future rate hikes. the strong number suggesting we have a long way to go to tamp down inflation. dana: nothing to dissuade president biden from more big spending. he unveiled his election budget, $6.8 trillion. bill: more of a campaign stunt than serious proposal. republicans call it dead on arrival. the president begs to differ. dana: team fox coverage an all list from james freeman at the wall street journal. edward lawrence has the latest on the job numbers. good morning. those jobs numbers beat expectations. unemployment rate went up to 3.6 pers percent mainly because more people became unemployed than moved into a job. the people who were unemployed lost a job or finished temporary work. wages in this report are still out pacing inflation. if you look at the wage it is 4.6% year-over-year. that means workers are actually making seeing their paycheck go less far than they did. cpi inflation at 6.4%. the federal reserve is watching the wage growth. higher means
the proposed willow oil project in the national petroleum reserve could pump up to 180,000 barrels of oil a day projected to bring in billions of dollars of revenue and create thousands of jobs but climate activists are pressuring the president to kill it. supporters of the project say it s critical to the state and country. the oil and gas sector represents the backbone of alaska. if the president is talking about supporting the backbone of this country, it starts with the states themselves. the willow project is studied as it has been could represent anywhere near about $10 million over the life of it to local communities and state government. it is critical. bill: they waited more than 20 years to see if it can happen. mark meredith has the lowdown from the white house. president biden spends time talking about renewable energy products. now a bipartisan delegation from alaska urging the white house to approve the oil project as soon as possible. friday the president
with a controversial stop in taiwan, not ruled out, not confirmed. a live report from kentucky where a deadly flood is deaf stath rural areas. this is by far the worst flooding disaster, at least of my lifetime, in kentucky. it has wiped out what we believe are hundreds of homes. we have half of some of our counties under water. we will lose double digit lives. in pete we trust. i will be joined by our legendary justice correspondent pete williams as we pay tribute to his remarkable career here to nbc news before he heads off for new adventures. we begin with the economy and the white house. joining me now are kristin welker and cnbc senior economics reporter steve leaseman. the white house trying to control the narrative on this economy. inflation continues to be a major drag on their messaging. reporter: you are right. they are trying to put the focus on the fact that the labor market is strong, that the unemployment rate is low. but it is a complicated argument t
Now on bbc news newscast no interest to cut rates yet i think it does because itjust taps into the thing that, perhaps often, with the various rows and elections and staff can occasionally cloud what we as journalists know and the Political Parties who are aware there is a general election coming which is the Biggest Issue by a mile when they do their focus groups with voters or they were out knocking the doors. This is to state the obvious but it cannot be stated often enough, the Biggest Issue is the cost of living. Ultimately, the economy, vitality or otherwise of the economy and how do people measure that . They do not measure it in gdp is Interest Rates, they measure it and how well off or not you feel and that is the big, big topic. You feel and that is the big, big toic. ,. ,. , topic. That is the politics of it. I not a topic. That is the politics of it. I got a little topic. That is the politics of it. I got a little insight topic. That is the politics of it. I got a little in
Stronger than i think everyone expected. And so what youre seeing is this is what people believe, as of now, will be appropriate to achieve what were looking to achieve, which is progress toward our inflation goal. Central bankers now project higher growth and lower unemployment for next year. Central bankers now project higher growth and lower unemployment for next year. If theyre right, the us will have avoided a long feared recession. The decision gives policy makers more time to assess whether theyve done enough over the last 18 months to tame inflation. Remember, the fed began lifting Interest Rates from near zero back in march 2022. Central banks here in asia keep a close tab on the fed because us Interest Rates strongly influence Exchange Rates against the dollar. Fred newman covers economies in asia extensively for the banking giant, hsbc, and he says that the impact of us Monetary Policy on the rest of the world is not a primary concern for the fed. Well, its a little bit our