Labor Secretary Marty Walsh explained the moves the Biden administration has taken to try and lower costs for Americans as inflation sits at a four-decade high.
MacroMavens founder Stephanie Pomboy and former Reagan economic adviser Steve Moore weigh in on the July employment report shortly after its release on 'Mornings with Maria.'
"And this is a global recession. We can't lose sight of that," he continued. "What’s happening here in the United States is happening all across the globe and, quite honestly, in a higher level in some places. "after it was revealed that U.S. job growth unexpectedly accelerated in July, defying fears of a slowdown in hiring even as the labor market confronts the double threats of persistent inflation and rising interest rates.
Employers added 528,000 jobs in July, the Labor Department said in its monthly payroll report released Friday, blowing past the 250,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, edged down to 3.5%, the lowest level since the COVID-19 pandemic began more than two years ago. at the fastest pace in decades to wrestle inflation under control.
Pomboy warned on FOX Business Friday that the Fed "really put most of their eggs in this employment basket and they’re looking at a lagging indicator to tell them when it’s time that they have tightened enough, which suggests that they are going to overdo it on the rate hikes."
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