ashley: earlier we asked you what is america's oldest nfl stadium. lauren: i'm going with high mark stadium. ashley: very good. susan: lamp-- lamboh. ashley: i was going to go with soldier heels, a stadium built in chicago in 1924. thank you, time is done, cheryl casone in for neil cavuto. all yours. >> i am in for neil cavuto

today, rail strike averted but the workers didn't get what they wanted. governor asa hutchinson joins us on whether the unions will hold this against president biden. where woke goes to die, governor ron desantis yanks to billion dollars from black rock. we will tell you why and get reaction from vivek ramashwami. the supreme court taking up president biden's student loan cancellation plan, applicants may wait a while to see any relief. a lot to dig into. let's get started. our top story this friday, markets are falling as investors digest the jobs report, higher-than-expected numbers have got some worried the fed will back down on that slowing rate hike rhetoric we got from jay powell. edward lawrence at the white house to explain why and get reaction from their. >> reporter: 253,000 jobs added back to the economy last month

shows the federal reserve they are not doing enough to slow this economy. that is what the market is reacting to. we could still see a 50 basis point rate hike in december as federal reserve president john williams alluded that he would support. we could also see more rate hikes, smaller rate hikes go throughout next year. we will see how that goes. on climate rate staying the same at 3. 7% but in that exclusive interview with federal reserve president john williams he acknowledged the tech sector layoffs but says he does not see that spreading. >> we are seeing reports in the tech industry of layoffs and also slowing indicators. broadly the economy so far we are seeing slowing of the pace of new hiring, obviously something we are watching carefully. we expect the rate of job gains to slow going forward.

>> reporter: experts in employment raid to rise to 5% by next year but average hourly wages today up 5.1% year over year and the cpi inflation up 7. 7 year over year, that is still upside down. the president argued his policies are creating an economic boom but then took credit today for averting a rail strike. listen. >> president biden: i know this bill doesn't have paid sick leave, rail workers in every american deserves. that fight isn't over. i didn't commit we would stop because we couldn't get in this bill, that we would stop fighting for it. i supported paid sick leave for a long time and will continue that fight until we succeed. >> reporter: the rail contract does give union workers a raise of 24% by 2,024, 10% of that raise happens immediately. cheryl: not a bad deal despite all of that. thank you.

despite those wages rising the labor force is still shrinking so what is keeping more americans from entering the workforce? chief national correspondent connell mcshane is here to break that down. >> reporter: interesting to watch this month after month, an issue we've been covering for some time. there's a lot of good in this report but this worker shortage is a concerning trend we can't seem to shake. if you look at 62% on labor force participation rate, it is down 3 months in a row so the labor force is shrinking by 186,000. in terms of what is going on, for one thing, too many people are retiring. economists always have an estimate of how many people will as they say age out of the workforce but the fed chairman, jerome powell and others say far more people are calling it quits for good then we would normally expect.

we saw an increase of 600,000 people taking on multiple jobs, men and women, so just one person doing more than one job. the labor secretary throwing another factor into the mix. >> the biggest threat to our economy as we don't have a strong immigration policy. some are focused on the southern border and that's not the issue. the issue is how to make sure companies and businesses have the opportunity to employ people. we are seeing lack of immigration and it is something we have to address. connell: there is a decline, chairman powell and others have pointed this out, the chairman talk about decrease in immigration and surge in deaths during the pandemic as a way the workforce has changed and that might be the story. there's no quick fix for this, might be that things have changed, companies have tried everything we saw today. the headline was wages going up

as much as they did. even though that is happening the number of workers continues to decline so this is more than a short-term trend. cheryl: we backed off of the session lows, a lot to go into. off of market lows, markets are off of session lows but investors are worried about fed rate hikes after this report this morning. i went to bring in the all-star panel, let me start with you and pick up on a couple things that are key in this report, the pace of retirement is key, that's interesting. but also the wage issue, the market initially reacted to the wage issue, 5. one% year over year, the estimate was 4. 6%. that's wage inflation, bad for businesses, good for consumers.

what is your take? >> reporter: you might think this stronger-than-expected a canonic data would be good news for the stock market but that would be too obvious. once again good economic data is bad for the financial markets because the fed has more work to do and as you saw in this report wages are up but supply of labor is down so it is a couple kate it picture. has a lot to do with lack of skilled labor but also bad policy. wall street was totally caught off guard by this. they didn't expect this. none of that is any surprise because they didn't see the inflation problem in the first place and didn't see stronger-than-expected wages so it is good news for savers, short-term yields are higher, bad news for the fed because they have a lot more work to do ahead and that ultimately will lead to slower housing and a slower economy in the future and that's bad news for everybody. cheryl: treasury had an instant

reaction, we saw the dollar weakening against the euro, that was instant reaction to fed fund futures, the but of movement there but still, there's a 50 basis point hike, 25% out there and can we are going to get 75, that definitely has played into the action we've seen today from stocks. >> i give it 0% chance they go 75. i'm pretty sure they have already telegraphed 50. this -- the good news is anybody with the job is good news, creation of job is good news but i have to tell you there are other things going on with the economy i am worried about and that is savings rates plunging for starters, credit card usage skyrocketing, the purchasing managers index came out terrible, philadelphia fed index terrible so there are a lot of crosscurrents at this juncture that unfortunately the

central bank is still in business and has to do their bidding, the good news, the 10 year is 6.3% so it is down from 4. 3. we like seeing that. that should be telling the fed they should be doing less going forward. the big worry, they went too far with the printing of money, they will go too far the other way and that will cause big problems because the market is not going to be happy, it will be the reverse wealth effect and the economy will not able to stand if they go 4%, 5% fed funds which they may just do. cheryl: one of the key sectors that does not perform well in the high interest-rate environment is technology stocks and that is kind of been a trend not just for today. this wasn't a knee-jerk issue, technology stocks have been struggling throughout the year as we have seen jay powell and company continue to raise rates. having said that, it is december, we could start to look ahead to 2023, does the story change?

>> with 10 million unfilled positions, during, and everyone wanted to be a crypto drone, sit in the bahamas, sit in miami, trade, people left the traditional economy, they left hospitals and went to biotech all of traditional manufacturing and went to technology. if it did well during covid, like that, it's not doing well now. all those service hospitality jobs are doing well. you have some structural issues where tech is not the real economy. it is a tiny single digit percentage of the overall labor market but a huge percentage of the stock market so this is normalization. main street economy is doing better than wall street economy. that's one positive that comes out of this and one silver lining, i agree with you, tax loss selling, we get a new year, new calendar year there's opportunities ahead. some stocks will get washed out but if it doesn't make money people probably don't want to own it right now and a lot of people went to work for

companies that don't earn money and that is a bigger problem. cheryl: there's got to be reason we saw leisure and hospitality jobs junking, drinking as talismans, shocker, 2,022 couldn't end quickly enough. we will see you in a little bit. we have a lot more to dig into. apple ceo tim cook running for the hills when pressed on whether his companies more loyal to the chinese government or the people protesting for freedom. hillary vaughan went after him. we are going to talk about it.

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by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. cheryl: the sunshine state taking aim at black rock, yanking to billion dollars from what florida app cfo calls investment firm's social engineering project. fox business app gerri willis is here with the latest, this is a great story. >> reporter: it is amazing and if you 're worried about your retirement, listen up, the back lash to woke investing is building, florida and

announcing plans to divest $2 million in funds overseen by financial giant black rock over environment, social and governance, what they call those esg policies, the biggest such diverse to buyer state to date, florida is the latest state to make the decision to book black rock putting the total investments at over $4 billion being yanked, florida cfo jimbo petronas saying he has lost confidence in black rock's ability to generate returns for his state. >> i need a business partner who is looking out for the bottom line of the citizens of the state florida, someone wants to influence policy they should run for office, go give money, there money to those charities to influence it but not use the taxpayers of florida's money to do this but i need a good return for the next generation of floridians. >> that money a drop in the bucket to the firm which manages $8 trillion. black rock says it's returns

