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doocy at the white house with the latest. peter? here at the white house, they think this jobs report is not a reason to worry about a recession. that phrase, make it in america, the cornerstone of my economic plan. today s report proves making it in america isn t just a slogan, it s my administration. but former obama economic adviser jason furman writes uncomfortably hot jobs report. 528,000 jobs added and unemployment rate falls to 3.5%. what worries me is average hourly earnings were up at 5.8% in july. june revised. the wage moderation that we all discussed last month was wrong data. white house officials are shrugging off the fears saying they still trust the federal reserve to adjust rates to address inflation. they claim there s more good news. in 50 straight days of gas prices falling even though they re $1.72 a gallon more than when president biden got here. you want to talk to a nurse or a teacher or a firefighter? having that little britt of breathin ....
Number. while acknowledging some americans won t be feeling it with rising prices. where do things stand? gene sperling is a senior adviser to the president. thanks for joining us. thank you. charles: we made it suspenseful late yesterday. the white house secretary suggested the number would be 150,000. did you take a peek at the wrong number? there s no peeks. you know, there were people predicting that would be 250 to 150,000. but what we saw today was the big r. that is resilience. resilience in this labor market. another 528,000 extremely strong manufacturing growth. really is something. there s been 3.3 million jobs created in the economy this year. other than last year, that is the most in the first seven months of our economy in the history of our country. so you know, the president said, ....
Bringing down inflation so people can enjoy these nominal gains? you know, you know what my answer is. it s the same answer every member of president biden s economic team will give. we respect the independence of the fed. it s not our job to critique what they do. we want them to have the independence to do what they think is best to tamp down inflation. even if those are tough choices. ly say we ve had at least five presidents over the last 50 years that have chosen to berate the fed when they make tough chances. we re making decisions that we want to respect their independence. so i will come back some day when i m no longer at the white house and i ll give you all my thoughts. right now that is not an area that we enter into. charles: let me ask you about the spending bill. again, we ve quibbled over numbers that are in the bls report. so i don t want to debate on the inflation front. ....
Our crude oil industry handing over our entire energy independence to china that controls ev batteries. so i m a little concerned about these things. i m hugely concerned. you put your finger on it. let me give you you mentioned it. i mentioned it. a huge strategic advantage we have over certainly china, but even relative to russia is our energy resources. if you read the intel, xi jinping is concerned about american energy dominance. putin knows that that is a great way for us to undermine his power as well. so what do you have? you have an administration that actually attacking on our energy sector. we have incredible resources. we have critical minerals. alaska, my great state has critical minerals. the same day that president biden held a critical minerals subject is the day that his department of interior redivorced to shut down the ....
Reserve to adjust rates to address inflation. they claim there s more good news. in 50 straight days of gas prices falling even though they re $1.72 a gallon more than when president biden got here. you want to talk to a nurse or a teacher or a firefighter? having that little britt of breathing room matters for them. are nurses and firefighters saying $4 a gallon is great? that little breathing room matters is what i m saying. president biden wanted to focus on the economy today. we didn t talk about that. he s not addressing any of the potential trouble brewing with china and taiwan. charles? charles: thanks, peter, a vote on that democrat $433 billion spending bill could come tomorrow. this after senator kirsten sinema signals she s on board to hillary vaughn on capitol hill where the spending push stands. ....