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would have not enough people to do the jobs problem. some of it is also demographics for sub population is declining in a number of key countries in the replacement ratios are now lower and we need more people and since we are not making more people, we would have to meet them more productive using these tools is the best way to make people more productive.— more productive. always fascinates to talk to you _ more productive. always fascinates to talk to you eric. _ more productive. always fascinates to talk to you eric. thank _ more productive. always fascinates to talk to you eric. thank you - more productive. always fascinates to talk to you eric. thank you so . to talk to you eric. thank you so much for _ to talk to you eric. thank you so much forjoining _ to talk to you eric. thank you so much forjoining us. _ to talk to you eric. thank you so much forjoining us. thank - to talk to you eric. thank you so much forjoining us. thank you i to talk to you eric. thank you so . much forjoining us. thank you very much. we turn now to finland, and the news that their bid to join nato is about to become reality. nato's secretary general, said the country will officially become a member of the �*military alliance' on tuesday. it's been fast—tracked because of russia's invasion of ukraine. here'sjens stoltenberg making the announcement from brussels. this is a historic week. tomorrow, we will welcome finland as the 31st member of nato, making finland safer and our alliance stronger. we will raise the finnish flag for the first time here at the nato headquarters.
undercut the argument that the u.s. economy is already in recession. yes, gdp contracted in back-to-back quarters at the start of this year, but, no, economies in recession don't add half a million jobs in a single month. that doesn't mean there aren't obstacles ahead. remember, the economy doesn't have a jobs problem. it has an inflation problem, and there's nothing about the july jobs report that changes the fact that consumer prices are rising at the fastest pace in 40 years. in fact, this unexpected surge of hiring will only make it harder for the federal reserve to tame inflation. the fed has been trying to slow the jobs market down to a more sustainable pace. instead, the exact opposite has happened. all of this suggests the fed may need to aggressively raise interest rates in the months ahead. the more the fed does, the greater the risk it ee sentually slows the economy into a recession. >> matt egan, thanks so much. joining us right now is cnn global economic analyst who is
sentiment, it's 200,000 jobs stronger than even the modest forecaster was predicting. payrolls have now returned to their february 2020 levels. that means all jobs lost to covid have now been recovered. a the unemployment rate has dropped to below 3.5%. to get a lower figure, you have to go back to when richard nixon was in the white house. this understood cuts the argument that the u.s. economy is already in recession. economies that are in recession don't add half a million jobs in a single month. that doesn't mean there aren't obstacles ahead. remember, the economy doesn't have a jobs problem. it has an inflation problem. and there's nothing about the july jobs report. in fact, this unexpected surge of hire willing only make it harder for the federal reserve to tame inflation. the fed has been trying to slow the jobs market down to a more
number. and here is the best part. no one saw it coming. 528,000 jobs added in july, the consensus among economists was less than half of that. and there was whisper numbers on wall street for basically no growth at all. instead, we get strong hiring across the board. and this blockbuster jobs growth has lowered the unemployment rate to 3.5%. if you want a lower figure you've got to go back to 1969 under richardnixon. so today's report should quiet the talk of a recession. gdp did contract, but economies in recession don't add half a million jobs in a single month. but remember, the american economy, it doesn't have a jobs problem. it has an inflation problem. and the federal reserve has been trying, trying pretty hard, to get inflation under control by cooling off the jobs market. they say that these kinds of numbers are just not consistent with healthy inflation.
unprecedented role out of paxlovid, we've seen deaths drop 90% since he's been here. schools are open, businesses are open. america feels more like itself again since that, with all that work, and now we've got coming up in less than two weeks, if all the approvals are finalized, vaccines for kids 0 to 5, we're going to finish the vaccination and be the the first major country in the world to give mrna vaccines to the youngest children among us. i think that's an important step forward. we inherited an economy that was dead in the water, 20 million americans were relying on unemployment benefits to feed their families when we got here. that's down 95%. we've got the unemployment rate down to 3.6%, nearly a 50-year low, so we've solved the jobs problem. look, that means we've got this big inflation problem, and we're tackling that now, too. that's the next big economic problem after covid, after jobs. now we have to beat inflation. the president has laid out a plan to do that. we're executing on that plan. we're going to make progress on
said the word recession gets thrown around a lot. if we enter a recession, what does that mean? >> brian: slow down in the economy, what do businesses do, stop investing and hiring and you are talking about a jobs problem. jobs have been a fairly good news story this economy, that could reverse with recession and wages start to fall. inflation is a bad problem, recession is a bad problem, this administration and fed back themselves into a corner where we're facing one or the other right now. >> carley: inflation rate numbers are coming out next week, what are they going to be? >> brian: i think near that level, may not be higher and here is why, inflation started to kick in last april, now you have inflation on top of
particularly after revision. thanks to inflation and other issues, americans say they have a dim view of the president biden. even as job numbers like today show that the economy is rapidly recovering from the pandemic shock, we do not have a jobs problem, that's for sure. we are still waiting to hear from secretary blinken. those remarks are possible when we are back from the break. you're watching "meet the press daily." r my business, but all my employees need something different. oh, we can help with that. okay, imagine this. your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee. yeah i should've just led with that. with at&t business. you can pick the best plan for each employee and get the best deals on every smart phone.
since president biden has taken office, the economy is getting stronger every day. we're seeing nearly 6 million people return to the workforce, a full two points drop off the unemployment number, opportunities that people haven't had in forever, quite honestly, in the ability to go back to work. unfortunately, we still have a virus to contend with. we still have concerns with child care and other things. i'm not going to sugar coat it, but i think we're going to be looking at what the new normal is at some point in the future here probably in the next couple months. >> christine romans makes a point this is not a jobs problem but a workers problem. there's a mismatch, that many of the jobs offerd are not jobs that folks are willing to take. that creates problems for businesses. you see that from restaurants. they can't hire the staff they need to stay open the hours they need. what is the administration doing to bridge that gap? >> well i think that what we're doing with the department of labor, we're working on job
>> just briefly, you have said, christine, this is a jobs -- this is not a jobs problem, it is a worker problem. what do you mean by that? >> i mean that companies might be actually hiring more if they could find the workers. and one thing we have seen 400 or 500,000 people the last year have started their own businesses. decided not to go back to their employer but starred their own businesses. so employers are hungry to find people, they have open jobs and workers are finding creative ways like starting their own businesses, not to go back to the way it was before. >> okay, the president is set to speak in over an hour on this report. it is not the number they wanted. what is the president going to say about this? >> reporter: there is one number here they did want and that is the unemployment number going down to 4.2%. you'll hear the president tout that number next hour. but certainly on the jobs growth front here, it is problematic for the white house. but i think one thing we'll hear from them is talking about trend lines overall, talking as we heard the president in the past that this is an economic