OAN Staff Alicia Summers
3:48 PM – Friday, August 2, 2024
July jobs report is out and it’s weak, sending the stock market into a free fall. 114K jobs added: far below expectations. Unemployment up to 4.3% – the highest since late 2021. Wages up 3.6%, outpacing inflation at 3%. However, prices have risen over 19% since Biden took office. Inflation down from a record 9.1% two years ago, but still above the fed’s 2% target GDP shows growth. Government spending has been a big factor in propping up the economy. Looking at all of this, a fed rate cut seems likely in September Eddy Gifford, wealth advisor with tactile, joins Alicia Summers.
