I appeared on MS Now's Money Power Politics with Erielle Reshef (subbing for Stephanie Ruhle) to discuss the just-released July jobs and unemployment report from the Bureau of Labor Statistics.
How did I describe the report? "Grim." Erielle tried to get me say something positive. I couldn't come up with anything.
The U.S. economy lost 23,000 jobs. Over the last three months, the economy has created only 20,000 jobs each month on average. Over the last year, the average is only slightly higher.
Wage growth has slowed. Inflation has largely wiped out wage growth for working people since President Trump began the war with Iran. Higher income workers are doing better. Secretary of the Treasury Scott Bessent says the "K-shaped economy" is dead. He's absolutely wrong. Lower-income and middle-income workers continue to get battered by this administration's policies.
You can watch the full clip here: