interest rates go up, by 1 percentage point you've been showing what hoped with two year 10-year 30-year treasury, that adds another trillion dollars to our debt over 10 years so we're in this kind of debt cycle right now the fed can't deal with this alone they've got to get help from congress cutting spending right now as much as possible the best tonic for 24 economy we will see if republicans follow up with that. dagen: we will see we will see how mad voters are and how they -- if they take that anger at inflation, out at the ballot box, next week, dave nelson stephanie pomboy, steve moore eric freedman tyler goodspeed alfredo ortiz christian whiton very special thank you to cheryl casone, "varney & company" ashley: good morning, dagen great show and good morning, everybody. i'm ashley webster indeed for stuary varney today. elon musk expected to begin layoffs at twitter within hours.

the company's offices are closed today as employees wait to hear their status, there are reports that as many as 3,700 employees could lose their jobs today. we are not preparing for a recession. that's the message from the white house. so how is that going to play with voters? let's not forget the economy is their top issue, we are four days away from the mid-terms and the white house, well, frankly, trying to turn a blind eye to those economic issues. today markets, 261,000 jobs added last month, the pre-market , the dow up nearly well up 300 points now, the s&p and nasdaq up more than 1%, markets liked what they saw, perhaps a strong jobs report, perhaps inflation cooling off, wages cooling off. we'll have to debate what this all means for the fed. treasury yield though up 4.16%. oprah winfrey, meanwhile, has injected herself into the senate race in pennsylvania.

she says that she endorses john fetterman for "many reasons" but she didn't elaborate on exactly what those reasons are. dr. oz has surpassed fetterman in the very latest poll. jimmy kimmel says anti-trump jokes cost him half his audience but he's defending his choice. he's actually saying it was a sacrifice he made for the betterment of the country. what a guy. and the owner of an electric car decided to take a road trip across wyoming. it was only supposed to take two and a half hours. well, guess what? it took him 15 hours. he's here to tell us exactly what happened. it is friday, november 4, 2022 "varney" & company is about to begin. ♪ taking care of business, every

day ♪ ashley: taking care of business, down sixth avenue midtown manhattan, good morning, everybody. we do, indeed, have the october jobs number. we know 261,000 jobs were added in october. good morning, lauren simonetti. lauren: so it indicates a strong job market. to go under the hood here, 32000 jobs were added in the manufacturing sector, 233,000 in private employment, that's what the feds concerned about with private employers are doing and then earnings rose 4.7 % year-over-year. that's cooling from prior months here are the red flags. inflation is still a problem. we saw that in monthly wages going up more than expected. the construction industry added just a thousand jobs. oil & gas, you have the president of the united states saying you, oil companies , produce more. guess what, ashley. they cannot find the workers. they added just 400 jobs last

month, and here is another problem, the hispanic jobless rate rising to 4.2% whereas the national jobless rate is 3.7 %. ashley: all right, interesting stuff. lauren, thank you. kenny polcari is joining us this morning. kenny, is the economy stronger than we think? what do you make of this jobs report? >> listen, i think the jobs report is clearly suggesting that it's not slowing down at all, and it leaves jay powell in that position to remain on course, right? it's a strong number. he wanted to see less jobs. he wanted to see wages come down he wanted to see year-over-year wages come down, and he hasn't, this job report certainly didn't provide that, and so therefore it's going to keep the pressure on the fed, so while the economy is hot, it's doing exactly what he doesn't want it to do. ashley: so why are the futures up 300 points on the dow? i thought this kind of good economic news is bad news because the fed, to your point,

can continue to raise rates at a fast pace. >> because what i think it confirms is that what jay powell said the other day. he said that he's focused on inflation, they aren't going to take their foot off the gas until they've done it so everyone needs to just take a step back and let them do what they are going to do. this report today suggests that jay powell is right. he needs to move forward. we already know that rates are going up. jay made it very clear. they aren't pausing. they aren't stopping. rates will continue to go up. they know that so as far as i'm concerned the way that it reads this report is they could expect exactly what jay powell said and that is high rates and look, we had a market that's been under pressure for a couple weeks so a relief rally is not necessarily out of the question when you see european markets up better than 1% today on the back of they had a big rate increase this week as well, but yet, markets are in a little bit of an oversold condition, and so therefore, you might see a little bit of a bounce, but i think there's still more volatility ahead. ashley: thank you for explaining

