sector lots of trouble and some private sector workers feel the same and i m not saying sector workers feel the same and i m not saying we should give into the rail workers and some of what you hear rail workers and some of what you hear from rail workers and some of what you hear from the rail leaders basically taking hear from the rail leaders basically taking very political positions very anti government positions and this is more anti government positions and this is more than paying for that and bringing is more than paying for that and bringing down the conservative government and that is notjust assuming government and that is notjust assuming that pay is the only matter here, assuming that pay is the only matter here, but cannot give a huge pay increase here, but cannot give a huge pay increase but it probably will be some increase but it probably will be some compromise at some point in the question some compromise at some point in the question is some co
for the first time in 14 years, mortgage rates are now above 6%. that s more than double where they were a year ago. and as these rates climb, inflation remains stubbornly high. the labor market is resilient, though. weekly jobless claims fell for a fifth straight week. the number of people filing for first-time unemployment benefits dropped 5,000 this week from the week before t lowest level since may. president biden is praising the deal that averted a national rail strike which could have become an economic disaster. union and rail leaders came to tentative terms after more than 20 hours of negotiations. cnn is learning the president himself was key to pushing this deal across the finish line. cnn s kaitlan collins joins us from the white house. what exactly was president biden s role in all of this? reporter: he had a call at hour 12 of these negotiations as they were happening inside the labor department yesterday. that was 9:00 p.m. last night
month. massachusetts, could you help us out. they re not going about it the right way but is it fair to ask other states to shoulder this burden because that is not the way it is happening right now. i think it is. and i think the woman you had on before, karen, is the example of the best of america. to step up and help these people. if border states said they need to step up, i think governor baker would. you cant just drop them off on the tarmac. we have more to talk about. this morning president biden talked about the agreement between rail leaders. this agreement is a big win for america and together we reached an agreement that will keep our critical rail system working and avoid disruptions of our economy. and i m grateful, grateful for the members of administration who worked tirelessly on both sides to get this done. so this averted a nationwide rail strike that could have been disastrous for the economy. the white house brokered the marathon talks between the two
reform, either alongside or before any significant movement on pay. this is a negotiation and if you listen to what rail leaders say, of course they want to see a modern, effective railway and have been working to develop throughout the pandemic. you might grant shapps describing rail workers as heroes. they are working to deliver that, they want to be about negotiation but unfortunately it looks like the government is blocking back through a desire to pick a fight with the rail unions rather than deliver a decent pay rise for workers and an effective railway for everybody. you are talkin: effective railway for everybody. you are talking about the desire to pick are talking about the desire to pick a fight but the government says if these wage demands are too high, it will lead to inflation spiralling even higher and in the long run that will not be good for anyone, so what do you say to that point? t do will not be good for anyone, so what do you say to that point? do you say to that