Larry Kudlow: America is working
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Larry Kudlow: America is working


285, AND AWAY WE GO. ALL RIGHT LARRY KUDLOW IS NOW WITH US. LADIES AND GENTLEMEN, HE’S WITH THE NATIONAL COUNSEL DIRECTOR AND HE JOINS US NOW ALL SET LARRY HERE WE GO. HERE’S MY INTERPRETATION I’LL START WITH MY POINT OF VIEW. ON THE YOU NIGH IF I WAS GOING TO DO THIS I THINK IT IS VERY, VERY MODEST JOB GROWTH IN A SLOWING ECONOMY WHICH IS BEING SLOWED BY UNCERTAINTY OVER CHINA TRADE. TELL ME I’M WRONG. GO AHEAD.>>YOU’RE WRONG. [LAUGHTER]>>EXPONGED ON THAT WILL YOU.>>NO STUART, YOU KNOW, I HAVE GREATEST RESPECT FOR YOU. NOBODY BETTER IN THE BUSINESS LOOK — LET ME JUST TRY TO — ILLUMINATE NUMBERS 130,000 PAYROLL A SOLID NUMBER NOT A SPECTACULAR NUMBER BY THE WAY SEASONABLY, THE AUGUST PRINT CIALLY COMES IN LOW AND THEN REVISED HIGH OR. BUT LET’S NOT GET THAT OUT. HERE’S THE STORY. HERE IS THE STORY. OKAY — THE HOUSEHOLD SURVEY. HOUSEHOLD SURVEY FROM WHICH UNEMPLOYMENT RATES ARE DERIVED HOUSEHOLD SURVEY TENDS TO BE SMALLER BUSINESS NEWER BUSINESSES, AND LEADING INDICATOR EXPLODED EXPLODED. 590,000 NEW JOBS IN THE HOUSEHOLD SURVEY. THAT IS VIRTUALLY UNPRECEDENTED STUART, AND THIS IS THE THIRD STRAIGHT MONTH OKAY — LET ME READ YOU — 373,000 AVERAGE, 373 AVERAGE FOR THE LAST THREE MONTHS THIS FROM THE HOUSEHOLD SURVEY, BLOWOUT NUMBERS SHOWS YOU REAL HEALTH ANOTHER NUMBER I WANT TO SAY THIS, CIVILIAN LABOR FORCE CIVILIAN LABOR FORCE UP 571,000 AGAIN, THE THIRD STRAIGHT MONTH THE AVERAGE IS 425. WAS THAT MEAN CIVILIAN LABOR FORCE? THAT IS PEOPLE COMING BACK IN TO THE REPORT OF LABOR FORCE. WE SOMETIMES SAY THEY’RE COMING OUT OF THE WOODWORK. THE HOUSEHOLD SURVEY AT 590, THE INCREASE OF CIVILIAN LABOR FORCE 571 TELLS ME THAT AMERICA IS WORKING. AND THAT IS SO IMPORTANT. AND FINAL POINT STU FINAL POINT ON THE WAGE FINISH AVERAGE HOURLY EARNINGS 12 MONTH CHANGES 3.2%. BUT IN THE LAST THREE MONTHS ALL RIGHT WHILE WE’VE SEEN AN EXPLOSION IN THE SMALL BUSINESS HOUSEHOLD SURVEY, AND EXPLOSION IN NEW LABOR FORCE ENTRANCE, THE WAGE RATE FOR THE LAST THREE MONTHS AT ANNUAL RATE IS 4.2%. SO I’M JOUST GOING TO SAY THIS. AMERICA’S WORKING, AMERICA IS GETTING PAID WELL. AMERICA IS SPENDING, AND SAVING AND PRODUCING. SO I THINK THIS IS A DYNAMITE REPORT WHICH GOT TO LOOK UNDER HOOD MANY ANALYSTS DON’T.