that to me, kenny polcari, we're already out of time but great stuff. happy weekend to you. kenny, thank you. >> you as well. ashley: let's get to elon musk and this , thank you, and this story over twitter. thousands of employees reportedly on the chopping block how's this going to work, lauren lauren: at 12:00 eastern today, ashley, employees get an e-mail letting them know if they have been fired. 3,700, that's half of the staff at twitter, will be fired. obviously, there's a high level of anxiety, all of the offices closed today, badge access suspended temporarily and ahead of this final call, there's been a class action lawsuit filed accusing elon musk of not giving workers that required 60 day termination notice. you know, this is a sad story for so many people. the bottom line here is in one week, you have elon musk unilaterally calling shots. he has made a lot of changes to enforce his vision of twitter.

we'll find out who exactly is fired. i'm going to go out in left field here and say they don't share the same vision of the social media site as he does but 3,700 workers is a massive number. ashley: it certainly is. we'll continue, of course, to follow that story throughout the day. lauren thank you very much. by the way, four days to go now until the mid-term elections. steve doocy, lucky guy, down in hobey sound, florida speaking to voters steve good morning to you. thanks for joining us. what are they telling you? steve: well, ashley, just like everybody else they are saying that the prices are killing them , because there are a lot of people here who are on fixed income, retired, right? >> yes! >> steve: everything cost more i was just talking to a lady who said they went out for dinner yesterday, another place, but they wound up having to buy the salad that was an extra dollar. normally it came with it, but

they got a shipment of lettuces and it was $90 when it used to be like a third of that price and i wouldn't say it's too bad, ashley, but there's santa and i asked him about christmas and i saw him drinking, so it's never good and there's one other thing going on and that is with people , with discretionary income and the amount of money they have in their pocket to spend, they are just more careful about it. down here in florida, you got to run your air conditioner pretty much all the time but george sitting here at the bar, george let me ask you this. i asked earlier, what sticker shock was for a lot of people. lady sitting right over there said beer, and then when i walked over here, george said what's really expensive these days? >> the dating scene. to take a lady out, it's three times the cost that what it used to be so you've got to choose the girl you're with wisely. >> [laughter] >> steve: okay. george, do you go out a lot?

it's friday. >> not as much. >> steve: okay. is it financial? >> yeah, it's financial. >> steve: see , look at that. not only is inflation killing people across the country, but george can't date as much. >> [laughter] >> steve: so ashley, it's tough all over. >> [laughter] ashley: it certainly is. best of luck to george. steve, thank you very much. inflation hitting the dating scene, who would have known it. all right one of the co-hosts by the way of the view, sonny hoston catching flack for this comment about suburban woman. >> what's also surprising is the abortion issue. i read a poll just yesterday that white republican suburban women are now going to vote republican. >> why? >> it's almost like roaches voting for raid. right? >> [applause] >> they are voting against their own self-interest.

ashley: i mean, how insulting is that? lisa booth is here. lisa? what's your response to this there? >> hi, ashley. ashley: hi. >> i think everyone should watch the view on november 9 to watch the meltdown that's going to take place because democrats are going to get crushed. they are. it's true, ashley. democrats are going to get crushed on november 8 because a red wave is coming in part because of garbage like this. look democrats are the party of hate speech, the party of violence and they are the party of election denying. we just heard what sunny said, joe biden took the stage in a primetime address in philadelphia with the military flanked behind him and a dictator looking stage with red everywhere, saying 75 million americans were enemies of the state and then you get to the violence. there is a republican congressional candidate in north carolina whose children are currently in hiding because his house was shot up after getting death threats, mandella barns running for senate in wisconsin mocked steve scalise after gun

ned down on the softball field for being a republican and then you get to the election denying. joe biden said that al gore was president and his own spokesperson denied election, north korea, nancy pelosi, so that's what the democrat party is. they are the party of everything they say they hate and then the media goes along and pushes their lies and garbage. ashley: right. well, next one for you, lisa. talking of hillary clinton, she's bashing republicans claiming they're all election deniers. listen to this , i'll get your comment. >> listening to the , you know, the crazy stuff coming out from election deniers, from people who laugh at paul pelosi being attacked, from people who want to keep you scared who don't have answers to anything, you know, i think that it's time that every americans say you know what? we've got a lot at stake, and pulling ourselves together. ashley: uh-huh, hillary clinton, who basically denied losing to donald trump in 2016, what do

