One number i want to highlight is wage growth. 2. 7 . I mean, its not terrible but you have to look at the environment. You have to look at the context here. In this stage in the cycle where were at near or full employment, meaning that every american who is either willing or able to get a job has one, weve seen wage growth between 3. 5 . This is a persistent problem to the administration. This speaks to how people feel. They want a raise. Overall, a very strong relatively strong report. Missing expectations, 157,000. The market isnt loving it because its below the trend weve been seeing so thats why the market isnt liking it. But 3. 9 . Its solid for two main reasons. This goes back to my point about context. One is that at this point in the cycle you would think that hiring would slow very significantly because we are at near full employment so you would think that actually you
would expect this kind of pullback. The other thing is it doesnt seem like tariff worries until this morning, these numbers dont reflect what just apple but it doesnt seem like businesses are so nervous theyre pulling back on hiring so far. Again, everything can change because its a fluid situation. When you look at where the gains are, business services, 51,000, manufacturing to my point on tariffs 37,000. Health care 34,000. Jobs added. I mean, the main point is these are the numbers. What matters politically is how people feel. Are they getting a raise . They may have a job but are they happy . Are they progressing . And how do they feel when they see these numbers and they see were full employment even if were not happy. Does that make them feel good . All that comes into account. I want to touch on the tariffs because everybody is looking as to whether or not tariffs would have an impact. Now china announcing it plans to
ways so its not just the 60 billion, it could make it more difficult for u. S. Companies to do business there. It could do a number of Different Things that make it difficult. And try to lure other companies who may have been considering the u. S. To go to china instead, automakers a big one there so well follow that christina, thank you. Joining me now, trump economic adviser steven moore and catherine rampell. Good to have you with us. We have this jobs report that came out a little lower than what the expectations were still strong. This comes as china says were going retaliate. Im guessing that doesnt give you pause, steven . Let me Say Something about the jobs report. This is another blockbuster report. Its true the numbers were lower than expected for july but i wanted to alert your viewers that there was about a 60,000
The latest news from around the world with hosts John Berman and Poppy Harlow. About 2010 so were seeing the same trends. I think president s get too much credit when the economy is doing well and too much blame when the economy is doing poorly. There are a lot of factors beyond a president s control. There are some levers they have at their disposal including having a trade war, which would be very destructive to the economy but generally we are having this sort of slow but steady improvement in the economy, in hiring and on a number of other factors. Stephen,ing you brought up questions about a possible recession in china. The new yorker points out im quoting that theres some concern among economists with respect to the good news were seeing in the United States writing this could be paving the way for a significant slowdown and quite possibly a recession in 2020 as a boost from tax cuts and higher Government Spending fades, noting its at least
quarter 4 growth. Catherine, youll get a quick word before we get in trouble before going over time. Five quarters of 3 growth. My point is catherine your newspaper said a week before the election that if donald trump was elected, we would have a second Great Depression and now we have this booming economy. Maybe you should say you were wrong. You always cite this. I have no idea what youre referring to. I have never said that. Ill show you the clip. The editorial page did. Please send it to me. I think what youre probably referring to is the fact a lot of people basically the mainstream of the economics profession has been very critical. But they were wrong has been very critical of the economic policies this president has pursued including a Global Trade War and a fiscal cliff sags on Trade Deficits to the exclusion of everything else. Including a fixation with bailouts and bringing back dying industries that have been
displaced by technological gains. Those things are not good for the economy in the long term. The things that would help the economy would be investments in Human Capital which would be investments in the industries of the future and so on. So if you look at the overall direction of the policies trump has been interested in, in the long term they will have some sort of drag on growth, particularly the 2 trillion of debt that he added to the federal governments balance sheet. That crowds out Capital Formation and its longterm growth. Out of time. We dont no, were out of time. What happened under obama, that didnt were going to save all of that for the next time you are here. I have to cut you both off before we get in trouble. Stephen moore, catherine rampell, appreciate the enthusiasm. Thank you both. President trump starting his Working Vacation at his golf course in new jersey this morning while once again undermining his own government official