have been strong, fiduciarys should always value performance over politics. typically it has been interpreted to mean, fiduciary role, to mean money managers chase the best performing assets regardless of sector but esg put social policies first, that gets to the heart of the debate. is esg a good investment? if you look at the numbers it might not be, using an asu strategy, oil and gas for example deemphasized or avoided because of climate concerns. have you done that this year? you've missed out on the only positively performing sector in the s&p 500 which fell 14%, the energy sector was up 63%. the biden administration pushing esg just last week, the labor department finalized a rule that empowers retirement plan sponsors to invest based on those principles, you just can't avoid esg. executive pay now is influenced

by esg policies, a new survey from the conference board showing 60% of investing professionals expect esg to become the standard. cheryl: i love black rock's response, quality investments, the response didn't say great investments, strong return investments, quality investments. larry fink has been vocal, fine, other states have done this. other states said were not going to invest this way. >> it is a trend that is gaining a lot of momentum. cheryl: look at our portfolios this year. we need help making more money. let's get reaction from nation of victims author vivek ramashwami. what do you make of this controversy? >> a step in the right direction for florida.

states, people forget are not just regulators or policymakers, they are also market actors investing the money of their citizens and constituents and the economy and investing bio firms that historically used their capital to advance 1-sided political agendas. as you pointed out this is a drop in the bucket and the real problem isn't necessarily just black rock using the funds to invest in certain kinds of companies but not others, that's a tiny portion of the total problem characterized by esg funds. the real problem is using all of the other equity investments they make about using their voting power, shareholder votes, proxy votes, their voice to speak on behalf of everyday citizens to advance, politicize policies in the boardrooms that most of those citizens disagree with. i don't think this move will do much to move the needle on that because this -- the treasury department is mostly fixed income securities, cash. what we need is large equity

investments moving away from black rock and other politicized firms toward firms that are able to bring up pro fiduciary pro excellence -- cheryl: 794 million, 42 billion to we talked about it, south carolina 200 million, we got that graphic to show you and florida says next year they are going to look at other money managers. to be clear, esg is not going away to your point but back to the woke investing and i look at disney and what happened to disney's stock price, what happened to disney in florida and now with bob iger coming back and taking the reins saying he wants to take politics out of the business, is there a pushback do you think? >> of course there is a pushback. it is been my focus the past couple years. the cultural tides are changing in corporate america, take a look at netflix coming not only to dave chapelle's defense but

the defense of excellence in artistic creation. i sent a letter on behalf of strive to the board of directors of disney asking about their oversight of bob jeffords's decisions, there is the beginning of a cultural tide moving in that direction and a big part of that was some of the economic hardship including borne by companies like netflix that reported poor corley results before they changed their cultural tune. i'm optimistic. it will take more market actors, more executives, more board members to actually exhibit courage. what we have seen in the last few years is fear has been infectious in corporate america, fear has been contagious which i say courage can be contagious too and there's an economic opportunity to capture for companies that do behave. cheryl: talking about apple and tim cook but final thought on this topic is companies need to be focusing on business, not politics. tim cook refused to comment on

the protests in china, he's taken a lot of heat over the company limiting the reach of that airdrop feature for protesters in china. watch hillary vaughan go after him. >> do you support the chinese people's right to protest? do you have any reaction to the factory workers that were beaten and detained for protesting covid lockdowns? do you regret restricting airdrop access protesters used to evade surveillance from the chinese government? do you think it is problematic to do business with the communist chinese party when they suppress human rights? cheryl: what do you think? >> i said before and will say again, tim cook is a circus monkey that jumps to the tune of its master, the ccp sitting in beijing and here is why.

apple's supply chain for producing its products depends on china. they are economically headed to china and if they criticize the ccp they will lose their ability to be a leading business. companies should focus on their products, not politics. i don't want to be equipped hypocritical, the problem is apple's hypocrisy in the united states that will preach and wax eloquent about social injustice, committed one hundred million dollars to racial equity and fighting other forms of social injustice in the united states, calling on the company to do a racial equity audit without saying anything about the true human rights atrocities in china and elsewhere and how their own products and technology is used to advance that objective for the ccp and consumers in the united states deserve to see through that charade but this is a growing job for us policymakers to understand this is not just apple, the largest company in the world, this is many companies in the us that

have been deputized as trojan horses to advance the ccp's geopolitical agenda and create a false moral equivalence between the us and china by remotely criticizing injustice in the us while staying silent about it abroad over there and i view that as a big national security threat that we need to wake up to in this country. cheryl: a lot of companies fall under that umbrella. thank you for the commentary. appreciate it. here is a question for you. is opec about to send oil prices through the roof? how potential production cuts could weigh on the global market coming up next. ♪

