Big April Jobs Miss: Payrolls Up 266,000. Economists Were Expecting a Gain of One Million. What Happened? Labor Secretary Walsh With Biden Administration Reaction to the Numbers and Thoughts on the Recovery

Squawk on the Street

Carl Quintanilla, Jim Cramer and David Faber took a deep dive into the April employment report and what it could mean for the recovery and the markets. 266,000 non-farm jobs were added, well below the one million jobs economists had been expecting. The unemployment rate rose to 6.1-percent, but more people entered the workforce in April. The debate has intensified: Are government unemployment benefits giving potential workers an incentive to stay home? That's one of the questions the anchors asked U.S. Labor Secretary Marty Walsh when he appeared on the program to discuss the jobs report, labor shortages and the recovery. It was a good morning for tech stocks as shares of Peloton, Square and Roku rose sharply in reaction to their quarterly results -- Peloton up despite lowered guidance in wake of its treadmill recall. Carl, Jim and David also reacted to what SEC Chairman Gary Gensler told CNBC about the Archegos fallout and regulating Bitcoin -- this ahead of Elon Musk's scheduled guest host appearance on "Saturday Night Live". The watch is on to see what Musk might say on SNL about cryptocurrency.