Page 11 - Matt Eagan News Today

Feeling about the economy. he said he wants to cut about 10% of teslas work force. that is a big deal. and this actually came up during the presidents press conference. president biden was asked about this. president biden pointed out while tesla might be talking about layoffs, other companies are adding jobs. he talked about how ford and chrysler and intel are actually hiring people. he also pointed out those are union jobs and teslas are not. and the president also had this interesting remark ...

Could complicate the sales pitch. fresh reports on consumer confidence and home prices. matt eagan has the latest on the data points. matt, tell us more. >> john, the high cost of living continues to past a shadow over the economy. new numbers out today show consumer confidence fell in may. didnt fall as much as feared but it still is well below precovid levels and one in four consumers expect economic conditions to get worse. this is about three things. gas, food, and housing. for many families...

Predecessor did and try to mettle with the actions of the fed. two, confidence that his hand picked fed leaders including jerome powell are going to be able to get this right. and three, a not so subtle reminder that price stability is really the job not of the white house, but of the fed. but john, we know that the president ultimately, hes the one whos going to be held accountable by voters at the ballot box. >> he and his party in the midterm election year. appreciate the important notice. le...

Including staying hands off with the fed, releasing oil reserves to bring gas and energy prices down and reducing the federal deficit. lets break it down with matt eagan. kaitlyn collins is at the white house. matt, facts of the economy show its not all good or all bad. lets take the politicians out of it. give us a sense of where we are right now. >> the economy is in a strange place. there are bright spots. unemployment is historically low at 3.6%. im sure down dramatically from the peak a yea...

Slowdown. everyone in the red. cnn economics an political commentator katherine rappel joins us now from new york. >> great to be here. >> okay, so, the results of corporate earnings are coming in and the numbers are not looking good. heres our cnns matt eagan has been reporting the news. >> the big concern here is that high inflation isnt just bad for consumers, its starting to eat into corporate profits. that perhaps very fast profit margins may have peaked here. and that is starting to unne...

Administration. all of it triggering what analysts tell cnn is a, quote, freakout moment in the markets. matt eagan is here to explain why. >> you know, in many ways we already have a crisis right now in the united states. an inflation crisis. the soaring cost of living is angering voters. its unnerving investors, and its even bothering normally unflopable ceos. there was a new survey that showed that 60 % of ceos expect economic conditions will worsen. 68% expect an eventual recession. investor...

So really, it would just negate the increases of the last week, and there are big questions because of how its taxed about whether or not that decrease will be passed along to consumers at the pump. >> okay. thank you so much. pete, matt, thank you. lets bring in diane swok, the chief economist at grant thorton. hes also an adviser to the federal reserve and the congressional budget office. thank you for being here. do you think the presidents plan will work? >> well, its not going to take off...

That you might have much worse. so thats the concern. dont think of this as a totally harmless drug. >> that is such important information. news you can use. thank you, dr. gupta. good to see you. one of the biggest investment banks on the planet says a recession is coming and it will be, quote, major. as we speak you can see the markets are firmly in the red. down more than 600 points right now. matt eagan is with us to talk about what this means. this is coming from deutsche bark, the recess...

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This was on march 8th, west texas crude trading at $123 a barrel. now its $95 a barrel. talking about almost a $30 drop in oil prices. gas not so much. in fact, not even close. here, march 8th, $4.17 a gallon of regular unloaded. now its $4.31. that actually shows its up 14 cents a gallon. cnns matt eagan has been tracking all this like a hawk. >> this is not an entirely new phenomenon. this has actually been going on for decades. here is whats actually happening right now. weve seen 23% decloin...