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green lighting drilling in venezuela while vilifying american producers. the white house has pointed to 9,000 unused drilling permits on federal lands as evidence they support the industry. alone do not mean more opportunities are out there for new drilling of oil. fox business's madison alworth at the permian basin in new mexico. >> reporter: the permian basin in new mexico mostly federal lands. right here, federal and drilling site, the pump behind me, $4,000 but once you get the permit to install machinery, technology, cement is anywhere from 3 to $10 million per drill site. what i'm hearing from oil producers in the state's with the current policies out of the white house they are nervous to invest any more money in federal drilling, take a listen. >> it makes you not want to

invest in a large project on federal land when -- are you going to build it and get the money you spent back into your business? >> reporter: investments are so important. i want to bring in claire chase. when we look at this the permit is one thing, but why would a company like yours not want to use a permit or be able to use a permit. >> are drilling program is something we plan for 3 to 5 years in advance which once those permits are in hand we may know out and drilled a first well and find there is no oil and wouldn't use the rest of those permits. we are having timelines in their environmental assessment permits because the federal government moves slow. sometimes we run out of time. cheryl: we talked about permits, something the white house is not pointing to his sale of lease to lands and that's how you applied for permits. what is the white house current policy towards that and what does it tell you about the

future of drilling? >> and previous administrations under the law by congress, lease sales every quarter, we saw that under donald trump. under biden we had one in the state of new mexico in the years he has been in office. cheryl: >> reporter: without one sale the last trump sale under blm in new mexico was around $3 million worth of land, the one biden sale, $630,000 worth of land, minuscule, one quarter under donald trump. cheryl: that's a great point, thank you. meanwhile, european union officials just announcing they are setting a russian oil price at $60 a barrel. daniel turner is here. we keep hearing of a prudent price hike. does this give credence to

president biden's argument that energy prices are higher because of vladimir putin? >> no, energy prices are higher in our country because of what your previous segment just showed and i'm glad claire was able to walk through the nonsense this administration is doing when it comes to drilling and permitting and playing number games. the war in ukraine has an impact just like opec cuts will have an impact but they would be much less and much weaker of an impact if america produced enough of its own energy which we use to just a few years ago so it is frustrating these outside forces are calling the shots and america is in such a subservient position. cheryl: there's also drilling on private lands, that is where the bulk of domestic drilling is still happening to this day. wouldn't oil companies be incentivized to actually boost production on private lands or

is it because they are getting hit with every epa regulation the biden administration can come up with. >> the permitting is just for a start. just because you get permitting and you have a drilling process doesn't mean you are able to bring your product to market. there is a war on pipelines, federal energy rate soar commission under chairman richard glick has stopped all pipeline permitting. if i bring my oil to the serpent can't get it into a pipe, what good does it do me? there is a number of other regulations from the epa and all these agencies punishing this industry, the collective punishment by the biden administration and this is very deliberate. biden said he was going to do this right before the campaign, he was proud and bragged there has been no new drilling so we can't have it both ways. it is either biden's false or some amorphous affair real problem and it is not, it is specifically biden doing this

and he's taking credit for it. i will give him all of that credit. cheryl: what about the future? do you think energy prices are going to stay at these levels in 2023? >> i hope not. i would love to be wrong but i do think they will be at this level and could be worse, because it takes a while to bring oil and gas to market, text watering call to market. these items are not brought online very quickly but they are shut off very quickly and until we have this promise of work and cooperation from the federal government the industry is not going to rebound, china is very much under lockdown right now. one reason why oil prices worldwide are 80, not that we should be comparable with 80 but the reason they are not back at one hundred 20 is the chinese lockdown. of china opens back up again we will see prices go through the roof, we are just starting the winter, that's going to have a

huge problem on prices so i'm not optimistic about the future when it comes to american energy, not at all and that's devastating because we used to be the world leader and we should be again. cheryl: we will leave it there, thank you for being with me, appreciate it. we've got a lot more coming up. a potential 2024 power-play will join me to talk about the road to the white house and why democrats are on a mission to change the primary and caucus tradition that has been in place for 60 years. td ameritrade, this is anna. hi anna, this position is all over the place, help!

