"A lousy jobs report"

0:00 Speaker 1 Now we got Larry Kudlow, the country’s leading economists, to find out what’s going on. Larry Cudler, what’s going on in your economy? What do you think the Fed is going to do? You give us the report.

0:12 Speaker 2 So I want to start with the lousy jobs report because it’s being badly reported as usual. But you didn’t get two hundred and nine thousand jobs because there was one hundred and ten thousand downward revision in the prior two months. So that’s point number one. Actually, non farm payer holes increased by only ninety nine thousand jobs, which

0:39 is the worst number in several years. Second point, private sector jobs, which were reported as one hundred and forty nine thousand after revisions, there was a ninety eight thousand revisions. Private sector jobs only increased fifty one thousand, that’s all.

0:58 And I might add of that fifty thousand of the total the four revisions were government jobs. So what you have here, the very weak jobs are for it even weaker for the private sector, which is obviously the engine of growth of Biden’s notwithstanding very weak manufacturing, very weak construction, and there’s no reason for the Federal Reserve raise rates.

1:24 They will raise rates. John, they’re going to raise rates until the last job is gone.

1:29 Speaker 1 Until the end of our country. And we talked about it at dinner the other night, and the fact is that the rate, my opinion was, they should drop it a point because you’ve got to stimulate our economy and if we can, if we can keep oil at sixty eight dollars, because these Sauties and Russia are trying to

1:52 raise it on.

1:53 Speaker 2 Us, well I would. I would leave the rates where they are. I would leave that target rate just where it is. I would, by the way, cut tax rates and cut regulations. But that ain’t gonna have administration. But that’s the best way for growth. But the point is, I can just see Jay power. It’s like my wife

2:13 tells me she closes the kitchen life. He says, the kitchen is club. He’s going to be the last guy to turn the economic light down. And I don’t know why he feels that he has to do this, but he feels he has to do this because that’s what his brilliant economists are telling him. All I want to

2:28 say is today was a very poor jobs report, and the President’s trying to out their sell bodnomics. But it’s going to be a very tough sell. People know that. And incidentally, the inflation rate is still sticky and wages did not go up enough to beat inflation. So that’s another problem. Middle class people, working folks are still going

2:50 to be underwater and living skins.

2:51 Speaker 1 And Walmart made a big announcement after I made the announcement last Monday, Walmart that the food prices are not going down.

3:01 Speaker 2 Well, that’s interesting. That’s one reason why. Look what the Feds should keep shrinking their balance sheet, but leave the interest rates alone and leave the dollar strong. You know that a strong dollar will help you on lower oil prices and commodity prices and actually food raw material prices.

3:24 So we need a strong dollar. But you can get a strong dollar without destroying the economy. In fact, if you just you don’t want to destroy the economy. So we’ll have to see about that. But bid noomics is not my cup of tea. I agree, yes, no disrespect to the president. It’s not personal, but it’s just not

3:50 my cup of tea. I’ll call it Cat’s Cudlow economics that.

3:56 Speaker 1 Larry Cudler have a good weekend. I’m going to be listening to you you’re on to between ten o’clock and one o’clock on every Saturday on WABC Radio dot Com. On as Alexa just say place seventy seven WABC or on your iPhone on the app at seventy seven WABC.

4:16 But Larry, I’ll be listening to you tomorrow. I want to find out the rest of the story.

4:21 Speaker 2 Thank you, sir, appreciate it very much.

4:23 Speaker 1 Thank you, thank you so much.