The Trump administration is showing optimism as the June jobs report, released Thursday, revealed the U.S. added a better-than-expected 4.8 million jobs last month. The boost in jobs followed another unexpected addition of 2.7 million in May.
"Combined, the two months, we surpassed expectations by more than 11 million jobs," Tyler Goodspeed, the acting chair of the White House Council of Economic Advisors, told Cheddar.
Since the coronavirus pandemic forced widespread shutdowns across the country in March, more than 50 million people have applied for unemployment benefits. Today's numbers signal that companies in some areas are getting back to business.
"I do think that this really is a testament to not only the resilience of the American economy but also to the unprecedented scale and speed of the response of the federal government," said Goodspeed.
While Goodspeed acknowledged that the number of Americans who are still out of work is concerning, he said there is a lot to consider before implementing a Phase 4 stimulus package.
"The president is definitely interested in exploring the possibility of a payroll tax cut and also protecting businesses against exorbitant liability for COVID-related, non-economic damages," the advisor said.
While Goodspeed said he could not comment on efforts to extend the small business loan program, he did say the White House is examining the pandemic unemployment assistance program, which provides an additional $300 to $600 to weekly unemployment benefits. It is set to expire at the end of July.
"I think the unprecedented measures to expand access to unemployment insurance and to expand those benefits was important for mitigating that loss [of incomes]," he said. Now the administration is "carefully reconsidering whether we're striking the right balance between income replacement and making sure that we don't have high implicit tax rates on work."
Catching you up on the stories you need to know this morning, the U.S. could soon get its first major gun safety law in years, the House Select Committee investigating the January 6th attack on the U.S. capitol holds its second hearing, and today might just be the day the Supreme Court overturns Roe v. Wade, and decides on new gun laws.
U.S. stocks closed Thursday at their lowest levels of the trading day, as investors continue to eye inflation ahead of the May CPI report out Friday. Art Hogan, Chief Market Strategist for National Holdings, joins Cheddar News' Closing Bell to discuss.
The PGA has suspended 17 golfers, including Phil Mickelson and Dustin Johnson, who are competing in a Saudi-backed golf event outside of London. In a memo, commissioner Jay Monahan said "these players have made their choice for their own financial-based reasons", announcing they are ineligible to participate on the PGA tour or any other tours it sanctions. Hugh Kellenberger, Senior Managing Editor at the Athletic, breaks down the controversy, and what might happen next.
U.S. stocks closed Friday at session lows after May CPI data showed inflation in the U.S. has not peaked and is still rising rapidly. For the week, the S&P fell 5.06%, the Dow lost 4.58%, and the Nasdaq dropped 5.60%, marking the worst week since January for all three major indexes. Mike Zigmont, Head of Trading and Research at Harvest Volatility Management, joins Cheddar News' Closing Bell to discuss.
Benefits brokerage, Nava Benefits, raised $40 million in a Series B round. Nava says it's on a mission to fix healthcare, one benefits plan at a time. The startup is working to bring benefits to small business that are normally available to only Fortune 500 companies. Brandon Weber, Co-Founder and CEO of Nava Benefits, joined Cheddar News' Closing Bell to discuss.