you think on that, lisa? >> well and she put out a video recently saying republicans have a plan to steal the 2024 election. that's, americans are wise to this garbage that they are saying in the country. they know these democrats sat there quietly when there was an assassination plot attempt against brett kavanaugh when we've seen all of this violence at the hands of democrats. they know this is lies and what they are concerned about is everything that democrats are avoiding. the fact that one in five americans are skipping meals, not buying groceries because of inflation? ashley: right. >> struggle together feed their families, the fact we're all afraid not here in florida thank god because of our governor but in many cities and places around the country afraid they get shot or stabbed in the streets because of leftist policies, so that's why they are focusing on all of this nonsense and pushing all these lies is because they know that they have nothing else to run on because they have destroyed this country in such short order and they will be thoroughly embarrassed and absolutely, you know, put out of office, on november 8 so get out

and vote and reject these losers go red. ashley: we'll check "the view" on november 9 to your point. lisa boothe, great stuff. >> maybe we'll come back and talk about it. thank you, ashley. take care. ashley: okay that be fun. it's a date. all right, thank you. taking a look at the futures very quickly. up across-the-board, the dow up 351 points before the opening in about 17 minutes from now. also coming up, governor of new york kathy hochul claims she's always been working hard to fight crime. listen. >> we've worked so hard on this issue getting guns off the streets but for now to come down to that i'm soft on crime, he's soft on guns and that is a real problem. ashley: well, could the governor lose the election because of the crime crisis? brian kilmeade will be here to take that on. benjamin netanyahu wanted another shot at leading former secretary of state mike pompeo welcomes the regime change and says netanyahu was missed. guess what? mike pompeo will take that on

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against all the things that put the american people at risk, so we've now got a leader who was essential to building the israeli economy that's good for american companies. if you're an iranian parent with a daughter whose protesting in the streets this is good for you too. this is a man who will pushback against the iranian threat if you're in europe or the united states and there's terror being pushed against you inside of your own country it's a good thing to have prime minister netanyahu. he was a great partner, i spent a lot of time with him and we built out a instruct irinotecan the middle east that became the abraham accords. that means our kids are less likely to have to go fight and risk their lives in the middle east. all good stuff that happened under the leadership of prime minister netanyahu. i'm glad the israeli people have chosen him. i'm confident he will continue to do the good things for his country it that benefit us here at home as well. ashley: very good. all right, next one for you. the u.s. extending military exercises with south korea. it comes following a string of recent missile launches from the

north. are you concerned about the escalation that appears to be happening from north korea? how does this play out? >> yes, it looks like the north korea may be preparing for a nuclear test, something they would not have done if we were still there. we didn't get the nuclear weapon s out of north korea's hands but we had contained them in a way they weren't conducting long range missile tests, intermittent range missile tests they weren't threatening the world with their nuclear program. the 23 missiles, actually in the last 72 hours, is about six months or a years worth under the trump adminitration. i figure much like vladimir putin feels fear to move on ukraine and xi-jinping more free to move against taiwan that chairman kim in north korea who i spent a lot of time with, the chairman kim is feeling like he's going to test the west as well. these present the risk of real cascading crisis for us here at home. ashley: i wanted to get your thoughts on this too.

president biden categorizing republican voters as threats to democracy in a very highly- divisive speech. i mean, what's your thoughts on the president's rhetoric? >> well, as a political matter which most have commented on i don't think it's going to have a whip of impact on what happens this next tuesday. i think american people can see their lives are worse off these last 20 months than they were before, but as a matter for our republican, protecting and defending and leading our republic, remarks like that are deeply dangerous. i wish the president hadn't engaged in it. i'm one of those republicans. i want democracy, i love our republican, our constitution, our declaration of independence, and to speak of those of us who would vote for a set of conservative ideas or a set of the basic things that we care about and cast this as anti- american maga crazi es is just dangerous and presidents ought not to do that. it's unfortunate that the person who ran on uniting american has become so divisive.