>>YOU’RE LUCKY TO HAVE ME ON HERE. I USED TO DO THIS FOR A LIVING. SO — OUR HARRY I’M STILL DOING IT FOR A LIVE OKAY.>>WE CAN LOOK UNDER THE HOOD AND FIND THESE NUMBERS. BUT I’M REALLY QUITE SERIOUS. THIS I’M NOT JUST BEING POLITICAL HERE. THESE ARE ACTUAL FACTUAL NUMBERS THAT NEED TO BE COVERED. BECAUSE THEY TELL A MUCH DIFFERENT STORY THAN THE HEADLINES.>>OTHER PART OF MY OPINION WHICH I EXPRESSED A MOMENT AGO IS IT SHALL THE ECONOMY IS SLOWING. IN PART BECAUSE OF UNCERTAINTY OVER CHINA TRADE. WHAT CAN YOU TELL PUS ABOUT CHINA TRADE, THE CONVERSATIONS THAT YOU HAVE BEEN HAVING THE TELEPHONE CALLS BEEN MADE MEETINGS THAT IS GOING TO TAKE PLACE NEXT MONTH HOW COULD YOU CHARACTERIZE STATE OF THE TRADE NEGOTIATION AND WE’RE AT ON THE SUBJECT. IS THERE A CHANCE THAT AFTER A THESE MEETINGS THIS WILL BE A VERY MODEST AGREEMENT ON BUYING AGRICULTURAL PRODUCTS AND DROP THE TARIFFS? AND THEN CONTINUE TALKING ON THE MORE ISSUE OF INTELLECTUAL PROPERTY THEFT WHERE ARE WE GOING HERE?>>I DON’T TO PREDICT OUTCOME I’LL JUST SAY THIS. KUDLOW ACTUALLY ALWAYS BETTER TO TALK THAN NOT TO TALK. SO — EVEN THOUGH GOING BACK TO MAY WE WERE DISAPPOINTED WE THOUGHT WE WERE CLOSING IN ON AN AGREEMENT. AND OUR CHINESE TRENDS WITHDREW ALL RIGHT. BUT WE’VE BEEN IN COMMUNICATION WITH THEM THE WHOLE TIME. AND SO NOW AFTER A THE PHONE CALL EARLIER THIS WEEK WITH SECRETARY MNUCHIN AND AMBASSADORLIGHT HOUSE AND HIS TEAM IT WAS IT DOESED THAT DEPUTIES, THE DEPUTIES ON BOTH TEAMS WILL CONVENE HERE IN WASHINGTON, D.C. LATER THIS MONTH AND PRINCIPLE NEGOTIATORS MR. MNUCHIN AND MR. LIGHTHIZER WILL JOIN HIMMING AND HIS TEAM I SUPPOSE IN EARLY OCTOBER HASN’T BEEN SET YET. THAT BY ITSELF IS VERY GOOD THING A VERY GOOD THING HAD. SO WE ARE BACK NOW TO THE TABLE. PENCHT OTHER NEGOTIATIONS CALM? IS THE ATMOSPHERE CALM BETWEEN THE TWO SIDES? NOT SHOUTING AND SCREAMING?>>LOOK, IF THEY WERE YELLING AND SCREAMING — THEY WOULDN’T HAVE IS — COME I DON’T KNOW 18 HOUR PLANE FLIGHT I’VE MADE IT A COUPLE OF TIMES THEY’RE COMING THAT’S A VERY GOOD THING.>>ANY INDICATION FROM THE PHONE CALLS THAT CHINA IS PREPARED TO GO BACK TO WHERE IT WAS BEFORE THEY WERE MADE?