining us with more on the money story in costume today. Hey, sara. Thats right. Good morning. It is the one day a year viewers actually tune in to watch the commercials, and thats what marketers are betting on. The stakes are high. 114 Million People tuned in last year, and this year, a 30second ad costs a whopping 5 million. Thats up 11 from last year. So who are the big spenders . Toyota, 90 seconds worth. A few other names with top spots during the big game. 2015 was dubbed a more somber bowl. This year is more upbeat. The celeb bowl. Youll see at least 33 stars, up from 28 last year. Christopher walken, seth rogen, and lil wayne to name a few. What do you think, front or the back . Lets see you fully turn here. This is like a runway. Its a fashion show right now. How did you do this . Who makes it . Nike or under armour . Actually, cam newton is sponsored by under armour, but nike is making the official super bowl jerseys. This was specially made by one of our producers, mary duffy. Thank you very much. Well down. You cant find them on the east coast because of the storm. They were all shipped to california. But we know who youre really rooting for. You didnt say, front or back . We know i mean, we know youre from, like, north carolina, right . Isnt this the idea here, that you should be rooting for the panthers . I wont be turning around a lot today. Landon dowdy, thank you. Thanks, guys. Love the jersey. We have an update to a story we first brought you yesterday. The irs has now resumed processing tax returns after a hardware failure halted filings. According to an irs statement, tax refunds were unaffected and taxpayers who filed during or before the outage dont need to take any additional steps or actions. All right. So lets look now at whats happening here for the mornings top trending stories. The world has lost another great musician. Founder of earth, wind, and fire, maurice white, has died at 74 years old after battling parkinsons disease. The band sold more than 90 million albums and was inducted into the rock and roll hall of fame back in 0 2000. Another music legend. Its been a bad year for that. New health foods at mcdonalds are a bit less healthy than meets the eye. The kale salad has more fat and sodium than a double big mac burger. But i think thats about the dressing. If you just had kale and chicken t wouldnt be that bad. If you put dressings on it. I guess maybe you can control one variable but not dousing it in dressing. I like dressing. I like dressing with my kale. Anyway, coming up, our mustreads of the day, including a case for why you should take the day off after the super bowl. And we asked you on twitter if the monday after should be a National Holiday. Make sure to vote. So far, most of you are saying yes. But not everybody. Shocking, i know. But its not that big. Its a close call. Its about needs and wants. Well be right back. Now to todays must reads. The stories that caught our attention. Weve got a super bowl football theme going today. In the New York Times ahead of the big game, george lundberg, a pathologist and chief medical officer writing, the nfls next play, address brain trauma or fade away. Heres his pretty sharp warning here. The future of the sport hinges on whether any serious rule changes can appeal rate the brain damage. Meliorate the brain damage. He goes into the dangers of boxing and how that led to, not the sports collapse, but a lot less attention. He warns the nfl needs to do the same, tougher penalties. The nfl just needs to get more serious on this issue. Its not a new issue. Certainly the criticism is heating up despite the economic success. The nfl has made the case theyve made a number of rule changes over the past five, ten years addressing some of these injury related issues. Of course, it was a huge part of the reason why concussion got such a huge amount of interest, the movie. But he still says theyre not doing enough. Now, were going to take a lighter note here as well. The injury thing is serious, but lets talk about this wall street journal oped. Should the super bowl be a holiday . I couldnt agree more, says jas jason gay. By the end of the game, you have changed your shirt twice and can barely get off the couch, much less go to work in a few hours. Why not make monday a federal day off . Is this the story of you . I mean, so i dont normally have to work as early as you do. So i can stay up and watch the whole game and eat and not feel that bad the next day. Still, its a little bit of a joke here. Still a lot of people want a day off the next day. They dont really need it. So heres my question. Why dont they just do it a week later on president s day weekend where we have monday off anyway . But i want another day off. Im just saying, wants and needs. Well, keep tweeting us. Well share the poll results later. Should the monday after be a holiday . Were just about at the top of the hour. Joe, becky, and andrew are hard at work. The big jobs report. Joe joining us from midtown manhattan. Monday, you think it should be a holiday, joe . I would never say lets not have another holiday. Im not going to be here anyway. We know where youre going though. We have no sympathy for you. Going to work. Yeah, youre going to work. On the left coast. The at t pebble beach yeah, i wanted him to say it. Have you seen previous