officials. I had a great meeting with putin. Now were being hindered by the russian hoax. Its a hoax. The president saying that at a rally last night in pennsylvania. This came after his intel chiefs made a rare briefing together to argue that russia is still targeting the u. S. Elections in november. Kaitlan collins is in new jersey near the president s golf cou e course. Reporter its a stark contrast. The president talking about russia but naming no mention in our election, only saying the investigation into russian interference in the election is a hoax. Compare that with what the
president s intelligence officials came out to that br f briefing offering a blunt candid assessment that russia is still a threat in very certain terms. Listen to what the department of Homeland Security secretary, the president s chief Intelligence Officer and even fbi director had to say about this just yesterd yesterday. We continue to see a pervasive messaging campaign by russia to try to weaken and divide the United States. Our democracy itself is in the cross hairs. Russia attempted to interfere with the last election and continues to engage in malign influence operations to this day. Now, the white house insists it was President Trumps idea that those officials come on to the briefing, talk to reporters about the threat from russia but it just doesnt mirror with what the president today his reporters in a speech that went
on for an hour, a speech that said Vladimir Putin didnt want them to win despite Vladimir Putin saying he very much did want donald trump to win the election when they were standing right next to each other. Kaitlan collins, thank you. For more now. Former cia operative bob baer joins me now. This disconnect is nothing new but it begs the question as americans are watching this and seeing two conflicting messages here who do they trust . Who do they believe . Especially when theyre told securing elections in this country is a top priority. Theyre hearing that from dni dan coats. Can they believe they will be secure . Well i dont think were going to be secure. The russians are getting more
sophisticated, using vp yns. Facebook has detected it, the National Security agency detected it, dan coats said theyre meddling and will continue to meddle and we can count on them picking up the pace. You have to believe the intelligence community. The president is sounding deranged at these rallies. I dont know what he really believes but this is not a hoax, the russians are coming after us again and americans better Pay Attention and they are managing, by the way, to divide us and they will continue to unless theres a strong reaction from this administration. The five we heard from yesterday, in some ways you could make the case they are becoming more blunt and forthright in their assessments. We are hearing stronger language from Secretary Nielsen than we had a few weeks ago. Don coats clear on where he stands. How much do you think that could
influence the president s thinking even if its only behind doors . Well, look, the evident is good enough, you dont get better intelligence than the Mueller Investigation and the National Security establish system in full revolt against the president. Theres entirely different messages and theyll just stand up for the facts, every one of them from the fbi to the cia, everybody else so ive never seen, frankly, a revolt like this inside the federal government against a president. Its never occurred. Will it be effective . Just to piggyback on that, do you believe it will be effective . Will they be able to hold their jobs . Can they band together and make sure this remains a top Security Priority in this country as we were told it would be yesterday. When you have to president s National Security adviser, recently appointed, bolton, coming out and saying this is not a hoax, hed have to fire
everybody. Is he going to put the q anonpeople in his cabineanon people in his cabinet . Before we let you go, what are you going to be watching for . Ill watch for the republicans picking up on congressional elections. The russians support trump, they dont want republicans to lose the senate. Theres always the possibility of impeachment so i think what well see is them coming after senate candidates, Claire Mccaskell for one and others and this plays well in russia. Putin is doing this for a reason and he will continue to do it. Bob baer, appreciate your insight, thank you. Moments from now, day four of the Paul Manafort trial will get under way. The big question will the prosecutions star witness, former Manafort Deputy rick gates testify . The nations top Security Officials coming together to warn americans russia is still trying to interfere with your elections. Then hours later President Trump weakening the message and talking about what he calls the russian hoax at a campaign rally. Lets discuss with our senior political analyst ron brown, political analyst molly ball. We know theres a disconnect. Its not new but to see it play out where you have five top officials in the White House Briefing room and then hours later were hearing a different message from the president , ron, this continued disconnect, these confusing mixed messages for folks is there a chance to see an end to it or is this the
reality for the foreseeable future . I think this is the reality because the president has shown himself incapable of separating the National Security threat to the u. S. From the questions about his own ledgitimacylegiti. Its more than just cognitive dissonance, it aamounts to what is undermining one of our greatest weapons in this struggle which is the opportunity to publicly shame and confront the russians and putin. The president far from doing that, from from in helsinki saying we know what you have been doing, we are aware of it, we will responsibility not only with sanctions but with our own measures, he goes out of his way to say well, he denied it and therefore i have no way to solve the truth of this so we give away, surrender one of our greatest weapon which is is the opportunity to call out what is being done and to confront the
