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00:00Trump knows that we're super optimistic about the future of the jobs numbers because we're seeing a massive blowout in capital spending and new factory construction, something that happened because of the tax reforms that we had. So people are allowed to expense factories. Capital spending is growing at a rate, it was about 8% over the first half of the year. It's accelerating in the third quarter, which is why GDP now has the third quarter at about 3%.
00:26And so like all the indicators that we're seeing are that inflation is low and economic growth is solid, income growth is solid as well. So that the only part of the data that's disappointing is that the jobs numbers have been a little bit lower over the last three or four months. But again, Goldman Sachs had a report out yesterday that said that the seasonals of the summer are kind of unusual and that in August, typically the advanced number is about 60,000 to 70,000 lower than the final number ends up being.
00:55On Steven Meilen, what's the White House's justification if he is able to stay on at the CEA while on the league?
01:02That's a matter between Steve and the president.
01:04Do you think that there could be a conflict in this therapy?
01:07Steve's a very honorable guy and I think that he'll do the job well if he's confirmed.
01:12Kevin, if somebody is on leave from the CEA, how often, like how disconnected are they from the White House or connected to the White House while they're on leave?
01:20I don't recall anyone being on leave from the CEA side, but I'm sure that Steve will respect his job as an independent Fed governor if he gets the job.
01:31Do you have a guarantee for President Trump last night?
01:33Tell the heck exact such a second.
01:34Dr. Terrence, are coming shortly.
01:36Do you have any update on a timeline?
01:38Are we talking about weeks, months?
01:40Yeah, that 232 investigation has been moving forward.
01:45I think that there'll be something to bring to the president within a few weeks, maybe even sooner than that.
01:51And then the president will judge on next steps.
01:53And would the companies get reprieves just for the chips or for the...
01:57I'm sorry, could you say it again?
01:58I didn't hear you.
01:58Would the companies that invest in the U.S. get reprieves just on the downstream products and the consumer electronics?
02:04That's a work in progress for the 232.
02:07India continues to import a large amount of crude even now after the sanctions were imposed.
02:13What are the trade negotiations looking like in the near future?
02:16Is there any momentum to go stronger on this?
02:20I think that the trade team and the president are disappointed that India continues to fund Russia's Ukraine war.
02:26And hopefully it's a diplomatic issue that it will have positive developments soon.
02:31Following up on that...
02:32I'll let this guy, but I promise that I'll let everyone have a shot.
02:35If I understood your take on this profit and the Aussie, do you think it's an hourly rate that maybe we see in the low numbers?
02:43No, what I'm saying is that if you get the typical revision for August, which is about 60,000,
02:50then the jobs number would be about consistent with the other indicators that we're seeing.
02:54This is a lower number than it seems like you would normally get, given how strong...
02:59So, again, GDP now is saying that economic growth is about 3%.
03:03It's a pretty good estimate, given all the real-time data of where we are.
03:07And normally with a 3% growth, you would be talking, you know, 100,000 jobs or something.
03:12And so the jobs number is an anomaly.
03:14And so the question is, you know, when we look at the final numbers,
03:17do we expect that the revision will be more consistent with the rest of the data?
03:21And that's usually what happens.
03:23Do you have any concerns about the benchmark revision coming out?
03:26Not concerns.
03:27I'm looking forward to seeing what the benchmark revision is.
03:29But, again, it highlights the fact that we've got to do a lot better job of collecting
03:34and fixing and it's easily adjusting the data because the revisions have been so huge.
03:40And if you think about it, like the previous revisions, which knocked about a million jobs
03:45off of the jobs rolls, could have had a big impact on policy, both in Congress and the Federal Reserve.
03:52And so it's just not an acceptable thing that the jobs numbers are so unreliable
03:56that they're being revised all the heck over the place.
03:58It's a completely different story if we have a million fewer jobs,
04:01as happened the last time that there was a revision.
04:03And so that's one reason why President Trump thinks we need a new set of eyes over there
04:07at BLS to fix this problem.
04:08Kevin, the President wrote that we've lost India and Russia to China.
04:14What does that say about our relationship with those countries?
04:18Well, we're certainly hoping that it improves.
04:20So...
04:21Do you think the Fed wishing they were a larger event for all the time in September
04:25in response to the jobs of the world?
04:27I think that the Fed will certainly want to consider, you know, what moves it would make.
04:33And I would imagine that when you set an agenda at the Fed,
04:37that the Chairman of the Fed sets the agenda,
04:39then they have options that they all consider and discuss.
04:42And I would guess that they'll be discussing the main market expectation is 25 basis points.
04:47But I would guess that there would be an expectation, a discussion of a higher cut.
04:52But I wouldn't expect it to happen.
04:54Is the reason the Fed keeping the cut?
04:56Is it because of the market showing signs?
04:58It's because the inflation numbers have come way, way down.
05:01It's on average about 1.9% since Trump took office.
05:04Anybody else?
05:05Mr. Assis, is there any connection between the job reports and immigration activity or deportation activity?
05:10Yeah, there is.
05:12Again, like, so all the job creation at the U.S. has come from native-born workers,
05:16whereas in the Biden administration, it would be, like, maybe about half was foreign-born.
05:22And so if the sort of supply of new illegal immigrants goes to zero, as it has,
05:30then there won't be non-native-born workers taking a whole bunch of jobs from native-born workers.
05:36So that is an issue that the supply of new labor has certainly gone down a lot because of the closed support.
05:44Yeah.
05:47I don't have a comment on the Fed issue.
05:49Thanks.
05:50The unemployment rates have ticked up a little bit, but, you know, right now we're highly confident with the trends
06:10that native-born workers are replacing the illegal workers that are either now not new coming to the country
06:17or going back to their homes.
06:19So thank you very much, everybody.
06:25And another story we've been following here.
06:27Hundreds of workers were arrested in an immigration raid at a Hyundai battery plant in Georgia.
06:33South Korean officials are alarmed by the arrests after the country pledged billions of dollars to invest in the United States.
06:39Fox News correspondent Connor Hanson has more from New York.
06:42Federal agents arrested 475 workers after raiding a sprawling Hyundai EV battery factory under construction in Georgia.
06:56Most of them are South Koreans who were subcontractors in the country illegally, according to investigators.
07:03Together, we are sending a clear and unequivocal message that those who exploit our workforce, undermine our economy, and violate federal laws will be held accountable.
07:14Those arrested were handed over to ICE and brought to a detention center.
07:19Hyundai says none of them were direct employees.
07:22It's the largest raid so far as the Trump administration ramps up immigration enforcement.
07:28This has been a multi-month criminal investigation where we have developed evidence, conducted interviews, gathered documents, and presented that evidence to the court in order to obtain a judicial search warrant.
07:44The recently opened 2,000-acre campus is one of the largest economic projects in Georgia history.
07:51South Korean leaders were not happy with the news.
07:54Just over a week ago, its president visited the White House and pledged to invest billions of dollars in the U.S., including for battery manufacturing.
08:04In Seoul, we also conveyed our concerns and regret through the U.S. Embassy today, urging special attention to ensure that the legitimate rights and interests of our citizens are not violated.
08:15Governor Brian Kemp says Georgia National Guard troops will support ICE in Georgia, and hundreds will go to Washington, D.C. to help with federal crime-fighting efforts.
08:26In New York, Connor Hansen, Fox News.
08:30And those are our top stories and headlines of today.
08:33We're going to step away for a break on live now from Fox.
08:36When we come back, we're going to be bringing you this update.
08:38Annunciation shooting survivor Sophia Fortress' father and neurosurgeon gave an update on her condition, which does remain critical.
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