on. the deadline is noon, but it could happen before then. the justice department has been ordered by a federal judge to release a redacted version of the affidavit used to justify the fbi s search of mar-a-lago, again, by noon today. it could come out earlier. the affidavit lays out why investigators believe there was probable cause that crimes had been committed. and in his order that came out yesterday very quickly judge bruce reinhart said the justice department had made a good argument for why portions of this document that are behind the mar-a-lago search should remain shielded, saying, quote, disclosure would reveal the identities of witnesses, law enforcement agents, uncharged parties, maybe the investigation s strategy, direction, scope. sources, methods and grand jury information. the judge agreeing with the justice department s requested cuts as we are learning new details about what s happening inside trump s legal team and the advice that he is getting from a
fine, despite persistent fears of a recession. the u.s. government released the latest jobs report this morning. and it far exceeded what economists expected. it showed the economy adding 528,000 jobs in july. that s more than double the number analysts expected. on employment, falling to 3.5%. and these numbers present a new complication for the federal reserve, which has been hoping to cool the jobs market, in an effort to bring down inflation. at the same time, senate democrats now poised to pass a massive bill that could impact everything from the price of prescription drugs to the fight against climate change. we re going to have more on that in just a moment. we start first with the strong jobs report and cnn s matt egan is live with us in new york, cnn s john harwood is live at the white house. matt, we ll start with you. break down the numbers for us, tell us what these numbers are showing. jessica, this is a hot jobs market that just defied all expectations but get
watching to see what exactly he says this morning. all right, with us now, cnn chief business correspondent christine romans and cnn global economic analyst rana faruhar. what is happening today and what are people expecting to hear from the fed chair? this is the annual gathering of central bankers, right, in wyoming. this is why wyoming is the center of the financial universe every year at this time. last year at this speech that s when the fed chief said there were narrow places in the economy where there was inflation and it would be transtory. he was wrong. the conventional wisdom, the consensus was wrong. now we want to hear how far is the fed into its inflation fighting mode, what could it do next and what does it think about the incredibly chaotic and conflicting signals we re getting in the economy. i think inflation will be issue number one. you ll hear about supply chains, fiscal policy too, but this is a day we ll learn about how the fed is feeling about inflation and i
you have to take all the pieces together, but how does it really what does it mean for the conversation moving forward? well, so, i have always thought that when economists talk about recession, they speak in terms that are very technical. a technical recession is something we have already seen. two quarters of negative gdp growth. but the jobs market is different than gdp growth. it is different than food and fuel inflation, it is different than the price of housing. all of these things go into how the average consumer is feeling. and, you know, you can see in consumer sentiment reports that people feel really good about their prospects in the job market. but they feel really concerned about inflation. and the administration and the fed are trying to walk the line of dealing with all of those things, without creating a major crash in the economy. and it is a tight rope. let me tell you. yeah. it is a big job. rana, thanks so much for your expe expertise. we appreciate it. and
moment after all the political challenges of this year, they couldn t hope for better news right now. john harwood and matt egan, thank you for breaking it down for us. we appreciate it. joining me now is rana faruhar, associate editor at the final t financial times. great to see you. 528,000 jobs added last month, double as what had been predicted. what is your overall reaction to this news? well, honestly, jessica, surprise. spot on nobody saw this coming. i would have thought that you would have seen some growth in the service sector, travel and tourism, it is summer. it is also important to remember this is a trailing indicator of the jobs numbers, so you need to think about that, when you look at where we are in the economy. but honestly, it is hard to say this is anything but a really strong number. you got growth across the board in almost every area, and it is