ashley: right, exactly. mr. secretary, mike pompeo, thank you so much for joining us this morning. we really do appreciate it. >> ashley, thank you. yes, sir. you have a wonderful day. ashley: you too. let's check some chinese companies while we're talking about it. up huge in the pre-market, look at that green ink across screen. some up 13%. lauren: yeah, 13%. it's two thing, ashley. so there's this continued and un confirmed china reopening story that's lifting these names , popular names like alibaba and then the china daily which is a chinese newspaper, mouthpiece for the government, they are reporting, and i'm scratching my head here, that authorities in the province where foxconn is lifted lockdown s on two-thirds of homes and 90% of businesses are back- to-work, so maybe there's truth to the rumors, and then there's this . this is a second reason, a report that the first round of audits of u.s.-listed

chinese companies has been completed and its been completed ahead of schedule so if you look at stocks in china, best week in two years, a trillion dollars added to them. this week alone, so i mean, the chinese market has been over sold and investors are just grasping at this reopening story to come back in and got a good price. ashley: yeah, with a vengeance today, next one border patrol agents discovered eggs of a dangerous invasive species on a ship from china. what's going on? lauren: i almost threw up when i saw these pictures i hope you do not. gypsy egg masses, they can damage agriculture, there they are, more than 500 different plant species so they were found on the exterior of the ship, but the ship had been docked in a high risk area in china, so they knew too inspect it and then that vessel was ordered out of the port. it was disinfected and operation s have resumed, but

look at those , that was found on that ship. good thing we notice it and dis infected it before it was allowed to bring those eggs elsewhere around the world. ashley: how lovely. thank you for that, lauren. lauren: sorry for all of this. ashley: a pretty picture of the markets right now in pre- market the dow up 340 and the s&p and nasdaq up around 1.5 % guess what the opening bell , coming up next. ♪

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there is no obligation, so call the number on your screen right now to see if your doctor is in our network; to find out if you could save on your prescriptions, and to get our free decision guide. humana, a more human way to healthcare. ashley: just minutes away now from the opening on wall street. you look at the futures looks like a strong up start to the day. let's bring in mark m ahaney. good morning to you, mark. i want to talk about the travel stocks. let's start with booking.com. did you just raise your price target on booking.com? >> yeah, we did. i also want to just highlight a couple of names here, booking, airbnb, and expedia. what's interesting here is that we're almost all technology names are seeing a softening in demand. names like bookings, airbnb, and expedia are seeing demand trend ing hold or even strengthen. i like these business models that are high margin businesses

that have yet to see the shoe drop i assume they will, we should all assume travel demand will weaken next year but these companies are going into that period with pretty tight, lien cost structures, so bookings actually one of my top picks in the space i like it. ashley: we've seen a lot of money coming out of tech to your point. where's it going? i mean, some of the yields now and some of the short-term bonds are looking a little attractive, 4.7% on the two-year, i mean, is that a reasonable place to put your money? >> i think you've seen people do that. i think you've seen people move to a much more defensive sectors like energy. the question is really going to be when all that turns, and that's a macro call. what we're all waiting for at least in the growth tech segment of the market is when is inflation start ebbing down so that interest rate concerns can start ebbing down at that point that's when tech and growth stocks start working again and i don't know when that is. hopefully in the next three to six months, nine months, but not

anytime soon. ashley: very quickly, mark. i mean, i would imagine this jobs report pretty frustrating for the fed. they aren't achieving what they want to. we know it's going to take a while but it doesn't give them any latitude, does it? >> no, it doesn't. so again, what we're all inflation watchers now. we're all inflation analysts so we want to see signs that inflation can ebb this report didn't give that to you. ashley: right. exactly. all right, mark, thank you so much for joining us this morning >> thank you, ashley. ashley: its been a rough week for the markets but look at this , as we head towards the opening bell. >> [opening bell ringing] ashley: maybe picking up some of the losses, the dow futures implying up 350 points or there abouts. its been a very rough week for tech and the nasdaq in particular. it'll be interesting to see whether we see some more money coming in maybe picking up some bargains along the way, we'll wait and see but we are up and running, and there you have it.

