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Feeling about the economy. he said he wants to cut about 10% of tesla's work force. that is a big deal. and this actually came up during the president's 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 tesla's are not. and the president also had this interesting remark where he said lots of luck on his trip to the moon, referring to elon musk and his spacex adventu...

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. didn't 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, these are the three most expensive items of their monthly budget, and all three continue to get m...

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, he's the one who's going to be held accountable by voters at the ballot box. >> he and his party in the midterm election year. appreciate the important notice. let's bring the conversation back in the room with our great reporters. as matt said the president w...

Including staying hands off with the fed, releasing oil reserves to bring gas and energy prices down and reducing the federal deficit. let's break it down with matt eagan. kaitlyn collins is at the white house. matt, facts of the economy show it's not all good or all bad. let's 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%. i'm sure down dramatically from the peak a year ago. a record number of job openings right now. if you want another job, you can probably find...

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. here's our cnn's matt eagan has been reporting the news. >> the big concern here is that high inflation isn't just bad for consumers, it's starting to eat into corporate profits. that perhaps very fast profit margins may have peaked here. and that is starting to unnerve investors. >> this is what he's talking about. retailer target reported profits down by more...