>>LOOK, I CANNOT POSSIBLY BE SPECIFIC ON THAT. THOSE NEGOTIATIONS TRICKY BUSINESS LIKE LABOR NEGOTIATIONS YOU KNOW ONE STEP AT A TIME ONE POINT AT A TIME COMING BACK TO THE TABLE IS A GOOD THING. NOW AS FAR AS I KNOW, AND MY CONVERSATION WITH MY COLLEAGUES — ALL THE TOPICS WILL BE ON THE TABLE. I MEAN WE WOULD PREFER THAT QUESTION GO BACK TO MAY WHERE WE WERE MAYBE 90% HOME ON A DEAL. BUT WE’LL SEE. I DON’T TO PREDICT I DON’T TO SUGGEST ANYTHING. LAST EVENING AND THIS MORNING I SPOKE TO MY COLLEAGUES MNUCHIN AND LIGHTHIZER ON HAVE VERY POINT YOU CAN REST ASSURE STUART THAT EVERYTHING WILL BE ON THE TABLE. YOU CAN REST ASSURED FOR EXAMPLE THE ABSOLUTE KEY STRUCTURAL ISSUES THE IP THEFT FORCE TRANSFER OF TECHNOLOGY, CYBERSPACE, THE CLOUDS, THE FINANCIAL SERVICES, ALL OF THAT WILL BE ON THE TABLE. AGRICULTURAL PURCHASES INDUSTRIAL PURCHASES, ENERGY PURCHASES, GETTING TARIFF AND NONTARIFF A BARRIERS DOWN SO CHINA OPENS ITS ECONOMY. THAT’S WHAT AMERICA WANTS. TRUMP IS DETERMINED TO DEFEND AMERICAN ECONOMY AND WORK FORCE. AND WE MUST DO THIS BECAUSE OF CHINA’S UNFAIR TRAINING PRACTICES WHICH WE HAVE DISCUSSED BUT WE’RE GOING TO HAVE THIS WHOLE BROAD-BASED DISCUSSION. AND WE’LL SEE WHAT HAPPENS LOOK, OUR IMHI ECONOMY IS VERY STRONG THEIR ECONOMY IS NOT. NAIR LOWERING THE U — THAT IS ESSENTIALLY NEUTRALIZE IT IS THAT IMPACT ON OUR CONSUMERS BUT IT PUTS CHINA IN A VERY BAD PLACE WITH CAPITAL FLIGHT AND DISINVESTMENT I DON’T TO GO INTO THAT DETAIL BUT WE THINK THEY NEED A DEAL PRESIDENT TRUMP THINKS THEY NEED A DEAL PRESIDENT TRUMP HAS SAID PREENGTLY EVERY DAY RECENTLY HE’S — HE WOULD MAKE A DEAL. AS LONG AS IT’S A GOOD DEAL FOR THE UNITED STATES. HOPEFULLY IT WOULD BE A GOOD DEAL FOR BOTH COUNTRIES. PRESIDENT TRUMP BELIEVES CHINA WOULD LIKE A DEAL. BUT IT WILL BE HAMMERED OUT AND THAT MEANS IF I MAY, WE HAVE THE BEST NEGOTIATORS IN THE BUSINESS. ALL RIGHT IF I MAY — BOB LIGHTHIZER BEST TRADE GUY IN THE BUSINESS AND INCIDENTALLY NEVER TALK ABOUT THIS RIGHT IN FRONT OF US AS CONGRESS COME BACK AND SESSION — THERE’S A USMCA MEXICO CANADA USA DEAL THAT WOULD ADD AT LEAST A HALF A POINT TO OUR GDP WITH A COUPLE OF HUNDRED THOUSAND JOBS EVERY MONTH THAT WOULD BE FANTASTIC. WE ANNOUNCED AT THE G7 AND FRANCE, I WAS OVER THERE. THE OUTLINE OF A DEAL WITH JAPAN THAT DEAL MAY BE FINISHED AND ANNOUNCED IN ENTIRETY AT THE