reefs. don t give up hope. all is not lost. however, we need to make serious changes in our behavior to save the planet. i m isabel rosales reporting. another big week ahead for u.s. economic news. fresh data on mortgage rates and a big apple reveal on wednesday. key speeches from the fed governor and fet chief could happen. job creations slowing from the red hot pace earlier and the hiring was led by professional businesses, health care, retail and manufacturing. the jobless rate ticked up to 3.7% because people on the sidelines entered the labor force looking for work. in stocks all three indexes ended the week on a sour note. the stock market is closed for the labor day holiday. next on new day, an
on, wednesday the federal reserve announced another interest rate hike as it tries to combat inflation, which is a 40 year high. and on thursday, we learned that the gdp shrank for a second consecutive quarter. to, sound that marks the unofficial start of a recession. but we won t know if we are officially in a recession until an independent group of economists makes that call. and that could take months. joining me now, brian deese, director of the national economic council. brian, thank you very much for coming to the sunday show. okay, i m confused by something. and i think a lot of people are confused by something. what s the president says it is, correct record job creations, there are two jobs available for everyone person looking for work. unemployment is at 3.6%. and yet you have got the fed raising interest rates, and inflation is high. why shouldn t people feel that we the economy is in a bad way?
the traditional model is going to prevail. democratic legislation right now has been whittled down. but you re pushing to pass billions in fundings for u.s.-made computer chips and a second bill to lower prescription drug prices. can you guarantee, senator, these bills will eventually make it across the finish line? i feel good about both of them. the first the chips science package requires bipartisan approval. we ve had it so far. there s an indication the republicans want to join us in these job creations. they understand without chips, american manufacturing is going to have a difficult time competing in this world. they also note investments in science research pay off for generations to come. so i hope they ll stay on board with this. when it comes to prescription drugs, i don t understand the position of senator mcconnell. to oppose efforts to keep the cost of prescription drugs down for families just doesn t make any sense. if you re truly worried about families cost of
it would be not so good. the president wrote in an op-ed in the wall street journal quote this will be cause for concern, rather the average monthly job creations shifts from current levels of 500 something to closer to 150,000 a sign will be moving into the next phase of recovery. economists expected the lowest growth in 13 months. the jobs report came in at 390,000 new jobs, less than the 428,000 added in april but still more than 323,000 that was expected. unemployment rate remained the sai. it was expected to decline by 1/10. inflation is eating away at wages. wage growth fell to 5.2% down from 5.4% in april. and with energy costs driving so much of these price pressures, biden has been pushing opec in increase oil production unwilling to budge on his policies to ramp up production at home. saudi arabia is coming to the
were in 2019 and that should give us greater confidence that we can make this transition to a more balanced growth. we re not going to have the record job creations we ve had every month. but something that is more balanced and sustainable with w the resilience in our economy to to get to that other side, and i think you re seeing more and more economists start to say that that some of the strengths from this recovery also could be the things that give us the resilience to make that transition to more balanced growth with lower prices, even in the face of tough medicine that joe biden is giving the federal reserve, the independence and room to make. gene, thank you very much for being with us. we appreciate your time, sir. thank you. coming up next, we ll go live to buckingham palace with what s happening to mark queen elizabeth s 70 years on the throne.