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tensions with china. nbc news was first to report the suspected chinese surveillance balloon hovering over the northern united states around montana for the past few days. china is now responding claiming it is a civilian airship used for weather research that was blown off course. but how credible is that claim? minutes ago we learned secretary of state antony blinken is postponing his trip to china for what was supposed to be a highly anticipated meeting with china s leader next week. the pentagon is set to hold a briefing in the next hour. we know the department of defense is tracking the balloon closely, even at one point discussing shooting it down. we even have air traffic audio from wednesday about a, quote, special mission. we just got alerted from salt lake tmu we re on a ground stop right now until further notice for a special mission going on over the livingston area. we don t know exactly when we can have our next departure. it is landing with a thud on ....
and we ll go inside the negotiations. and this cnn exclusive, sources say donald trump s legal team is now talking to the justice department. it signals that there is a big and ugly fight coming over what the former president can shield from federal investigators. but we begin the hour with a wow. the july jobs report gives president biden important economic momentum on employment hitting a 50 year low. 500,000 plus more americans hired just last month. so forget recession talk. at least in the short term. yes, inflation is high, but the recovery is still humming. the economic news caps the giant week for the biden presidency. wins on veterans and a top strike to take a terrorist off the battlefield. and now a leap forward for the democratic agenda. kyrsten sinema, the lone hold out, is today a yes. but we start on the stunning and surprise jobs numbers. matt egan is joining us. tell us more. yeah, this is a blockbuster number. and here is the best part. no one saw ....
Employment tick up as well here too. there have been some whisper numbers you could seeing some stronger than 188,000, but nobody came close to half a million jobs added and it really speaks to the fact that there is still a lot of pent-up demand out there despite the churn we re seeing with big tech companies for workers, even as the economy is showing some signs of cooling. big picture, what is on the big picture implications here? are investors a little spooked because of these reports continuing to be so positive and counterintuitively it may mean there is no end in sight to rate hikes? the thesis that is now playing out right now and sort of the key question for markets and for investors, we just had the federal reserve meeting earlier this week raising rates by a quarter of a percentage point saying they re going to keep raising rates and they re going to keep rates at the higher levels we have seen for the past year for much longer to continue to tamp down on what has been s ....
Number. and here is the best part. no one saw it coming. 528,000 jobs added in july, the consensus among economists was less than half of that. and there was whisper numbers on wall street for basically no growth at all. instead, we get strong hiring across the board. and this blockbuster jobs growth has lowered the unemployment rate to 3.5%. if you want a lower figure you ve got to go back to 1969 under richardnixon. so today s report should quiet the talk of a recession. gdp did contract, but economies in recession don t add half a million jobs in a single month. but remember, the american economy, it doesn t have a jobs problem. it has an inflation problem. and the federal reserve has been trying, trying pretty hard, to get inflation under control by cooling off the jobs market. they say that these kinds of numbers are just not consistent with healthy inflation. ....
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