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cheryl: now the congress passed

a bill to effort a rail strike they have to agree on a spending bill to avert a government shutdown, chad program with how this political chess match is starting out. >> reporter: one crisis averted but many more loom on capitol hill. congress stepped in to avoid a rail strike, progressives were upset that the bill ultimately failed to include 7 days of paid medical leave. >> the secretary of labor and secretary of transportation worked hard on this issue but i need to hear from them the willingness which i think there will be to demand that the industry do what has to be done and that is provide paid sick leave. >> reporter: now congress is on to other big issues between now and early january, some lawmakers want a suspension of the debt ceiling this month, but the first big priority is funding the government in less than two weeks.

>> the debt limits we have said again and again we want to do in a bipartisan way, we think that would be the appropriate way to go. right now we have to get to a place on the on the bus because it takes time to do and we were discussing this last night. even if we had an agreement tomorrow would still take a while to get it into form that would bring it to the floor. >> reporter: some gop members are pushing for short-term bill gop-controlled house could put its mark on federal spending next year but the pentagon serves the short-term bill is trouble for military planning. >> stopgap funding bills should only be used as a last resort. they are not responsible way for congress to operate or for the us government to govern. it doesn't look like we are closer to offending deal now

than we were then. >> reporter: congress must also pass the annual defense policy bill plus lawmakers want to update the archaic electoral count out that would modernize how congress satisfies the electoral college. it is a congressional christmas crunch. cheryl: always down to the wire. thank you very much for that live report. congress has been busy passing a bill to avert a rail strike but critics are slamming both congress and president biden claiming they be trade unions and workers. republican governor of arkansas h a husband and -- asa hutchinson joins the, should they have gotten involved in this at all? >> not in an ideal situation. first of all you had to stop our rail strike. when we have supply-chain issues we are so dependent on the rail and delivery and their

contributions, we can't have that stop. it needed to be resolved. it is disappointing we had to go to congress, president biden couldn't cut the deal and have the situation resolved without going to congress but it needed to be done. i'm glad we are not going to have the strike, the workers are getting a 24% increase which is well-earned, but preferably you always want these things to be resolved with the bargaining between the employer and the workers union, that is how these things should be resolved, congress is the last resort. we haven't been to congress on this type of thing since the 1990s so it is not something you want to have happen very often but in this case we certainly needed to avert the strike. cheryl: it does give the appearance on the democrat side and for the president himself that he's not pro union. this is amtrak joe, remember,

railroad joe, union joe, he's had a few names and it looks like he betrayed the unions. we were saying this on air for weeks that getting congress involved would be bad for the workers and some are very upset about what has transpired. >> it was not handled well by president biden. he claimed to have a deal worked out months ago and it didn't happen. so he mishandled that and now he's coming across as not being supportive of the union. they didn't get this past, had to go to congress to avert the strike and so it does show weakness in his leadership and his ability to get this done without having to go to congress. cheryl: let's move on to 2024. democrats are getting set to ditch iowa as the first race in the primary caucus season,

diversity, like south carolina, president biden performed very poorly in iowa but he won south carolina. your read on all of this. >> we will get to south carolina, but the order we have is iowa, new hampshire, it gives you opportunity to campaign, in iowa, with incredible manufacturing that is growing so there is diversity there in a different way, you go to new hampshire, you go to the northeast, that's a different part of the country, geographically and then you come to south carolina which there is greater racial diversity. the order that we have is good, the democrats can do what they want to do, that's their prerogative as a party but i do like the tradition, also the way iowa, new hampshire take it so seriously, they look at

