rate fell slightly. employment to population ratio fell slightly but you have to store it as a good job. here is the soft underbelly of this report and the economy, okay? average hourly wages for production workers up 3/10 of 1% in october. up 5.5% for the last 12 months. 5.5 is a good number. the problem is it s way below an 8.2% consumer price index. so real wages after inflation continued to decline. this is the 19th consecutive month of declining. so families are having to pay higher fuel costs, higher heating costs, higher gasoline prices and so forth. but unfortunately their wages are falling after inflation. so you ve got more buy less. that s the soft underbelly of the entire economy.
this is a challenge that congress needs to step up, the president needs to step away from some of his overreach over the last two years so that we can heal this nation and heal the economy. the president is in san diego, california today. he will address the chips act making more computer chips in the united states. tomorrow in philadelphia with his former boss the 44th president barack obama to try to rally the base in the final days before the mid-terms. dana: thank you. bill: let s bring in the man larry kudlow. a lot to go through. are you awake? i know you are just reading there. the president said keep reading. i want to tell you something here. last night in california the president said when he came in no plan to get out of the pandemic. the plan was the vaccine, right rolling out at that time. now this number on jobs, it is a contradiction, larry. the fed is trying to cool this number down but this number is
going into the voting booth four days from now. last comment on that. yeah, i think that s probably true. i don t think this changes anything. in an odd way, bill, you ve got the first two quarters were negative. third and fourth quarter of positive. some recovery. next year with all the fed tightening. they will look at this number and continue to tighten the money supply and raise their target rates. it is almost like a double dip recession, okay? first down in the first half of this year from the inflation shock, then a slight rebound in the second half of the year, and then next year in 2023 the fed tightening will take hold and you ll go back into recession. it is a very difficult story. i might add, when the cavalry comes, the gop has to be ready with an economic recovery plan.
before the election. the results are mixed. bill: 261,000 jobs added. it s good but a hot number. we ll explain. we expect 200,000. slightly better than expected. unemployment rising. dana: the bump in unemployment days ahead of an election where 80% of voters say the economy is the most important issue. david spunt is live at the white house. a long day for you as well between now and tuesday. it really is. we re waiting to see what the white house has to say about the 261,000 jobs added to see what they will say just days before the election. after all, this is the final jobs report before the mid-term election, which is telling if you look at it. white house officials and bill don t want to use the word recession or focus too much on the economy, but it is hard to escape the president talked about the economy last night in
element in the next attack. it was the strongest lead for the series of attack, we initiated an intense surveillance with as many as six reapers on the morning of 29 august. at 8:52 a.m., local time on 29 august, a white toyota corolla arrived at point number one. the compounds we believe to be a key area of interest associated with imminent areas of the airport. two adult males exited the vehicle. we followed the car. it pinged up a third male carrying a bag at point number two and then continued south. we know to include an office of