president of russia about these activities. Theres also a question about another Important Institution and that is the democratic process here in the United States. So weve hearing from dni coates coats that this will be a top security but molly is this destined to be undermined. As you said the disconnect isnt new but there are a couple things that are new. The volume of the warnings from numerous officials in the administration, clearly they have stopped waiting around for the president to show leadership on this issue and they want to send this message to the American People and to the russians that if the president isnt doing something about it, there are still american officials who are concerned and do plan to do something about it and the other thing i think is new is the level of the threat. These officials and officials in the congress and others and even local Election Officials are saying this is intensifying,
this is happening now, this is affecting and tlaex will happen just a few months from now. There is no longer an abstraction or ambient threat, this is coming to bear right now and we need to watch out. So they would love to have the president back them up on this but they clearly have stopped waiting for that to happen. In terms of getting more bold, being blunt, dan coats this is not the first time in the last couple weeks but yesterday saying he doesnt know what happened, he cant weigh in on what happened in that meeting in helsinki. What does this do in terms of setting the stage for future meetings . Whether it be another meeting with Vladimir Putin, another meeting with kim jongun. How does it affect those moments . One last button up to the russia point. During the cold war we did put money into defenses at point, the Abm In The 60s and star wars
in the 80s. But we had the deterrence of mutually assured destruction. I remember when the president talked about our offensive capacities. We dont know. There has been no indication that russia has faced the threat of not only were going to harden our defenses but that we would impose consequences for continued meddling in our election. And thats the sort of thing we are surrendering with the president in public failing to confront him and, in fact, seeming to accept his explanations for their unacceptable behavior. So, you know, we are in this situation where certainly all of the elements of the government are trying their best to respond to this but they are being undercut from above and i would just point to congress on this as well. So many members of Congress Said it was unacceptable to not have anyone in the meeting and yet they have blinked at providing real oversight. But have been no consequences imposed for the behavior in congress and the president reads that as they will accept whatever he dishes out. Its fascinating because we did hear i wouldnt call it push back but john bolton trying to clarify and he said well meddling was the first thing the president brought up in that meeting. We dont know what that means. Was this hey this happened. Was it something forceful . Molly, is there a chance that maybe there was something forceful that happened that maybe, just maybe, the president figured out the best way to deal with Vladimir Putin is not be forceful in public but he thinks hes playing him well behind the scenes and maybe were reading this wrong . We have no indication that thats the case. Given what we were told in the Press Conference afterward and the many, many public statements the president made since then, emphasizing the friendly nature of this meeting. Emphasizing the idea we should be friends with russia. Is there a master plan . Where he thinks if were nicer to russia theyll stop attacking us . Well, the Cyber Attacks are still happening so no. But given how unintentionally transparent it is, how porous it is, how much leaks out, we havent gotten indication from reporting inside the white house or agencies that this is some kind of three dimensional chess or master plan. What you see is what you get. You see a president telling us as overtly as he can that he wants to be friend with vladimir
put putin, that he in some ways admires him and except in a nominal sense hes not interested in confronting putin on this issue. Molly ball, ron brownstein, always appreciate it. Thank you both. Still to come this hour. That ostrich jacket. Yeah. But a sweatshirt budget. How do you square the two . Team mueller claiming Paul Manafort turned to fraud when he ran out of millions so he could hide from the irs. Trumps former Campaign Chairman is about to resume in virginia and this could be the day the prosecutions star witness takes the stand. Rick galts was the long time Business Partner and indicted almost a year ago. Gates made a deal with the Special Counsel manafort has not. At least not yet day four of testimony takes up where day three left off with manaforts bookkeepers and theyve explained how he allegedly lied on loan applications to keep his business and lifestyle afloat after his Lobbying Income dried up in 2015. Now in 2016 the year he briefly ran the Trump Campaign manafort was broke. Telling a bank he had more than three Million Dollars in revenue when actually he lost more than a million and with that lets bring in legal analyst, former federal prosecutor renato marioti. Everyone likes to talk about e 15,000 ostrich jacket is a more scintillating headline but this is where the real information is coming out. What stands out to you from the testimony we heard yesterday . What we saw was