3.6%. in a few hours the department of labor will release that jobs report, a key measure of inflation that we ll be looking for in the page part of that report. let s bring in john lear. what are you expecting? yeah, i m expecting job growth to be very robust despite all the headlines that we ve been reading about layoffs in the tech sector and i think that it is a testament to how tight the job market is and how rapidly folks have been reabsorbed in other sectors. and 11 million jobs are up for grabs right now and the weekly jobless claims dropped to a nine month low. so outside of this report, we keep seeing signs of tightness in the labor market. even as tech has all those layoffs, what is your assessment of how tight it is and what the fed will tolerate here? i think where we are in terms of the employment cycle, we re sort of in this, woulder re reallocation phase. companies and sectors that
something like lee slur and hospitality, they are still short of where they were pry pandemic. all that takes time and on top of that, i ll say while things in the u.s. look reasonably stable, the world right now is going through a tumultuous time. you re reurope in a recession, showing signs. so hard to say that the u.s. will emerge unscathed. john, thank you so much and have a great rest of your day. my pleasure. thank you. and looking at markets around the world, asia closed mixed. hong kong up, tokyo up as well. europe is up. and wall street, stock index futures down a bit. investors waiting for guidance
washington, but wyoming is the power center in the global economy. jerome powell will give his annual speech in jackson hole. afte and it was a year ago natthat t fed chief said this. it is largely the product of a narrow group of goods and services direct lie detector aff afly affected by the pandemic. and we expect them to be transitory. remember transitory? turns out that was wrong. so how will the fed be? let s bring in john lear. it was a year ago that we had convention alleal wisdom was th inflation wouldn t last the whole year but that is where we
to see some strength from consumers but that is concentrated among hire income adults. if we continue to see inflation play out the way that we have over the past year which is to say hire more persistently elevated inflation, i would expect to see higher income adults start to feel more of that pinch and i think that we ll see spending contract as a result. thus far, for july s retail report, i think that we continue to see strength among higher income adults and that is likely to produce reason able intending numbers. again this is just part of the picture. we ll get the full picture later this month where we ll see services as well. and that balance between goods and services will be particularly important as consumers reallocate a lot of their funds back toward services. john, thank you so much. nice to see you this morning. my pleasure. liz cheney voted out of congress. but we haven t heard the last of her. and will rudy giuliani
year. and your credit card debt is a lot more expensive just as more americans are resorting to their credit cards to keep up with the rising cost of living. the federal reserve has been aggressively raising interest rates in a bid to tamp down inflation. that means higher rates on most credit cards. and now the consumer financial protection bureau estimates a 5 grand balance, you pay an extra $1,000 in interest over the course of a year but of the higher interest rates. let s bring in john lear. good morning, john. that number really shocked me. i think that people keep asking me what should i do in this uncertainty with my money and i say you have to pay down high interest debt. that is the only thing that is a guarantee is that interest rates will continue to go up. do you agree? i think interest rates not only will continue to go up, i think that they will stay elevated longer than a lot of folks appreciate including the financial markets that the fed s objective is to get infl