frankly the headline number, matt, is a big one here. also it shows healthy growth in several sectors of the economy. yeah, jim. this is blockbuster growth. and it is pretty remarkable. this number is going to go a long way towards shutting down this idea that the u.s. economy is already in recession. to be adding more than half a million jobs, in a month, at this stage of the recovery, is pretty impressive. let me give you some context around this 528,000 job figure. this is twice as much as the consensus from economists. not only that, but it is 200,000 more than even the most optimistic forecaster had pencilled in. two big milestones that came out of this report, the labor market has now fully recovered all of the jobs lost during covid. total nonfarm payroll is back to february 2020 levels. the unemployment rate is now down to 3.5%. that matches the half century low set before covid. again, none of this suggests an imminent or ongoing recession. but here is the problem,
this is america s newsroom. all right. today is the day. moments from now we ll be seeing president biden, he is set to depart for saudi arabia late yesterday the kingdom lifted its longstanding ban on israeli commercial flight towards normalization. bill: the real objective of the trip. convincing the world s largest exporter of oil is ramp up production and reestablish things with this administration. we watch a beautiful air force one head down the runway, complicating all of this, remarks from then candidate biden back in 2020. president biden: i would make it very clear we are not going to sell more weapons to them. we were going to make them pay the price and make them the pariah that they are. there is very little social redeeming value of the in the present government in saudi arabia. one of the president s first acts in the white house was releasing the c.i.a. report assessing the saudi prince ordered the killing of journalist khashoggi and also sanctioned
time. carley say, pack a snack and read it. it is worth doing. the market is reacting to the largest federal rate hike in decades. three major indexes taking a beating. the dow closing below 30,000. bill: it signals a bear market taking hold. they shed all their gains since the president took office. dana: adding insult to injury mortgage rates are soaring to their highest level in 13 years. inflation is at a 40-year high forcing nearly 60% of americans to dip into their savings or go into debt. bill: all this putting the white house in crisis mode. good morning. the president has grown increasingly frustrated with his polling and with his media coverage. he sat down with the associated press for the first time, by the way, since taking office with that publication to push back on all this blame saying the economy that he inherited and the pandemic that left psychological scars on the american people have gotten people down. fox news poll this week showed that his ove
unemployment staying at 3.6 pers percent. bill: there are at the moment 11.4 million jobs open and 6 million unemployed americans which means the math says two jobs for every person that s looking for work today. gas is soaring. another record high today. $4.76 a gallon now. that s nearly twice as high as when president biden took office. bill: here is the good news. wages rising slightly up 5.2%. not enough to keep up with inflation is the bad news. that disparity creating a nationwide pay cut. team fox coverage this morning. jacqui heinrich and we begin with kelly o grady live from los angeles. kelly. today marks the first weekend of june. you would normally have people excited for weekend getaways, beach trips. instead drivers are facing more dread at the pumps. today is the seventh straight day of record highs. the national average jumped 5 cents overnight. that s just two cents shy of double the price when president biden took office. that means an extra $33 ev
even though the president was face-to-face with the fed chair today, he says he s still staying hands off. my plan is simple, respect the fed, respect its independence which i will continue to do. even though biden wanted interest rates raised is not an economic cure without its own side effects. put jerome powell in a box. they have to raise interest rates. when they raise interest rates, it makes it harder to buy a home, usually make the stock market go down as we ve seen. and that will affect people s 401(k)s. jerome powell doesn t have a lot of options. republicans say the best option to get inflation under control is to get government spending under control. the white house today is not second guessing any past spending. do you think that any part of inflagrants this year is because of president biden s spending plan or is it all putin s fault? brian just spoke to this. we re at a historic place when it comes to the economy. now we re going to a place where i