Speaker 1: Well, we had an absolutely blockbuster jobs report last week. We have essentially full
employment in the United States. We are down to 3.5% unemployment. And I have video for
you of Fox News reporter Maria BARTIROMO praising the jobs report and it looks like
a hostage video. We are going to get to that in a moment. First, the numbers. U.S. job growth
unexpectedly soars in July. The unemployment gains far surpassed expectations show the
labor market is not slowing. Despite efforts by the Federal Reserve to cool the economy,
the U.S. employers added 528,000 jobs in July. The expectation was roughly half of that. This brings
the total employment level back to its February 2020 level. Remember the right loves to say labor
force participation rate? Well, we are now back to February 2020. Remember, that was Trump at
the time participation rate. The unemployment rate is 3.5%, matching the 50 year low. We have
a 50 year record low unemployment rate at this point in time. The expectation was for 250,000
new jobs. In July, 528,000 were created. Now, what are the counter claims from the American
right wing? One of them is, but some people still lost their jobs in July. Yes, this happens
every month. You have job creation and you have people who lose jobs and then you have the net.
Did you create more jobs than were lost or not? People are losing jobs all the time. The number
of jobs lost in July was tiny. Secondly. Well, what about wages? Well, wages are up as well.
Third, what does Joe Biden have to do with this? Okay. You guys are already familiar
with that one. So here's Maria BARTIROMO. She has a business show. She can't really ignore
the story. And this just feels like a hostage video. There's this famous video of I believe it
was a Vietnam P.O.W. who was filmed saying how well he was being treated. But with his eyes,
he was blinking Morse code for torture. This seems like another one of these hostage videos.
Take a look at this. This is Fox News and Maria BARTIROMO visibly pained by having to accept the
job market's looking really good headline here. Speaker 2: This is a blockbuster report. This
is much higher than anybody was expecting. 528,000 jobs created in the month of July
is more than double the expectations, which called for job growth of 250,000. All areas of
the economy actually saw job growth. Wow. Leisure, hospitality, the services industry, the industrial
industry. That's all good news. The bad news. Speaker 1: But oh, how were these jobs? Bad for.
Speaker 2: Joe Biden. This ensures that we are going to see a Federal Reserve that stays as
aggressive as ever the markets right now. Speaker 1: Now, that's not really bad news.
Okay. The point is, the Federal Reserve reacts to what's happening in the economy. She's sort
of saying like, the economy's so good that the Federal Reserve is going to have to keep doing
the things they do when the economy is good. Speaker 2: Pricing in a 65% chance that the
Federal Reserve raises interest rates by. Speaker 1: And by the way, if they're already
pricing it in, it's all okay, Maria, let's relax. Speaker 2: Another 75 basis points in the
next meeting, which is in September. We are waiting for the Jackson Hole event,
which is where Federal Reserve officials gather. That will be newsworthy in the coming weeks to
find out how the Fed will deal with a jobs market. Speaker 1: All right. So it's funny. She uses a
tone that expresses significant concern, but it's a genuinely fantastic jobs report. Now,
the economy still has all the problems that it always has. We still have high inflation. We
still have inequality. We still have people who have to work multiple jobs. We have all those
things. But these are the standard metrics we use and have used for at least 50 years
now. What will they do tomorrow when the new inflation report for July shows an inflation
decline? That's my expectation for tomorrow or Wednesday. I forget which day the inflation
reports coming out. How will they spin that as bad for Joe Biden? You know, they will.