the dow up 307 points we take a look at the dow 30 stocks, lots of green on there. nike, dell, apple, caterpillar, some of the names down at the bottom yesterday, investors coming in and picking up some stocks, proctor and gamble, boeing and amgen at the other end, s&p meanwhile up 1.5% at 37 , so checking a look at the nasdaq as we mentioned its been a tough road for the nasdaq but up 2% right out of the gate today, at 10, 544. let's take a look at these big tech names all up nicely across-the-board. apple up two and one-third, meta up 2.6%, alphabet up 3%. okay, let's look at some of the individual stocks, draftkings reporting before the bell. how did they do lauren? lauren: well, some are making money, and the good news is revenue doubled from last year because they are pushing into more markets. they are offering fewer promotions that helps, monthly paying customers up 22%, and revenue per-customer more than

doubling to $100 but the stock is down 14% and when you talk to the ceo, jason robbins, ashley, in the next hour, you can ask him, what exactly is going on with wall street's reaction. ashley: yeah, because those numbers look pretty impressive. we'll ask him later on. let's take a look at meta well- below $100 a share. where do they rank by the way, lauren, in the s&p 500? lauren: this story just kind of shows you what's happened to the stock market this year. they are dead last. the stock is down 73% this year. investors completely spooked by this pullback and advertisers that's how they make their money , and their costly, very cost cost liam businesses in the metaverse, that nobody seems to be buying into yet they are doubling down. their president of global affairs yesterday defended this pivot to the metaverse and said yeah, just give it time, give it time. our core business is actually incredibly healthy, but how much time do they want? because one year ago, almost to

this date, meta shares were at facebook shares then, at an all-time high of $353, and yesterday, all-time low of $88. ashley: well, mark zuckerberg definitely, to your point, all- in on the metaverse but it doesn't seem like investors have that same faith. anyway let's move on and take a look at coinbase. that stock up 12%. weren't their earnings bad? lauren: crypto winter, you would think the second-largest crypto exchange be down. no. not really. revenue fell. it fell more than 50% from a year ago but their monthly transaction, transacting users, that was good. 8.5 million and that's where they get most of their money from the retail traders, so investors, the bar is low and apparently they found a bright spot. ashley: okay fair enough. mobile payments company block. let's take a look at that stock price this morning. they are seeing growth, the

stock up wow, 11.5%. lauren: they have cash app. that's like venmo, you can transfer money, buy crypto with it, 18 million people use it. their gross profit there rose 51 %, and jack dorsey, the ceo, says they are doubling down on that trying to integrate more financial services into that growing and popular cash app and they want to make it this one stop shop for banking needs, and investors are buying into that. that's why the stock is up double-digits. ashley: yeah, impressive. all right, let's take a look at starbucks always like a good cup of coffee. how's that company weathering inflation? look at the stock, up more than 9%. lauren: they have pricing power. it's really unbelievable. i bought this this morning coming in the new holiday cups it's like $1.40 to add a special creamer. we are still buying expensive coffee. it's like one pump you're going to charge me that much? yeah, because i'll pay it, so they looked back and said in

september, that's when they introduced pumpkin everything, they saw record sales in certain weeks, more than half of their customer base younger, gen z, millennials and that generation, those two generations spend a lot of money on coffee, so starbucks says if there's a recession we're just going to sell using our app more cold expensive drinks to the young people and it might work, because they are kind of already doing that. record sales of 8.4 billion in the quarter, same-store sales in the u.s. up 11% and that's why the stocks up. ashley: that certainly works with lauren simonetti, i can tell that. lauren: this one i don't get. no inflation impact on takeout. the stocks up 16%, their revenue 33%. i'm just going to quote evercore isi, because they summit up. they are seeing a greater than expected resiliency in demand and there's no evidence of any

material pullback in consumer demand. i pulled back on this one. i find it completely ridiculous right now to pay higher prices for food in general but then online the delivery companies charge even more. then they add in all of the fees come on. people are doing it. we're lazy. ashley: too much for lauren, but obviously not for everyone. they got to get the food. so that stock up 13 almost 14%. thank you very much let's get back to the big board again, if you can. the dow up 350 points, there abouts. nice strong opening up more than 1% let's take a lack at some of the winners on the dow if we can there you go nike up 6.6%, nice, dow, caterpillar, amex, american express up 2.77% and intel also up more than 2%. take a look at the s&p 500, freeport mcmoran, up 10%, and

