anthony chan director and chief economist at chase joins us right now. . >> good morning, cheryl. market reaction to north korea. the hydrogen bomb has been in the military diplomatic communities concerned. our investors concerned? >> some investors in asian markets are a big concern. you saw less of that in you only see in small sliver of that in u.s. mutual market. i would say investors are thinking this is more of the same. cheryl: more of the same and there are reports that kim jong un could be launching ramakrishna north korea. also what is happening with hurricane heartbeat that needs to be approved. tax reform. all of this they've got a very short window to get this done in. >> that's right. these 12 days is a very, very small window. tax reform does in fact take a backseat over the next 12 days. going to be deferring to hurricane heartbeat, and the debt limit and of course the continuing resolution that they needed to keep the government from shutting down. my suspicion is some of these things are most of them will get done before the end of the m

anthony chan is with us. good morning.s is the big question because obviously have the market performs on the economy, all of this based on whether the tax reform package can get through. do you think bipartisan is possible? >> it is possible in their reason for that as we say the rates moderated a little bit. they are not progressive for the 15%. the level of interest rate is going to be much higher than originally desired by the president. and of course if they get the dynamic scoring income which means the $1.5 trillion of revenue loss can someone be made up by faster economic growth. i think you are starting to get at least a resemblance of the possibility of bipartisanship. but this is still a 2018 issue, not necessarily something that will go through in 2017. cheryl: the promises it will be retroactive for 2017 is pretty much hogwash. >> i don't think that's going to be so easy. cheryl: that makes a lot of sense. in particular the corporate tax rate. the president, the white house behind the scenes but white house of

. >> let's turn to anthony chan, he is chief economist at chase. nice to have y >> pleasure. >> i want to pick up from where kate left off. i know it's still early days, but how much do you think the hurricane harvey might affect next month's jobless report? we know it didn't impact this jobs report. because those numbers were tallied before the storm hit, but what about next month? >> i think you will have a negative impact just like hurricane katrina that occur re this august of 2005. you saw payrolls went from 196,000 in august and over the next two months, you saw a 241,000 lower number relative to 196. if you believe that hurricane harvey is 40% in terms of damage to hurricane katrina, i could see between 50 and 75,000 over the next two monts of a lower number relative to the august number. >> let's talk about this latest report. wage gains were once again pretty muted. >> they're typically muted when you have sluggish productivity. and wages going back to 1960. when it's weak, guess what happens? wages are weak and more importantly, when prod

chief analyst anthony chan on that. to cleanup after hurricane irma, including a nun with a chainsaw. you are watching "fbn:am." retirement squirrel from voya. i represent the money you save for the future. who's he? he's the green money you can spend now. what's up? gonna pay some bills, maybe buy a new tennis racket. he's got a killer backhand. when it's time to get organized for retirement, it's time to get voya. you'dreamt about it, it, maybe you should just go ahead and do it. we're legalzoom, and we've helped over a million people just like you start their own businesses. legalzoom. legal help is here. >> welcome back. let's get you caught up on what's happening now. two more americans confirmed that gotten sick while in cuba. several american personnel in the embassy are suffering health problems that raises the total number of the dems now to 21. the state department says it's possible the number could grow even higher as more cases are discovered. a rescue ship owned by mary at sparking outrage because the only

. >> and joining us now to discuss more of the impact is chase chief economist anthony chan thanks fors back over the next several? in other words, does it even out, or depending on the storm do we see a hit or positive long term effect on gdp >> the hit is initially much brater the more severe the storm and one thing i found when i look at the data, if you look at hurricane -- the first one, katrina, we had an unemployment rate of 5% so you lost a lot of jobs that's the negative impact, but then in the recovery side you didn't really generate as many jobs, even though you need a lot of workers basically to rebuild, the unemployment rate is 5%, you don't get much, so what you saw was almost a 240,000 non-farm payroll deceleration of jobs from the initial month that went before the hurricane took place when payrolls were going up 111. hurricane sandy, on the other hand, right before the unemployment -- before the hurricane hit, the unemployment rate was 7.8%, so guess what we creed a lot more jobs so bottom line answer to your question, kelly, you tend to see a much more positive impact

cnn senior economics analyst and former economic adviser for the trump campaign and anthony chan, managingtor and chief economist for chase. gentlemen, good to have you both. steve, the promise was from the president on the campaign trail, i don't care about the fat cats. i don't need their money. they're going pay more whether they like it or not and that's what is going to happen because i'm going to help the middle class. hurray, we heard from all over the country. how does this plan do that. >> i want to commend you and christine. you did a great job of summarizing this plan in a fair and balanced way. >> oh butter me on steven more. although, chan if you wan to say something nice go ahead. >> a couple things. you made the point about or you or christine made the point about the effective rate of some of these companies only like 125, 16, 17%. a lot of people saying why do they need a tax cut. i would make a couple points to you. one thing we want to do i worked with then candidate trump on putting the plan together originally is we wanted to get rid of a lot of loopholes and deduction

economist and managing director for natwest markets and anthony chan from chase.g are we thinking this will be a strong number again? it's been the trend. adp better than expected august can sometimes be shaky. how do we add that up? >> we've come off of two very good months. i think some of the reason we saw the strong numbers in june and july above trend was the fact that we had an influx of additional labor supplies as people were coming out of school, graduates looking for work, companies are so hungry for workers, they keep telling us we would be hiring more if we could find the workers the last couple moptds th monthe had the workers, and that's been absorbed >> not because companies don't want them. >> they can't find them. they had that inflow in the summer i think we'll settle back in august that's typically what seems to happen >> and think whthony what do yo? >> that adp number was strong, but in march and may, that adp number missed the estimation by over 100,000 in one case 174,000. i'm fler vonervous when i see tp report amazon told us they would be