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The Federal Reserve Chair, Powell, expressed concerns about rising downside risks to employment, warning of potential layoffs and increased unemployment. This concern stems from the July jobs report, which revealed a significant slowdown in job growth, with the three-month average reaching its lowest point since 2010 (excluding the pandemic). The report’s revisions indicated a broader market job loss, despite gains in specific sectors. Powell noted that the slowdown was larger than previously assessed, emphasizing the importance of avoiding slack in the labor market.
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Walmart’s CEO, Doug McMillon, stated that the company’s tariff costs are escalating weekly and are expected to continue rising through the year’s end. While the retailer has managed to mitigate some costs and even lowered prices on some back-to-school items, the impact of tariffs on imports looms large. Although there haven’t been dramatic shifts in shopping behavior, the rising costs have led to some price adjustments and shifts in consumer spending. Home Depot and Lowe’s also reported similar challenges with tariff impacts and noted the growing uncertainty in the economy.
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Following the federalization of Washington D.C.’s police forces and the deployment of federal agents, restaurants in the city experienced a significant decline in reservations. OpenTable data revealed a 16% decrease in reservations on Monday, the day Trump invoked the Home Rule Act. This downward trend worsened throughout the week, with reservations plummeting to 31% below the previous year’s numbers on Wednesday. Even on the weekend, when Trump claimed high visitor numbers, reservations still saw notable drops of 20% and 22%.
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Moody’s chief economist Mark Zandi suggests that Donald Trump’s new immigration policies, particularly the rate of deportations, are contributing to rising inflation, potentially reaching nearly 4% early next year. According to Zandi, the decline in the foreign-born labor force is creating tightness in the labor market, driving up costs and inflation, as evidenced by the recent increase in the Producer Price Index. While the White House frames the policies as aimed at protecting the domestic workforce, Zandi and other economists argue that restrictive immigration is a significant factor in rising prices, especially in sectors relying on immigrant labor. This economic shift may force the Federal Reserve to hold steady on interest rates, unable to solve the supply-side issue.
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New Zealand’s population exodus hits a 13-year high as the economy worsens. It’s a bit of a head-scratcher, isn’t it? You hear about “paradise on Earth,” and then you find out that a record number of Kiwis are packing their bags and heading to places like Australia. Seems a bit counterintuitive, doesn’t it?
The main drivers are pretty clear. A tough economic climate, with a sluggish job market, inflation biting into household budgets, and all of that coupled with the lure of higher wages and lower costs of living in places like Australia. It’s a potent combination, and it’s causing a real brain drain.… Continue reading
Hodges, a former Virginia National Guard member, criticized the deployment of National Guardsmen and federal agents to patrol Washington D.C., arguing that they are not properly trained for law enforcement duties. He believes that the troops and federal agents are not specialized for these roles, with many of the federal officers being investigators who typically work behind a desk. Hodges noted that if the president truly wants to help local law enforcement, he should allow D.C. to manage its own budget and restore funding cuts from FEMA.
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In a significant reversal, Donald Trump rescinded a 2021 executive order issued by President Biden, which aimed to promote competition across various sectors of the US economy. This decision was welcomed by the Justice Department, which is now pursuing an “America first antitrust” approach that prioritizes free markets. Biden’s original order sought to combat anti-competitive practices and corporate abuses, including those related to excessive fees and mergers, with a focus on areas like labor and healthcare. The revoked initiative had previously been popular with Americans and had been implemented to counteract patterns of corporate abuses.
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Mayor Bowser expressed confidence in the Metropolitan Police Department (MPD) under Chief Smith’s leadership, emphasizing the importance of maintaining community trust to prevent a breakdown in crime-solving efforts. She highlighted the potential for disaster if residents lose faith in the police, hindering communication and cooperation. Despite downplaying the extent of the federal government’s influence, the mayor acknowledged the president’s authority in declaring an emergency while affirming that the MPD would continue to operate under local and federal laws.
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Trump’s BLS nominee suggests suspending jobs report, and the implications are pretty striking. The idea, apparently, is to simply stop reporting the jobs numbers altogether. It’s like a magician making a problem disappear, but instead of a rabbit, you get… well, the truth. The basic logic seems to be: if you don’t test for COVID, there’s no more COVID; likewise, if you stop publishing job reports, there are no more job losses. Simple, right?
The potential motivation behind this move is pretty clear: to obscure the reality of the economic situation. Some see it as a way to cover up the administration’s failures, much like a shell game.… Continue reading
John Q. Hosedrinker 
Matt Underwood