there you have your winners on the s&p 500, and what about on the nasdaq? well starbucks talking of which expensive coffee people are paying it anyway up 8%, i have monster beverage up 6%, skyworks solutions up 5.8 and applied materials also up nearly 5% some of the bigger gainers on the nasdaq. let's take a look at the 10 year treasury yield it's up but only just slightly, up just about a basis point of 4.16% on the 10- year, let's take a look at the price of gold. the gold up today $36 at $1,667 per ounce, bitcoin, well guess what? around 20,000, been there for a long time it seems, 20, 798 on bitcoin up about $600. take a look at the price of oil, yes, it is up, perhaps on china relenting a little bit on the covid policies. its actually given crude a boost

up to 92 bucks a barrel, nat gas up slightly, $0.09 at $6.06 meanwhile talking of gas the average price for a gallon of regular right now ink across country? $3.79. there it is but if you have to get diesel, it's a lot more, $ 5.31 that's the average for diesel ink across country. all right coming up should the covid vaccine be added to the childhood immunization schedule? the cdc is recommending it but dr. ben carson is sounding the alarm, we'll bring you his case against it. meantime in a spat with elon musk aoc claims proceeds from her campaign merchandise store go to community acts, but some say otherwise, we'll talk about that. jeff bezos and jay-z maybe teaming up. no not as a singing duo, thank goodness, they have actually set their sights on buying an nfl team and we're going to tell you which one, we'll be right back.

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ashley: all right, let's take a look at these markets. we are like 12 minutes into the session and so far so good. the dow up close to 300 points, the s&p up 1% nasdaq also up 1%, coming back just a little bit, perhaps. meantime, amazon and lyft both making major hiring announcements. lauren, what are these companies up to? lauren: yeah, amazon is pausing their corporate hiring, and they are going to do so for months. this freeze includes those people that work in those high profile teams like prime video and grocery. then you have lyft, ashley, laying off 683 workers. these are just the latest in job cuts in technology.

did you see the forecast, they say this month, employers have already announced nearly 34,000 job cuts. that's up 48% from a year ago and it's up 12% from a month ago the worry is we're seeing this now, but more cuts are on the way, as you approach the end of the year & companies want to make their balance sheets look good as they enter 2023. ashley: yeah, it's tough going. all right, lauren thank you very much. well we do know that in october the u.s. added 261,000 jobs. julia pollach is zip recruiter's chief economist joining me to talk about the economy and jobs. julia, good morning to you. let's begin with the jobs number s today, what did you make of them? >> overall this is a very strong report, job gains are about 60% larger than before the pandemic and they are spread ink across economy far more widely and we got something else that the fed was probably looking for which was a slowdown in page growth. that number year-over-year 4.7%

the first time its been below 5% in quite a long time. ashley: you know, quickly, it's strange isn't it? there's what, i think 10.7 million job openings and yet, their participation level is falling and businesses continue to complain they just can't find enough workers, which is, you know, how do we balance this all out? what's it going to take? >> this remains an incredibly supply constrained labor market, labor supply fell during the pandemic and it's not recovering as quickly as we might have expected. in fact in this report it went into reverse. the whole household report actually the whole household survey is a bit of a doosey today. it's not quite clear why that is it's very very different from the establishment survey that's happened a couple of times over the past two years. very very wide divergence. if the household report is right and labor force participation is flat, if there was indeed a huge increase in the number of people unemployed and a decline in the number of people who are employ ed, then perhaps the labor

market is slowing more quickly than those top line figures suggest. ashley: right. it's hard to read between the line as i say next one for you, julia. fed chair powell says the housing market needs to get back into a balance between supply and demand, talking which he's talking about the housing market right now, which is really cooling off. how do we do that? >> so in this jobs report, you see that high interest rates are already taking effect on the housing market. real estate and rental and leasing lost quite a large number of jobs. we saw the financial services industry lose quite a lot of jobs in last month's report, mostly concentrated in mortgage lending, so the housing market is coming into balance because demand is being destroyed. activity in that market has fallen dramatically, new purchases are down, refinances are almost completely in slowdown territory. most americans, i think, would

prefer to see supply go up, not demand go down. ashley: yeah. exactly. got about 30 seconds, julia. we're already having companies announcing hiring freezes, or in some cases, hiring cuts. do you expect that to continue and pick-up? >> yes, in tech and in financial services, there are likely to be more layoffs ahead because those industries are so, especially sensitive to high interest rates. that said, it's not showing up in the aggregate data. the economy overall is staying very strong. ashley: right. great information, julia pollak, chief economist with zip recruit er julia thank you very much for your insight today. we appreciate it. >> thank you. ashley: thank you. one of the top issues for voters this election is the economy. however, the white house says it is not preparing for a recession david punt has the story today. david, how is this messaging going to resonate with voters?

