fine, despite persistent fears of a recession. the u.s. government released the latest jobs report this morning. and it far exceeded what economists expected. it showed the economy adding 528,000 jobs in july. that s more than double the number analysts expected. on employment, falling to 3.5%. and these numbers present a new complication for the federal reserve, which has been hoping to cool the jobs market, in an effort to bring down inflation. at the same time, senate democrats now poised to pass a massive bill that could impact everything from the price of prescription drugs to the fight against climate change. we re going to have more on that in just a moment. we start first with the strong jobs report and cnn s matt egan is live with us in new york, cnn s john harwood is live at the white house. matt, we ll start with you. break down the numbers for us, tell us what these numbers are showing. jessica, this is a hot jobs market that just defied all expectations but get
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a great upside surprise for the biden administration, no question about it. and obviously the economy is this jigsaw puzzle. they have to put together exactly right. do these numbers make it harder for the federal reserve to do what it needs to do to slow the economy and reduce inflation? well, it depends how you define harder. i say it makes it clearer that the fed is going to have to continue with rate hikes in order to get this economy cooled off. and that, of course, comes with its own risks. one of the risks and you already are seeing it today is that the market is weary about rate hikes. now the stock market is not the real economy by any means. but it is worth noting that more americans are more invested in the market today than they were in recovery cycles of the past. and so when you hike rates, you get a correction in the stock market, and that starts to affect how people feel about their finances. also, when rates go up, you
nobody wants to tell their supporters there s adults in washington? yeah, i mean i ve given up. douglas is making a very important point. you ultimately need growth to balance budgets. that was the magic of the clinton period. you have the deficit down by growing. how do you grow, particularly at the end of an economic cycle? recovery cycles tend to last about a decade. we re over ten years into this one. the trump administration will say, hey, we said we d get higher growth last year and did. they still didn t meet their target. that was because of the sugar high of this tax cut which is now petered out. so this year and certainly into next year, 2020, most economists feel we ll be heading towards recession. on the spending side, the most recent budget, just lay it out, it traded increases in defense spending. republican priority for increases in other spending programs that were more democratic priorities there. isn t it safe to say, douglas,
2010. rana faruh sank cnn s business columnist for financial times. ian bremmer is founder and president of the eurasia group, a political risk consulting firm that operates around the world. rana, let me ask you, when you look at 2019, it does seem economically we are entering a more troubled period. yeah. the two great engines of growth over the last decades have been the united states and china. yep. both economies seem to be slowing, and central banks around the world, which have been providing cheap money so that people could get low-interest mortgages and loans, seem to be turning off the tap. i think you re right. i think that we re at a real inflection point. and if you look historically, recovery cycles tend to go in 8 to 11-year periods. we re ten years into a recovery cycle. so if you just take it on historical data, we re due for a slowdown, probably this year or next year, and i think that that