I’ve been covering the business shows for almost 20 years and it’s always enjoyable when Fox puppets have to discuss the US economy in positive terms while a Democratic president is in office.
Today was no different.
Earlier this morning, stock futures were booming, and when the opening bell hit, the stock markets rose again because the latest jobs report outperformed what the Street had predicted.
Cheryl Casone said the markets were much “hotter” than predicted and Maria was left to gasp, “Wow.”
Nearing the end of a program, Bartiromo and her guests began throwing cold water over the market explosion by claiming it wasn’t a good report and that pessimists still believed there would be a recession in 2025.
“And by the way Jamie Dimon has been real negative and worried about the macro story,” Bartiromo said.
MARIA: Joni how would you do it.
GUEST: Yeah. Well I I’ve been seeing Maria for really for two years. This job market has been softening.
And you look at that transportation and warehousing number being down for this month. We’re going into hiring for the holiday season right now. Things should be ramping up at this time of year.
And we are just not seeing that job growth. So I’m concerned about the retail. You know the retail season and that’s due certainly to inflation. People just don’t have the money to be out there shopping and spending.
So I do think it’s it’s a bit of a concern. And it’s going to take us some time probably getting past the election getting into next year before we really see the employment market start to pick back up.
MARIA: Yeah. And those are the expectations from those who expect still a recession that it happens sometime in 2025. Final thoughts from you John Lansky.
LANSKY: Well I look at this employment report. I wouldn’t look at this as necessarily indicating that we’re going to have a revitalization of consumer spending anytime soon. We don’t want to overlook the fact that small business sales are hurting.
They’re up by less than 2 percent from a year ago. That’s not good. And moreover you were talking about credit cards earlier. We find that with auto loans we have reports that auto loan delinquency rates and charge offs are on the rise.
MARIA: OK that’s a really good point.
If Trump was in the office with this jobs report and the stock market at an all-time high, they’d have to take Bartiromo out of the studio on a stretcher due to her heart attack of enthusiasm.
