nasdaq jumped 2.33. the unemployment rate moving higher that doesn t seem to be able to push back the tidal wave of what wages seem to be doing and job creation. the probability of a rate cut weakness. more confident than rate cuts will be in scope. and i don t know exactly when that will be. rich: let s get some economic analysis. liz claman the host of the claman countdown on fox business joins us from new york. liz is the host of the fox news radio podcast. everyone talks to liz claman. liz, good evening, thank you so much for joining us tonight. you look at these headline numbers. they seem great. but are there warning signs out there? there are the may job creation number, rich, is being described as eye popping because you saw it far outpaced nearly every single economist s prediction by a long shot by the way. the unemployment rate here s the warning sign did tick
wages are up, people are back to work, and we are seeing some signs that inflation may be, i m not over promising, maybe beginning to ease. he is not lying. according to the august of support from the u.s. bureau of labor statistics, 315,000 jobs were created. this hits a 20 month street in job growth as president biden continues to fight inflation head on. joining me now is deputy business center for the washington post, damien palatka. damian, welcome back to the sunday show. so explain. why is the unemployment rate, why is it taking up slightly from last month? despite the robust job creation number? great question. it has to do with the numerator and the denominator in the past. when more people are rejoining the labor force and more people are looking for jobs, it actually can take the number up slightly. is deeply not something to be concerned about at all, we are in a really solid spot.
the piece reiterated the same points we ve heard before. inflation is putin s fault, the pandemic s fault. the economy in a strong place, the u.s. is better off than most other major economies post pandemics and americans would feel it less if congress would spend more money and pass biden s plan to deliver affordable healthcare, housing and elder and childcare. none of that legislature lace has moved for months on capitol hill. it is dead or hibernating on capitol hill. the only new statement in the president s op-ed was his acknowledgement in the future we might see fewer of the signs that the administration often points to as a signal for economic success. during this transition growth will look different. we ll likely see fewer job creation number, record job creation numbers. no cause for concern. it s average monthly job creation shifts from current levels of 500,000 to something closer to 150,000. it will be a sign that we re successfully moving into the
by september when schools fully reopen, teachers are back to work, more people are vaccinated, the numbers may accelerate and get closer and closer to the million job creation number that everybody s been hoping for. this is a strong report unambiguously. the vaccination process to the exception there are pockets of the country have yet to reach that 70% or 80% vaccination threshold where things are held back. it s important vaccinations are done. if you go to new york, new jersey, where the inoculation rate is above 70% we re completely reopen and business has taken off. it s a good number. still have 3 million people out of the labor force and 2 million women pushed out of the labor force overseeing hybrid distance learning for their kids so we need those people in the labor force to accelerate the pace of employment gains. i hear going out to my usual
the unemployment was 4.3%. down a tenth from april and the lowest rate since 2001. jobs numbers are not as good. u.s. players added 183,000 jobs in may. lower than estimated. still, the dow at an all-time high. eight stocks have been in record territory. it s been up, up, up since the election. all-time highs for eight of them after closing in record territory. well, adam shapiro is live. he s reporting from the white house. hello, adam. hi, shep. the jobs report, depends how you look at it. the washington post numbers said it was the numbers faltering. the new york times says now the fed has what they need to raise the interest rates. the bottom line, the overall job creation number was less than the analysts expected 138,000