U.N. MEETINGSES COMING UP IN A COUPLE OF WEEKS, AND HECK, WE EVEN SOLD SOME BEEF TO EUROPEAN UNION THEY SAID IT COULDN’T BE DONE AND I THINK THOSE TALKS ARE CONTINUING. SO BY LOWERING TRADE BARRIERS, THAT IS PROGROWTH THAT IS THE PRESIDENT’S VISION. BUT HE INSIST THERE HAS TO BE REST AND HE’S GOT TO DEFEND THIS COUNTRY’S ECONOMY AND ITS WORK FORCE. ARE WE GOING TO GET BACK TO 3% GROWTH? FIRST QUARTER OF THE YEAR. 3%? ABOUT SECOND QUARTER 2%. “THE NEW YORK TIMES” THIS MORNING SAYING A PERIOD OF SLUGGISH GROWTH LOOKS MORE LIKELY TO BE IMMEDIATE FUTURE. ARE YOU PREDICTING A BOUNCEBACK TO 3% GROWTH IN THE THIRD AND MAYBE FOURTH QUARTERS OF THE YEAR?>>I LIKE WHAT I SEE, STU. I LIKE WHAT I SEE AS I’VE SAID PING UNDERNEATH HOOD THESE JOB NUMBERS, OR VERY POWERFUL. I THOUGHT ISM SERVICES RELEASE WAS ABSOLUTE BLOWOUT. ABSOLUTE E BLOWOUT, CONFERENCE BOARD CONSUMER CONFIDENCE ABSOLUTE BLOWOUT ESPECIALLY BY THE WAY, IN THE JOBS CATEGORY. NOW, QUESTION HAVE SEEN A LITTLE SOFTNESS IN PRODUCTION AND CURABLE GOODS AND CAP SPENDING SOME SAW THAT WHATS ALONG A CYCLE, YOU KNOW YOU GO UP AND DOWN — I NOTICED DURABLE GOODS PARTICULARLY THE CORE IS NOW PICKING UP THE ORDER BOOKS ARISING BY BETTER THAN 6 PBT ANNUALLY OVER THE FAST THREE MONTHS I LIKE THAT VERY, VERY MUCH. WAGES, SALARIES HERE’S ANOTHER ONE FOR YOU STU. PRODUCTIVITY NOW I’LL GO EIGHT QUARTERS EIGHT QUARTERS. 1.8% THAT’S A TREMENDOUS PAKISTAN FROM THE PRIOR I DON’T KNOW TEN YEARS OR MORE AND EMPLOYMENT GROWTH IS 1.3% EIGHT QUARTERS REASON I SAY THAT IS AS A RULE OF THUMB, BACK OF THE ENHAVE THEY ENVELOPE REAL GDP EQUALS PRODUCTIVITY PLUS EMPLOYMENT GROAT, GETS YOU TO OVER 3% RIGHT NOW SO IF WE REMOVED SOME OF THE MONETARY OBSTACLES AND WE CONTINUE OUR INCENTIVES WITH LOW TAX RATES AND ROLLED BACK OF REGULATION AND CHEAP AND PLENTIFUL ENERGY I’M GOING TO PLAY THIS ON THE BULLISH I’M SURE YOU’RE SHOCKED TO HEAR THAT AND I’LL PLAY WHAT — WHAT STEW VARNEY WHATEVER YOUR NUMBER IS I’LL TAKE IT OTHER AS I ALWAYS DO. [LAUGHTER] YOU’VE BEEN RELATIVELY RIGHT. SOME KUDLOW FORECAST IS BETTER THAN OTHERS. OVER LAST 40 YEARS BUT — SO FAR THE OPINION SOME VARNEY OPINIONS ARE BETTER THAN OTHERS I MIGHT THAT AS WELL THAT’S A MATTER OF FACT LARRY I’M AFRAID WE’RE OUT OF TIME BUT WE APPRECIATE IT ALWAYS WHEN YOU’RE

