likely to go higher after opec plus announced it will cut oil production by a shocking 2 million barrels a day. dana: now the biden administration is walking an economic tight rope. if the economy heats it it could make the inflation worse. if it cools down the risk of a recession gets more likely. fox team coverage this morning. larry kudlow standing by with the big picture. let s go to edward lawrence at the white house breaking down the numbers for us. this was a very good jobs report and could be part of the problem. it will likely keep the federal reserve on course to have aggressive rate hikes at the next meeting the first week of november. the unemployment rate went down to 3.5% tying historic lows because more people dropped out of the workforce. now leading the way for job creation, leisure and hospitality adding back 83,000 jobs in september. the sector is 1.1 million jobs below february of 2020 levels. manufacturing added 22,000 jobs. president likes to say he
the ten year 390 up ten bases points. they ll raise at the november meeting in a couple of months and it will be perilous for the economy. nothing much else they can do. they waited 15 months when they lied to us about how transitory inflation was. turned out to be completely wrong. that s the stark fact. we ll have more fed tightening and it bodes poorly for the economy and we ll get a pop in gasoline prices because we decided everybody in the world should produce oil except the united states, which about the dumbest thing i ve ever heard. dagen: that leads me into the policy mistakes out of the biden administration. just talking aboutville filing and lambasting our energy producers, but the response to this 2 million barrel per day cut from opec, there is talk of
we would rather iran produce. we re still negotiating this nuclear treaty with iran which is a farce and is one of the reasons why the saudi opec people are turning towards russia and away from the united states. we would rather do anything, dagen, than open the spigots here in the united states. i mean, you just can t make this stuff up. yesterday you had the announcement from the nsc and nsc shows you how we have to curb fossil fuels. no, i beg your pardon. it shows why you should open the fossil fuel spic other. worse in terms of national security terms. we have fore feated the whip hand in the world oil market. we re no longer dominant or independent. we ve given that power to russia, opec, that s a giant
mistake in economic and national security terms. for joe biden to start blathering on here about how he has improved our economic security, that is completely wrong. they are talking about shutting down all the off shore federal leasing. the other stuff the justice department will sue opec, real y? you think they re quacking in their feet over that? i don t think so. the obvious thing is to open the fossil spigots, 80% of the world s power comes from carbons, oil, natural gas. 80%. and we have spent in recent years trillions and trillions of dollars and we have not moved the needle at all. fraction lower in carbons and we have not increased the use of renewables whatsoever. there is no alternative infrastructure.
likely to go higher after opec plus announced it will cut oil production by a shocking 2 million barrels a day. dana: now the biden administration is walking an economic tight rope. if the economy heats it it could make the inflation worse. if it cools down the risk of a recession gets more likely. fox team coverage this morning. larry kudlow standing by with the big picture. let s go to edward lawrence at the white house breaking down the numbers for us. this was a very good jobs report and could be part of the problem. it will likely keep the federal reserve on course to have aggressive rate hikes at the next meeting the first week of november. the unemployment rate went down to 3.5% tying historic lows because more people dropped out of the workforce. now leading the way for job creation, leisure and hospitality adding back 83,000 jobs in september. the sector is 1.1 million jobs below february of 2020 levels.