shows weve done out there . Bill murray weve had on a lot of the ceos. We dont get all of them because some of them are kind of incognito when theyre out there. I dont know what it is. Less so maybe than in the past. But some of them are wearing the dark glasses and pulling the hats down, the overcoats. We get some that come on. Look, they work hard. Theyre allowed to go out for a couple days. Theres a lot of networking that goes on. Im not quite as reticent. We just know you play, so we dont have any sympathy for you. Im going to tell you something along these lines, dom. I saw the robot with the hole in one. I started thinking cyborg. Life half human, half machine. I started thinking what part of me i would need to have a robot to get my tempo where it was good every time. I think all i can really keep is my head as human. The rest is going to have to be machine, most likely. Then i thought, you know what, i could screw it up. I need a psychiatrist. So really, its not going to work. You need to be a whole like, using your fake arms, thats not going to work. Id have to work from the ground up. Hips, the way im not pivoting. What do you think, dom . What would you need to get that perfect swing again and again and again . Joe, were going to let you think about that for the next few minutes. I know youll be thinking about that and the big jobs number and Everything Else. You have a full plate. Whos your game, cam newton . If you watch carolina, when it started the year, it was like, wow, these guys might be pretty good. Mid year it was like, wow, these guys are good. Playoffs, its like, these guys are dominant. Im not sure. What do you think . Denver have a chance . If you want to follow the super bowl indicator, i guess you want an nfc team to win. Thats not what im asking you. Im rooting for cam newtons wardrobe choices. I didnt mind those pants. Peyton manning had a blue suit with brown shoes. Whats worse . Zebra pants all the way. Joe, thank you. See you in a bit. Well, coming up, the countdown to that big jobs report begins here. Wellknown economist David Rosenberg joining us on set next. Youre watching cnbc, first in business worldwide. You can fly across welcome town in minutes16, or across the globe in under an hour. Whole communities are living on mars and solar satellites provide earth with unlimited clean power. In less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. And if you thought that was amazing, you just wait. Welcome back to Worldwide Exchange. Were all wearing red for go red today to raise awareness for womens heart disease. Youll see that all over cnbc today. Were also keeping a close eye on the markets ahead of the big jobs report, which could move markets and signal action for the Federal Reserve when it is released at 8 30. Joining us with his expectations, David Rosenberg, chief economist and strategist. Good to see you. Thanks, sara. Will a good jobs number today help lift the spirits in this very depressed market . Well, its debatable, actually. I only say that because look what happened a month ago. We had a ripping number. And look what happened on the markets afterwards. Theres a lot of other things going on right now between doubts over whats happening in china and emerging markets in general. Southeast asia, the economies will are really tipping over. The oil prices obviously correlate with everything these days. Im not going to say the employment number is the be all that ends all. But if its a strong number, what happens then . The markets start to reprice the fed. A weak number will solidify all these recession expectations. I think what we should hope for is a number along with consensus. So lets i mean, you have an economic and kmarkt timarketa lot of the analysis you do. Where does jobs rank in terms of what you said, oil, the economy, emerging markets, china, Everything Else . Well, when push comes to shove, theres nothing more important than employment. Why is that . Its because it supports 70 of the economy called the consumer. So i think the employment number and the details within the number, the workweek, the dispersion, the breadth of the gains. We already know that the Energy Sector is bleeding pretty badly. Thats going to continue. The question is, how does that feed through the rest of the economy . And the wage number is going to be critical as well. Personal income is critical for the economic outlook. Stock market participants, we to focus on corporate earnings. Thats roughly 15 of national income. The big chunk is personal income. The reason im not a big fan of the recession view is its going to be difficult to get a recession, with all deference to whats happening in the manufacturing sector, without employment and personal incomes receding. The growth there is still decent enough that im still confident as feeble as the economy is right now, were going to escape an actual downturn. For so many years, you were known as one of the biggest bears on wall street. I know youve changed your tune and have been positive on the economy for a few years now, but you are not buying this recession threat. Well, i would say the view that the economy has hit stall speed means if we get hit with some sort of shock, theres very little cushion between where growth is right now and actually slipping below zero. That much i understand. So