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100 thoughts on “Larry Kudlow: America is working

  1. Media, just tell the info, we will make our OWN decision, based on you telling the truth, BUT, keep YOUR personal opinion to yourselves, and why, because your not smart enough to figure any of this out, lol
    CHINA, how about this, CUT them OFF, we make our own stuff AGAIN, idiots
    Media acts like this country will implode if we don’t buy from China, dumbest people I’ve ever seen

  2. Greed and fear are powerful motivators, that is why the markets react the way they do. I made the most money on my investments during the Obama years because I bought when the market was cheaper but I have a long term view. Optimistically, Trump will be re-elected and a China deal of some kind will be made and once again you’ll see the market react with surges.

  3. This is Putin at work for Trump, please dont believe this its impossible Putin has to get his money's worth this will lead to 2020, China can sit forever he's the man until his Demise Trump could be gone in 15 months

  4. Stuart Varney recently said that he does not believe Donald Trump has ever lied to the American public. I am not making this up.

  5. Good the next pres. Won't have to deal with the mess. Whell see! Christmas is coming. Temporary jobs. Some people have more then one to survive. What dose that say?

  6. OH–it's I -me -mine blowhard Varney and the "government pubic hairs still in his teeth" BS Kudlow-two sickening liars at the least…

  7. To all those people that are saying those republican senators are under cutting prez trump. The senators asked prez trump they wanted to talk to china & prez trump said yes. Those 2 republican senators did not under cutting prez trump.

  8. The key word is working. Unlike Kudlow some of us have to work while republicans siphon our treasury for tax breaks for millionaires and billionaires. Its happened how many times? When will the cult of mutants recognize they're being hoodwinked? Get yer couple hundred bucks Smokey? Now shut up.

  9. Please tell Chris Wallace to look a job in CNN or ABC….He starts telling fake news…negative thinking about economics.. we have a better economics in more than 50years

  10. I would like it if Anerica🇺🇲 and China worked together to make BOTH our countries great.❤
    But we can't accept troops in Hong Kong.
    Hong Kong must be free.
    We can't let our technology be stolen. How can we leave a million Uyghurs in re-education camps?
    No drugs in our streets.
    Our demands are going to cut into a lot of Chinese pockets but right now, America is paying through the nose.
    Come on, China😁

  11. American's are working 👍 and getting paid well. It's puts us in a higher tax bracket. We need a tax cut. Sometimes i feel like all the overtime goes to the govt.

  12. I just wonder with *44 selling the USA getting all the companies out of USA and the recession coming yesterday?
    That would be "PANICK" with the traitor*44
    Great news We have the best economic business man on our side who's called President Donald J. Trump who came to save our future from Socialist, Marxist, Alinsky book, GLOBALIST, Deep State, CIA, Criminal Banksters and on top of all of this, there added the "HOAX"!!!

  13. Kudlow is the head spinmeister. Keep partying because these good times will never end!!! That's exactly what he said right before the 2008 crisis LOL. Pour the man another one…

  14. you know whats sad? if trump wasnt such a racist, ignorant buffoon who was running a trade war from his twitter account, this country would probably re-elect him

  15. kudlow left out this fact; in the last 2.5 years of obama's presidency, he averaged more jobs per month than trump has so far.

  16. Larry is truly a good man for the economy Mr. Kudlow know the business and America is working. Thanks Mr. Larry kudlow.

  17. I have listen many stupid conversation in my life this was the most ever i have seen….china is just wasting time and there will be no trade deal ever …i can bet as much anyone want….

  18. Instead of mentioning number of jobs created, etc. repeatedly again and again, why don't you guys ever mention the percentage of the total population in the country that are employed, have healthcare coverage and at least satisfied with their livelihood?????

  19. Larry Kudlow is right on the money the country is ticking overer nicely,THANKS TO PRESIDENT TRUMP, THE SOCIALIST DEMOCRATS WITH THE PROGRESSIVE MOVEMENT AND FOR HE MUST BE OBAYED GEORGE SOROS WON'T LIKE THIS GOOD NEWS AT ALL, HA HA TO THEM.

