A Fox Business Network panel blamed the Federal Reserve for he incredibly weak jobs numbers released on Friday.
The U.S. added just 73,000 new jobs in July, the Bureau of Labor Statistics reported Friday, and the previous two months were revised and the new numbers indicate that the job market is considerably worse than previously thought.
The report comes as Trump’s in design does his trade war on top trading partners, but according to a Fox Business panel, moderated by by Maria Bartiromo, Fed chair Jerome Powell is to be blamed.
“I think this is more about the Federal Reserve. Again, we got a bifurcated economy. The Fed is — they have a regressive approach here, right?” Charles Payne said. “They’re trying to still clamp down on this economy, but it’s not working. It’s hurting 70% of the folks out there…….There are two economies, the Fed’s looking at the wealthiest folks out there and thinking it means everyone, and I think that’s hurting the jobs market more than anything else.”
“Yeah, it’s a great point, and I agree that this report is so critical for the Federal Reserve’s next move,” Bartiromo said.
“So this is a very weak report and it certainly strengthens the argument materially for the Fed to cut rates,” Stephanie Pomboy. “It’s interesting because one presumes they had at least some of the preliminary components of this report when they were in their meeting on Wednesday and made the decision. It’s amazing that Powell stood firm despite that in the face of this data.”
“It’s a great point,” Bartiromo declared.
