The. 5 million jobs to the economy in the month of may. The expectation was a loss of 8 million jobs. In fact, we had a growth in jobs, and the Unemployment Rate fell to 13. 3 . That is still in the double digits, but it is a lot better than an expectation of 20 unemployment by economists. So all in all, a much better than expected report. Joining me now so talk about this is the former jpmorgan chief economist, anthony chan. Great to have you this morning, your reaction to this jobs number. Its certainly encouraging. I think when we break it down, it really tells us that the brunt of the bad news on employment is probably behind us, but that doesnt mean that things are completely copesetic, because what you see in this employment report is virtually all the gains in jobs were due to those people that were laid off, on temporary layoff and now recalled back. When you look at the number of people that were not on temporary layoff, that category of unemployment has continued to move high
In case of s p 500 and whats happening and dow up better than 40 from that period. The dow hovering over 26,154, a little more than what, 3,000 points from alltime highs reached in february . It is a bit of a remarkable turn around here. We are on top of that. Were on top of promising signs when you hear mark zandi, the moodys chief economist who is now saying that the covid19 recession is over. That job losses are not as bad as feared. That he sees a pickup in jobs starting in this month. He was mr. Doom and gloom. If you want to be contrarian, run the other way on that. For him to say that this might be the worst that has come and gone, better days are ahead that is greasing the skids for more buying. Were following that. Following what is happening on the Interest Rate front as they pick up. Again it is really reflection of the improving global economy, keeping an eye on that. Keeping an eye right now on new york city and whether things can kind of be what they were like last night.
Republican Senate Finance committee chair, Chuck Grassley who joins us right now. Thank you for coming. Glad to be with you, neil. Neil what does your gut say how long it could last if it gets to the senate . Chuck schumer is demanding witnesses, wants to speak to mick mulvaney, chief of staff, john bolton, a host of others, where do you think this goes . I dont think there will be any decision on bringing people in for questioning until after we had the Opening Statements by the prosecutors coming from the house of representatives and by the president s response to that, his lawyers responding to that. And then at that point, there might be some debate of that. But i think that the idea is not to prolong this, to give a fair trial and reach a decision based upon well thoughtout testimony for and against the president but not to make it any longer than necessary because the senate has a lot of work to do and, and we want to get to that work. Neil as you know the president seems to be,
Barisma. Officials to crack down on curfews as city struggles with unrest. Weve got the very latest, mornings with maria begins right now. Joining the conversation dagen mcdowell, columnist for the hill and liz peek and real clear politics, great to see everybody here this morning. [laughter] dagen go. Maria pretty good firmer tone this morning for future after 2 days of having losses, dow, s p 500, nasdaq seeing steepest 2day decline since august and the day before, trading growth concerns weigh on investors, i just want to point out that i know manufacturing is a major issue here in terms of the weakening, lets not underestimate the power of boeing and tollback and production of the jet, the max yet because of its issues in terms of its influence on the manufacturing slowdown, so i just dont want i mean, i look at these numbers, i see the manufacturing is slowing, i get that, but boeing was a big part of that. Im sorry . And gm strike. Thats also had an impact on this. Maria i spoke
Its wednesday, october 2nd, fbn a. M. Starts right now. Hands on your waist and go. Get up, get up. Hands on your waist and go. Get up, get up. Lauren cheryl welcome to fbn a. M. And good morning. Im cheryl casone. Lauren good morning. Im lauren simonetti. Cheryl lets take a look at how your money is moving on this morning. This bright and shiny morning. Not so shiny. Dow is down 116, s p down 14, nasdaq down 45. Were going to get breaking Economic News later this morning. Adp jobs report is going to be coming out, private sector jobs, pmi, measure of manufacturing activity, that will be closely watched after yesterdays big miss with manufacturing data. Lauren worst read in 10 years for u. S. Manufacturing yesterday. That is chilling stocks worldwide, in asia down arrows, the kospi is down 2 in you south korea, china still closed for a holiday. Cheryl there is pressure on european stocks. We are waiting for Boris Johnson to officially announce an i ultimatum to the eu. Lauren we have d