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."
Mayor Ras Baraka of Newark, NJ and Ayana Morris, co-director of the documentary 'Why Is We Americans?,' join Cheddar News to discuss the new documentary highlighting the impact of the Baraka family.
Former New York City mayor and lawyer to Donald Trump Rudy Giuliani made his singing debut on a taping of Fox’s The Masked Singer. However, Ken Jeong and Robin Thicke, two judges on the competition show, reportedly left in protest when Giuliani was unmasked upon being eliminated.
All Hands celebrates Black History Month by highlighting achievements in inclusivity and paying homage to those who have fought for equal rights. Rep. Maxine Waters (D-CA) joins Cheddar News to discuss voter suppression; Damali Peterman, CEO of Breakthrough ADR, elaborates on the biggest barriers for Black professionals; Andre Perry, senior fellow of Brookings Institution, dives into student loans and the racial wealth divide; and lastly, BET CEO Scott Mills discusses the company's initiatives for 2022.
All month long Cheddar News is celebrating Black History Month.
In our nation’s capital, Black history is being made right now.
cheddar's own Arielle Hixon puts the spotlight on three lawmakers making that happen, Rep. Lauren Underwood (D-IL), Rep. Cori Bush (D-MO), and Sen. Tim Scott (R-SC).
Representative Maxine Waters (D-Calif. 43rd District) joined Cheddar News to talk about the current political climate in America, including efforts to roll back voting rights in multiple states in light of Black History Month. "Why do we have to deal with those who still believe that somehow this country only belongs to the whites of the country and that somehow they have to do everything that they can to undermine our voting and do voters suppression to keep us from being influential and at the table by which to solve problems?" she asked. Waters chided "two Democrats" who she said were stymying attempts to rectify the issue and also spoke on President Biden’s promise to nominate a Black woman to the Supreme Court.
Wall Street saw another volatile day after the Federal Reserve left rates unchanged for now, with plans to raise rates in March at its next meeting in order to ease inflation. Fed Chair Jerome Powell said the Fed has not made decisions on the size of rate increases, adding that the Fed is not trying to get inflation below two-percent. Ken Johnson, CFA and Investment Strategy Analyst explains why Powell thinks that high inflation is a significant threat to the labor market.
Anu Gaggar, global investment strategist for Commonwealth Financial Network, joined Cheddar News to discuss how global supply chains could be disrupted even further by an armed conflict in Ukraine.
Solid-state battery maker Factorial Energy recently raised $200 million in a Series D round led by Mercedes-Benz and Stellantis. Factorial says the funding will be used to accelerate commercial production and deployment of its solid-state battery technology, which the company says is safer, and offers up to 50% more driving range than current lithium-ion technology. Factorial also has joint development agreements (announced in late 2021) with Mercedes-Benz, Stellantis, and Hyundai, three of the top 10 global automotive manufacturers, to commercialize its batteries. Factorial CEO Siyu Huang joined Cheddar News' Closing Bell to discuss.