  20. Jobs, economic activity, commerce,… this is where Donald Trump shines! Sad that he is not the chief economic advisor or US Trade Rep… for President Mike Pence! I do not think that he really enjoys the job of POTUS and leader of the free world, especially how the news media covers a lot of events in the American Political Arena! The liberal news media is biased against him. They don't give him credit for good economic news. If he was a Democrat, they would! I think Mike Pence would love the job of POTUS and leader of the free world! And, I think Mike Pence would handle the news media far better than Donald Trump has!

  21. Businesses are expanding in Maine. There are radio ads telling people that they need no experience they just need to show up. First time I've heard that in my 54 years. If they can work out a deal with China I think the economy is ready to take off like a rocket.

  22. larry may be one of the greatest of all time at what he does . i don't like the guy or hate the guy , his history is jaw dropping .his effort has help millions in our nation and the world . go help 10 million people . make there life better . is very rare in DC . not perfect but darn lucky he is there

  23. Kudlow 2008: no recession in horizon, no housing bubble at all.

    If you idiots believe what’s coming out of his mouth now, you are getting double buttf’ed and will be caught by surprise aaaagain…

  24. Selling perishable foods to lands that can sustain their own ag, across the oceans is ridiculous. Europe can grow their own as can China and the US. And LOCAL is best for all.

  25. Of course CNN reports totally different numbers and opinions , however , we all know that CNN is the champion of Fake News .

  26. Neil Cavato and Shepherd Smith also report Fake News when they're not giving each other Blow Jobs in the broom closet .

  27. Jobs coming back, Americans working, stock market only less than 700 points off the all time high. Democrat liberal socialist want a crash so they think it will allow them a take over if the US government. They really didn't think this through.

  28. The Democrats are so pathetic they are finding any thing that president Trump does wrong even the most smallest of things. The establishment has been doing these things for years but a non establishment guy come in and they just freak out

  29. It's like the establishment is saying to president Trump you are not invited to our party, but president Trump is trying to make America great again vote for Donald Trump 2020

  30. Thank you idiot Kudlow provide useless advice to your stupid boss Trump! Remembered your 2008 prediction about the economy Kudlow? You are an idiot! He has no clue about how to deal with China and I am wondering where are the easy winnings he was talked about? Where are the money from Mexico to build the wall?(other than he took from US Army) Where are the damages from hurricane in Alabama? Trump is the creator of FAKE NEWS and category 5 Idiot !

  31. Kudlow is s master salesman and closer, he’s a big hitter from Wall Street turned taking head for the winning party.

  32. I'm proud of our president. I didnt vote for him in 2016 cause I was on probation but hes doing great!! China needs to cut a deal or they can suck it and the supply chains will go elsewhere. The usa is the economic engine of the world. The usa is carrying the world

  33. Even though we are 21 trillion in debt. That needs addressed in next 5 years or we are in big trouble . Baby boomer generation n top politicians expanded the debt so much cause of social security and free healthcare for people. It has to stop or itll bankrupt the world economy.

  34. Trading with a communist country should be a no-no. We should look for boosting our trade with other countries more in tune with our capitalistic ideals. What does China have that we need ?

  35. Fluff story. Economy on the brink Deficit going through the roof Larry out of touch again but still employed I don’t know why ?

  36. AOC, Hollywood and the Dems are the Soylent Green movement, the Peoples Burger. Replace the American Patriots with illegals and immigrants in 12 yrs the new Green Deal and Climate Change all in one all they want is power and control of your life.

  37. Meanwhile, the US has been gutted of it's manufacturing. And they are not returning. The supply chain is now in China. Bush Jr and Obama really screwed the US. Traitors.

  38. Trump plans to gut food stamps. Ironically, it will hit his own voters hardest. Nearly 800,000 people of the Bible Belt states will lose their access to food stamps.
    Trump’s food stamp cut will hit his single, white, male base the worst.
    GLAD TO HEAR IT!

  39. There should be no trade deal agreement until China shuts down their companies from shipping Fentanyl into this country.

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