Capitol Report (June 3): ‘Bad Sentiment’ About Economy

President Joe Biden touts May’s jobs report, even as he admits it’s overshadowed by record inflation. And as Elon Musk warns about the economy, Biden ignores him.

To break down the latest jobs report and what to expect in the labor market going forward, we’ll hear from Bankrate’s chief financial analyst.

Releases of oil reserves from the Biden administration are under scrutiny. Republicans have raised concerns about the impact they could have on US national security.

In an email titled “suspend all hiring globally,” Tesla CEO Elon Musk said he had “a very bad feeling about the economy.” The email was obtained by Reuters. In another email to employees on Friday, Musk said Tesla would cut the salaried workforce by 10%. He added that the job cuts do not apply to anyone who actually builds cars, batteries or installs solar power.

This latest directive comes days after he told staff to return to work in person or leave the company.

And inflation is here to stay for at least next year, according to many economists we spoke to. And it is possible to see prices rise further as it is also unclear whether inflation has peaked.

A new museum commemorating the victims of communism will open its doors Tian’anmen Square Massacre exhibition for the anniversary of June 4th. A spokesperson says education is important because most Americans don’t know the history of communism.

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