the risk is obviously not zero. But you got to think about the u. S. Economy, this 18 trillion juggerna juggernaut, it takes a lot. When you look at the historical regard, it takes a massive shock or a series of shocks to cause the economy to go into an actual recession. Theres pocks of the economy that are weak right now. I think its actually transitory. Manufacturing, a lot of that is reflecting in oil and reflecting in what used to be a strong u. S. Dollar. I dont think these and the inventory, of course, the withdrawal, that is temporary. Ultimately, what determines whether or not were going to be in recession is the american consumer. Whats interesting is you take a look at Business Confidence surveys. Theyre going down. Consumer confidence surveys are pretty good. Business spending has been weak. Most of the relief from the oil prices has not been spent on the real economy. But when you talk about a 5. 5 savings rate going into this year, the Consumer Sector has quite a bit of fire power in case things start to stabilize. Theres a lot of potential on the upside. Theres been a lot of debate about how big of an effect oil has had on the u. S. Economy. Its obviously metals and mining, oil and gas. Jobs have been on the decline for a long time right. In your opinion, how important is the energy trade to the overall well being of the u. S. Economy . Well, i think that it happened in 85, 84. Oil went down, the economy weakened initially. Same thing in canada. What happens with this Oil Price Shock is this. The losses get concentrated quickly in the production community. Were seeing that now. Production energy investment. You see that in realtime. The benefits, and most of the economy, actually benefit. This is a de facto tax cut. But the benefits are true over time. Its a lag. In 1985, 86, those were pretty soft years for the economy. What happened with the lag is the oil price stabilized. People started to spend the windfall. They didnt do it initially. 1987, 88 was a big upside surprise for the economy. Im knnot saying were going to have that kind of growth this time around, but the winners, those gains accrue with the lag. Right now were looking at superimposing whats happening at the current moment. Of course, the losses are steep on the production side. And building up this scenario were going to have a recession. Im not there. I think that ultimately to get the recession, look, theres four Business Cycle determinants. Theres employment, theres personal income, theres business sales, industrial production. Industrial production certainly is in some form of recession right now. So this is the point of the week on a friday where we bring in our chart of the week, the most important charts that stood out to us this week. I chose the banks. There has been relentless selling of american banks, of foreign banks. If your view that were not heading into recession is correct, then why on earth are we seeing recessiontype valuations in some of these banking stocks . I have three answers for you. Normally an economist will have two answers. I have three. Make them quick. We have a minute left in the show. I think the markets are pricing in probably deeper declines in oil prices, bigger write downs. I think the markets are pricing in bigger write downs. Point number two, the fact the fed has been priced out means were not going to get this big expansion in margins everyone was expecting. The other thing is of course sovereign wealth funds seem to have been dumping a lot of their stocks. All right. We got to lee it there. David, thank you. Have a great weekend from Worldwide Exchange. E your investments through good times and bad. For over 75 years, our clients have relied on us to bring our best thinking to their investments so in a variety of market conditions. You can feel confident. In our experience. Call a t. Rowe price retirement specialist or your advisor. To see how we can help make the most of your retirement savings. T. Rowe price. Invest with confidence. Good morning and welcome to jobs trfriday. Were counting down to the mornings big number. Final predictions straights ahead. Remember that blowout number last time . Will we see anything weakness given things seem to have changed in tone a little in the economy . Hillary clinton and Bernie Sanders sparring last night over wall street connections, foreign policy, and which candidate is a true progressive. I think theyre actually trying to claim the mantle of a progressive rather than shoei s it. Im not sure. And its super bowl weekend. That means its time for cnbc to quiz the players on business news. The best and worst answers, plus some savvy investment calls from the broncos and the panthers. Its friday, february 5th. Squawk box begins right now. Live from new york, where business never sleeps, this is squawk box. Good morning, everybody. Welcome to squawk box here on cnbc. Im becky quick along with joe kernen and andrew ross sorkin. The countdown is on. We are just 2 1 2 hours from the january employment report. Forecasters say the economy probably added about 185,000 jobs last month. Thats a big drop from the 292,000 december payrolls number. The Unemployment Rate is seen Holding Steady at 5 . Lets check out the u. S. Equity futures. Yesterday the markets actually ended higher. Dow was up by about 80 points. You c