ILLEGALLY, HE NEEDS TO SUGGEST,
LOOK FOR A NEW JOB.
MARIA: WHAT YOU MAKE OF
DEMOCRATS THINK VOTER BACKLASH
IS THE GOP DOES THIS?
>> WE HAVE THE OBLIGATION TO THE
AMERICAN PEOPLE TO HOLD THE
BIDEN ADMINISTRATION ACCOUNTABLE
ACCOUNTABLE.
IF WE BUILD THE CASE WILL HAVE
THE AMERICAN PEOPLE ON OUR SIDE
BUT WE HAVE TO TAKE IT
STEP-BY-STEP.
MARIA: ANYTHING TARGETING BIDEN?
>> PRESIDENT BIDEN, LET’S SEE
WHAT THE CASE IS.
THE TRUMP IMPEACHMENT MANIA WAS
WRONG DONE AND WRONGLY HANDLED
SO WE NEED TO DO IT THE RIGHT
WAY AND THE MAJORITY.
MARIA: THANK YOU FOR JOINING US
AND THANK YOU FOR WATCHING, HAVE
A GOOD WEEKEND.
>> FROM FOX STUDIOS NEW YORK
CITY, THIS IS MARIA BARTIROMO
WALL STREET.
>> HAPPY WEEKEND TO ALL, WELCOME
TO THE PROGRAM THAT ANALYZES THE
WEEK THAT WAS IN POSITION YOU
WILL BE GETTING MORE THAN
EXPECTED BUT NOT THE FULL KENNY
AND JOHN ARE HERE WITH WHAT
MELANIE, THAT IT.
OIL AND GASOLINE PRICES SPIKING
AFTER THE WHITE HOUSE HELP TO
STOP SAUDI ARABIA AND OPEC AND
BACK OIL WITH PERRY ABOUT THIS
AND HOUSE LOOKING TO VENEZUELA
FOR RESCUE.
TIES BETWEEN THE CHINESE
GOVERNMENT U.S. WEAPONS NUCLEAR
RESEARCH SITE.
BRYAN GAVIN IS HERE.
WE DID GET THE JOBS REPORT,
ECONOMY ADDED 263,000 JOBS LAST
MONTH HIGHER-THAN-EXPECTED LESS
THAN THE MONTH BEFORE.
ON UP LIMIT RATE 3.5% AFTER
57000 PEOPLE DROP OUT OF THE
WORKFORCE.
THEN DALLAS FEDERAL RESERVE
REPORTING AMERICANS SING THE
BIGGEST PICKUP OF THE PRESIDENT
BIDEN IN 25 YEARS BECAUSE OF
INFLATION.
SLATE STONE CHIEF STRATEGIST,
KENNY AND JOHN, THANK YOU BOTH
FOR BEING HERE.
YOUR REACTION TO THE JOB NUMBERS
NUMBERS?
>> I’M NOT NECESSARILY SURPRISED
SURPRISED, I THOUGHT IT WOULD
COME RIGHT IN LINE AND IT DID.
UNEMPLOYMENT WAS INTERESTING
3.5% BUT DOESN’T CHANGE THE
NARRATIVE WHAT THE FED WILL DO
NOVEMBER.
RATES WILL GO UP AND THAT’S
CLEAR.
THE IDEA EARLIER THE FED WOULD
PUT IT WAS WAY OVERDONE AND WE
WILL SEE THE MARKET STRUGGLE
INTO EARNINGS SEASON.
MARIA: PEOPLE TALKING ABOUT THE
FACT THAT IT WAS GENERATING
HUNDREDS OF THOUSANDS OF JOBS
EVERY MONTH BUT THE EXPECTATION
IS IT SLOWS DOWN YEAR END
2,100,000 A MONTH WHAT YOUR TAKE
ON THE NUMBERS AND PARTICIPATION
RATE WENT DOWN?
