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So roben, this was a lower jobs number than expected. how do you read it? i think that it s kind of a non-release other than the wage data, which might give the fed more ammunition for at least one more rate cut, probably two, you know, following in september. having said that, and this is an ongoing theme, when does the fever break. how many rate cuts do we have to push through to see trickling job gains or contraction in job gains. can you land this economy perfectly without any sort of recession. i m doubtful about that, but i think the fed not worried so much about job formation right now. it would trade some unemployment for lower inflation because it s really not close to its 2% inflation target. brian, roben does mention wage growth. what s happening there? let s unpack the number. it worked perfectly that we have this prepared. 4.4%, that s how much more people were getting paid in terms of wages in june of this year compared to june of last year. if you look at may to ma ....
Deposter if you have more than that, maybe consider putting it in another bank so you have multiple depositors. we have to see how all this unfolds. roben, a lot of experts say this was the right move. here is what former fdic sheila bair said yesterday before the decision almost all of our bank failures, during the great financial crisis, about 400 of them, we did purchase an assumption we sold a failed bank to a healthy bank usually the healthy acquirer would credit the insured the problem is this is a liquidity failure, a bank run. they didn t have time to prepare to market the bank. roben, can you elaborate on why that isn t what we saw here? things were happening way too quickly. i m sure behind the scenes you had the too big to fail banks were approached. there s a moral hazard in that ....
It is still very painful, tom, to work in a grocery store right now. absolutely. butter. you name. it listen, i was at a restaurant, this has happened to me a lot, because i travel, i was at a restaurant at the airport yesterday in charleston, south carolina, and my burger cost $19. $19 for a burger. listen, that s not unusual. i m not picking on that restaurant. it is happening across the country. because inflation is sky rocketing. now, to his point, to roben s point about where we are on inflation, 7.1%, the fed s goal, the target, as he suggested, is 2%. but you got a lot of work to bring inflation down from 7% now down to 2%, and the fed really only has one good tool, it s a sledgehammer, all it can really do is keep banging away, pounding away at this problem by hiking interest rates. and now you really want to make this challenging? ideally the fed wants to seat unemployment rate rise and you think what? why would you want to see the ....
Would, you needed congress to intervene here and the force of his own pen to put the force of this union agreement into effect to avert that rail strike. so it s a mix of messages here today of putting economic piece together to say a crisis asserted, some good jobs numbers, gas prices coming down, trying to put their best spin on what s happening right now. their best assessment of what s happening with the jobs picture while there are still concerns about inflation and some worries that recession is still a danger over time. lindsey? kelly, thank you. we re going to go into inflammation with roben in a little bit. what does it mean about where we are and what bigger trends are you seeing heading into 2023? the president speaking after the jobs numbers we got this morning and these are the figures here. november, 263,000 jobs added in the month. that was well above what was ....
More for everything else. so roben, help me dissect exactly what this means when we have good jobs numbers, inflation may be holding steady, wage growth not growing incredibly high. but you saw the figure there that brian just point out. does it mean we re cooling? does it mean that this is good news in terms of avoiding a perspective? wage growth is still too hot. this economy looks like it s too hot to stop, to quote another lyric from the 1980s. the fed hiked almost four whole points this year. i lost track of how many rate hikes we had and we added 263,000 jobs at a time when everybody seems to think that a recession and cooling down is not happening. ....