candidates, you're able to do retail politics in those places, get to know people, they are smaller states and then you get into the supertuesdays, south carolina, there's plenty of time for all the diversity, and an opportunity to express themselves. i think the democrats just want to change things. cheryl: i want to ask about the new poll that came out, this came out from the economist, 56% responded they did not want 80-year-old joe biden to run again in 2,024 but about the same percentage said they don't want to see donald trump run again in 2,024. you have said you were considering a run for president for 2,024, you are facing a term limit as governor. are you that new candidate, the fresh blood that apparently americans are looking for? >> we will see, we are away in that heavily we will make a

decision early next year. i know others are weighing in as well. what the american people are saying is we are not happy with the direction of the country right now, president biden's leadership on energy policy that has failed us, the way he handled the strike issue and also violence in our cities and a multitude of issues that are critically important including the border. i have that kind of experience. i had a record as governor for twee 8 years. i love the way governors have to solve problems. the american people are saying we are not happy with the current leadership and donald trump, we don't need that chaos again. we need steady leadership, common sense conservative leadership so i think that will be offered. we will see, the decision i make as well as others after the first of the year. cheryl: we are looking forward

to hearing your decision, good to have you here. >> good to be with you, thank you. cheryl: coming up, housing bubble worries, we are going to take you behind the headlines on what jerome powell is saying about the housing market hold down which is coming up next. ♪ ♪

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develop or worsen. serious allergic reactions may occur. watch me. >> coming out of the pandemic rates were very low, people wanted to buy houses and get out of the cities and to buy houses in the suburban because of covid so you are in a housing bubble with housing prices going up but very unsustainable. levels. overheating and that kind of thing, now the housing market will go through the other side of that and hopefully come out in a better place between supply and demand. cheryl: fed chair jerome powell declaring rapidly cooling real estate market a housing bubble was buyers and sellers pondering whether the bubble would burst or just deflate a little bit. i want to bring in a good friend of american dream home, great to have you here in new york. >> wonderful to be here. cheryl: what do you make of

those comments? housing bubble, haven't heard that phrase used a lot this year. and he threw it out there. >> i have to agree with him. i think there were so many pandemic boom towns that had double digit price increases and that is not sustainable so what is really happening is a number of factors making it not sustainable. one of those factors is higher interest rates, those higher interest rates, it is really impacting buyers that are buying homes, the middle of the price spectrum and of course the changing economic conditions so when you think about first-time homebuyers specifically and families that are trying to get into the market they have really been hit really hard. they have seen these mortgage rates double, rents have doubled, home values doubled so these are all things that have pushed them away from being

able to get into the housing market so that is changing things and i think we are going to continue to see a deceleration in pandemic boom towns, boise, idaho, phoenix, arizona, austin, texas, las vegas, nevada, and i think we will see more of an acceleration in some of these cities that are more affordable in the home values that are not so high. cheryl: i've done the research on small markets in south carolina or ponte vedra beach, florida, on dream home, though small markets where prices are lower, the interest rate hike isn't going to affect those buyers as much as it would some one looking at a 20% price increase over 2 or 3 years in phoenix for example. >> reporter: something interesting i read recently,

something where i'm talking how first-time homebuyers are being impacted right now. the average age of first-time homebuyers has gone up. it was 33 years old, the average age of first-time homebuyers is 36 years old and they are making up 26% of the market whereas last year they were 35%. cheryl: that is a big fall from last year. i agree with you on that. what do you say to someone looking at 2023, we going to the spring buying season which is across the country, a national story. i know for dream home we are curious as well. >> i've heard you talk and you believe there will be a price drop in the spring and it depends on a buyer. it is hard to give general advice because it is really going to depend on your situation but i do think we will continue to see a deceleration in some areas so it is something for buyers to

keep an eye on. cheryl: thank you for coming in, great to see you. jetta is a part of american dream home so tune into fox business this weekend starting at 7 p.m. eastern time saturday, we will run back to back its american dream home marathon all the way to 7:00 a.m. sunday. there will be episodes airing tonight on fox business, 10 p.m. eastern time. american dream home always areas wednesday night at 9:00 pm. we will take a quick break, more cavuto coming up after this. ♪ ♪

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