described yesterday and a lot of economists describe all the time and the economy and most of the viewers living in two separate worlds. it is amazing. the retail sales numbers six tenths of a percent month over month and that is huge. three times worse than expected. not just the manufacturing reports. the empire state, the new york area 10.2% far worse than expected and d.c. and philadelphia also down. these are manufacturing. we are seeing cracks in the manufacturing, and we could also see obviously, it is pretty obvious you don t have to be an economist. if savings go all the way down and credit cards goes all the way up, isn t that a red flag? you don t need to be a true economist to see that is the next major crack. brian: a fox news poll show how do you feel about the economy? 19%, 81% said poor. last year 23% so four points higher. 76% thought it was fair or poor peer that is how people are feeling right now. sure, all have been like that
750 points today. let s get to cnn s matt egan. matt, what is behind this? it s been a bad 24 hours for the soft landing camp. markets are essentially betting against the idea that the fed can tame inflation without causing a recession. yesterday, fed officials made clear that they re not done slamming the brakes on this economy. inflation might be cool bug not enough to get them to stop raising interest rates. then today this new evidence that there are some real cracks showing in this economy. retail sales unexpectedly tumbled, the new manufacturing reports were weaken er than expected and jobless claims were strong but too strong if you ask the fed. putting it all ogt, wall street is more worried that the fed will slow this economy right into a recession. you see the dow closing down 2.3%, 764 points. the nasdaq down more than 3%. investors are clearly pricing in
economy was going to go into a deep recession, and the stock market was going to crash. i guess the day after the election. so it s a little bit different, the reality. today was another great day for jobs, up 223,000. wages are rising. unemployment is falling. laura: we went through it all. small business numbers did very well again today. manufacturing reports did very well again today. it s never perfect, but we re on the right track. and you know what, the big issue for my critics and the president s critics and the economic area, you ll never get to 3%, you can t beat 2%. well, right now, we re running four quarters, 2.9%, and the second quarter, according to the atlanta model gdp now, 4.7%, that s their estimate. i ll be happy with 3%. laura: when was the last time the economy had a quarter at 4%?
you see during the 15-minute period where trading is halted, inve investors lined up sell orders. they put them in and it hit that 7% mark. that s what automatically halted trading for the day. matt, most american european investors have zero exposure to the chinese stock market. they have american stocks or european stocks. multinationals. they have a basket of different things. why are american or european investors getting slammed if this is a chinese stock market issue? it is because the chinese economy is slowing and no one knows how quickly it is slowing. reporter: that s exactly right. i think we mentioned it earlier this week when you and i spoke. in the sense when now it s when china sneezes, the whole world gets a cold. you saw the manufacturing
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