>> I’M SHOCKED BY THE
PARTICIPATION RATE, HE WOULD
THINK WITH FASTER PRICE
INFLATION MORE WOULD BE FORCED
TO FIND A JOB TO COMPENSATE FOR
THE LOSS OF PURCHASING POWER.
WE CAN LOOK AT THE RANGE ROSE
ONLY BY THREE TENTHS%.
A HUGE GAP BETWEEN 5% WAGE
GROWTH AND CPI INFLATION RUNNING
AT 8.3%, A REDUCTION IN THE
PURCHASING POWER OF WAGE POORLY
FOR CONSUMER SPENDING GOING
AHEAD.
THE FED FUNDS RATE IS EXPECTED
TO FINISH 4.4% AND THAT WILL BE
UP BY 4.25 PERCENTAGE POINTS
SINCE THE START OF 2022.
WITHOUT HAD SO GREAT OF
YEAR-TO-YEAR INCREASE BY FED
FUNDS BENCHMARK FOR VARIABLE
LOANS SINCE THE END OF 1981 AND
IT COINCIDED WITH ONE OF THE
WORST RECESSIONS IN HISTORY OF
THE UNITED STATES.
MARIA: IS THAT WHAT YOU EXPECT
IN 2023X.
>> I HOPE RECESSION WON’T BE
THAT SEVERE BUT YOU HAVE TO
EXPECT A DECLINE BY OVERALL
ECONOMY, HORIZON UNEMPLOYMENT AT
3.5 HEADED TOWARD 6% AND A GREAT
DEAL OF PAIN AND IMPORTANT
IMPLICATIONS GOING TO 2024
ELECTION YEAR.
MARIA: , TO GO BACK TO SOMETHING
SOMETHING, THE PAY CUT.
AMERICANS ARE SUFFERING THE
BIGGEST PAY CUT IN DECADES.
THIS IS A STUDY BY THREE
ECONOMISTS THE FEDERAL RESERVE
THINK OF DALLAS FINDING REAL
WAGES HAVE FALLEN THE LAST YEAR
EN THOUGH NOMINAL WAGES ARE
RISING, PRICES ARE RISING EVEN
FASTER AND WHEN YOU SEE
INFLATION COMING INTO WHATEVER
WAGE AGAIN, THE BIGGEST PAY CUT
IN 25 YEARS.
>> INFLATION RUNNING 8.3% BUT
WAGES GROW 5% SO WORKERS LOSE
EVERY MONTH SO NOT A SURPRISE.
EVERYBODY HAS BEEN FEELING IT
AND YOU CAN HEAR THAT EVERYWHERE
YOU GO WHICH IS WHY WE SEE
UPWARD PRESSURE ON WAGES BUT NOT
CATCHING UP WITH INFLATION WHICH
WILL CONTINUE TO BE A PROBLEM
FOR CONSUMERS.
IF INFLATION DOESN’T COME DOWN,
THEY WILL FEEL THE STRAIN MOVING
THROUGH 22 INTO 2023 WHICH WILL
BE ANOTHER DIFFICULT YEAR.
MARIA: UNBELIEVABLE WHAT WE ARE
SEEING, A DOZEN EGGS UP 40%,
COPY OF 17%.
THESE ARE THE THINGS WE BUY
EVERYDAY, NOT 8%, IT’S DOUBLE
DIGIT.
THERE’S SOME EXPECTATION
INFLATION IS PEAKING.
I DON’T SEE IT.
WILL FOLLOW BY THE PRODUCER
INDEX.
>> UNFORTUNATELY YOU WILL BE
PROVEN CORRECT.
I DOUBT IF INFLATION PEAKED
ESPECIALLY WITH THE LATEST
RETURN OF RISING ENERGY PRICE
INFLATION AND RISING GASOLINE
PRICE INFLATION.
THURSDAY WILL GET THE SEPTEMBER
CPI HEADLINE NUMBER MAY EASE
8.328.1% BUT THE BAD NEWS WILL