FOX Business host Maria Bartiromo joined “America’s Newsroom” Friday to discuss the new jobs report and why business leaders like Elon Musk and Jamie Dimon are concerned about the economy, as inflation grows and consumers are “working down their savings”.
MARIA BARTIROMO: Elon Musk saying that he is going to be cutting 10% of the workforce at Tesla and putting a pause in place for new hiring because he has, quote, a super bad feeling about the economy. That’s where we are right now. Worries about a profit recession, worries about layoffs to come and job cuts really are the story in the face of job creation for the month of May. So, again, good number, solid job growth, but it does overstate the strength of this recovery because it really is about the consumer. And the consumer is working down their savings. The savings rate has plummeted. And Jamie Dimon said consumers have about 6 to 9 weeks left of money in savings. And at that point, we’re going to see a serious shift in consumer spending. That’s really what it’s about. Consumer spending represents two-thirds of economic growth.
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