>> well, we know in this jobs report 267,000 jobs added last month, the white house putting out a statement from the president within the last five minutes i just want to read something from president biden. he says, ashley, inflation is our top economic challenge and i know that american families are feeling squeezed. that coming from president joe biden who is in san diego today and will deliver some remarks later on computer chips, but when we talk about the word " recession", people here at the white house don't want to use that word. they say we are not in a recession. we're not going forward into a recession and in fact white house officials even say there are no meetings being scheduled right now to discuss the possibility of a recession. here is the president last night in california. >> it's important to remind ourselves of the detail, the fact of the matter is we're 6.4% unemployment when i came to office. our country is in a pandemic with no plan to get us out of it >> but republicans, ashley,

insist we are in a recession democrats including the president's chief of staff ron clain, say no, we are not. >> first of all we don't comment on monetary policy here at the white house and i'm not commenting on what chairman powell said. look, we are in, we are not in a recession i want to be really really clear on that. >> karine jean-pierre, the white house president secretary said not holding any meetings of the sort to prepare for such a recession. the federal reserve just two days ago raised interest rates by another 75 basis points. this pushed borrowing costs to the highest level since the great recession of 2008. >> at this time next year, president biden is not going to pretend that we can get past it. this is a challenge that congress needs to step up, the president needs to step away from some of this overreach over the last two years, so that we can heal this nation and heal the economy. >> and in just a few hours the president will speak in san

diego as i mentioned to talk about more computer chips being made in this country, something he'll to the to help the economy , ashley. ashley: to david spunt at the white house, thank you so much, david, appreciate it. >> you're welcome. ashley: coming up former president obama was heckled at a rally in arizona. roll the tape. >> problems that we've been struggling with for years. an economy that's very good for folks at the very top but not always so good for ordinary people. ashley: wow he got that shout and we'll get into that story. dr. oz, meanwhile, may have come to fame by appearing on the oprah winfrey show but that does not mean he has her support in the pennsylvania senate race. oprah just endorsed fetterman. we'll have the very latest on that race for the senate, coming up, right after this. ♪

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bryan llenas is in upper darby, pennsylvania, this morning so i guess the question, brian. how long could it be until we know there's a winner there? reporter: yeah, ashley. good morning. it could really just come down to the margin of victory. the close of the race probably the longer the time. look, all indications here are that this is a dead heat between fetterman and oz, but ultimately , it is all up to how this plays out and if it is tight, it could take up to weeks look, one of those reasons is potential litigation. we're talking about here is the department of state sent out a memo to all counties yesterday about mail-in ballots that are missing a handwritten date on the outside of the envelope or have an incorrect date. they must now be segregated from the pile and they will not count now, election workers have to scruitinize ballots more carefully and that takes time and if this race comes down to a few thousand votes you can expect lawsuits. we've got a behind the scenes

look at how ballots are processed in pittsburgh and top of mind for election officials is incorrectly dated ballots. >> we don't know exactly what wrong date is, whether it's not containing the year or month, we don't know what it is so we won't make that determination without guidance from the department of state. reporter: then there's the issue of processing. the up to 1.4 million mail-in ballots cannot be processed until 7:00 a.m. election day. this requires time, taking ballots out of two different envelopes, and then scanning them. meanwhile, in a race this close, everything could matter, including endorsements. last night oprah winfrey spurned dr. mehmet oz who she helped majority ic into a tv star by endorsing his opponent. >> i said it was up to the citizens of pennsylvania and of course, but i will tell you all this. if i lived in pennsylvania, i would already cast my vote for john fetterman for many

reasons. reporter: and a statement from the campaign, dr. oz says well, he loves oprah and respects they have different politics. ashley? ashley: very good. brian, thank you very much, appreciate that report. still ahead arizona congressman andy biggs, brian kilmeade, steve hilton, jonathan morris and oh, so much more, the 10 a.m. hour of "varney" is next. .. ♪ have yourself a merry little christmas ♪ ♪ let your heart be light ♪

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