hampton pearson has more on the new era the fed will begin ushering in. >> reporter: as expected, janet yellen and her fellow monetary policymakers left interest rates unchanged and announced the beginning of a plan to start trimming the more than $4 trillion worth of bonds and mortgage-backed securities purchased by the feds to combat the financial crisis and the recession. >> our balance sheet will decline gradually and predictab for october through december, the decline in our securities holdings will be capped at $6 billion per month for treasuries and $4 billion per month for agencies. >> reporter: the fed chair said there is a strong consensus among monetary policymakers for another interest rate hike this year, even though inflation is below the fed's 2% target and hurricane damage in texas and florida will have short term negative impacts on the economy. >> so if there are small changes in the outlook that require re-c re-c re in monetary policy, we'll set the federal funds rate. >> reporter: marketwatchers are concerned about the impact of trimming the balance sheet and the lik

for "nightly business report", i'm hamp hampton pearson in washington. >>> while damage of harvey is run intong assessed, some th hundreds of billions of dollars, surpassing katrina's damage of 160 billion. one area not being talked about yet is harvey's impact on jobs. kate rogers shows us how new orleans fared and how that could relate to houston. >> no some ways, new orleans is katrin which left deck tad massive job and population losses for the city. today, some 90,000 fewer city live in new orleans and in the first ten months after the storm, 95,000 jobs were lost along with $2.9 billion in wages mainly from the private sector. and job vacancy rate of 12.5%. >> one the biggest challenges facing new orleans was just e t the rebuilding. because of the geography of new orleans, it's really surrounded by water on almost all sides. there's only a couple of major highways in and out. so it was hard for workers to get back into the area if they didn't have a place to live. >> during those months, more 22,000 jobs were loss in 14,0 jobs lost in ervices an health care. meanwhile, constru

sara >> hampton pearson, thank you for the update >>> good morning it is 11:00 a.m.n atlanta, 11:00 a.m. here on wall street, and "squawk alley" is live ♪ ♪ >>> good morning again, welcome back t

first, hampton pearson with the market wrap. >> dow falling first time in ten days closing 53 pointsower. s&p by 7, nasdaq drops by 33 points. net household wealth climbed by a record 1.7 trillion dollars in the second quarter according to the federal reserve. surging stocks and rising home prices contributed to the spike. the labor department data shows unemployment claims fell by 23,000 last week, below what economists predicted. that's it? cnbc, first in business worldwide. just walk right in and pay zero dollars with most insurance. plus, when you get a flu shot at walgreens, you help provide a lifesaving vaccine to a child in need through the un foundation. it's that easy to get your flu shot and make a difference. so swing by your local walgreens today. walgreens. at the corner of happy & healthy. i got some financial how'd that go?le ago. he kept spelling my name with an 'i' it's bryan with a 'y.' since birth. well, i happen to know some people. do they listen? what? they're amazing listeners. guidance from professionals who take their time to get to know you. whfight back fas

. >>> first, hampton pearson is here with the cnbc market wrap. >> hello, steve. u.s. stocks making slight gains but closing in record highs for the second day in a row. the dow rising by 39 points. apple is the biggest loser. the s&p up by two points with energy stocks getting a boost. oil prices, nasdaq gaining five points. >>> target will hire 100,000 workers for the holiday season to prevent shoppers who can't get help in a busy star and slashing prices to compete with amazon and walmart. >>> that's it from cnbc, first in business worldwide. p with it? believe it or not you actually like what you do. even love it. and today, you can do things you never could before. you're working in millions of places at once with iot sensors. analyzing social data on the cloud to create new designs. and using blockchain to help prevent fraud. so get back to it and do the best work of your life. and using blockchain tmy i made a fortunel. and create the biggest drug cartel this world has ever seen. this is all legal? if you're doin' it for the good guys. just don't get caught. sho

first, though, hampton pearson with toes's cnbc market wrap. >> thanks, steve.lower on the threats from north korea. the dow falling 53.5 points. s&p down 5.5. both facebook and netflix among losers. nasdaq down by 56 points. target will raise its minimum wage from $10 to $11 beating walmart's timeline. target committing to $15 an hour by the end of 2020. google will now be the preferred search engine for apple's siri on max. estimating google will pay apple about $3 billion a year. that's it from cnbc. first in business worldwide. so when i got my ancestry dna results it was a shocker. i'm everything. i'm from all nations. i would look at forms now and wonder what do i mark? because i'm everything. and i marked other. discover the story only your dna can tell. order your kit now at ancestrydna.com. with moderate to severe rheumatoid arthritis? how do you chase what you love do what i did. ask your doctor about humira. it's proven to help relieve pain and protect joints from further irreversible damage in many adults. humira works by targeting and helping to blo

sara >> hampton pearson, thank you for the update >>> good morning it is 11:00 a.m. at equifax headquarters in atlanta, 11:00 a.m. here on wall street, and "squawk alley" is live ♪ ♪ >>> good morning again, welcome back to "squawk alley. i'm sara eisen at post nine, with me mike santoli john fortt is with a special guest. carl has the morning off we do want to head some headlines that are just breaking from president trump he's been meeting with members of the house ways and means committee. this is a walkup to the big tax reform framework announcement tomorrow here are the headlines president trump says he and lawmakers will discuss a framework for tax reform before its release tomorrow that's what's going on today president trump says he must make the tax code simpler and fair says we will cut taxes tremendously for the middle class. the president also saying he will double standard deductions and increase the child tax credit that's something that his daughter and adviser ivanka trump has been pushing for president trump also said he wants to lower the corporate t

. >> to 9 report the futures right now are strong up 73 as you can see and hampton pearson is standing numbers, hampton, please >> 156,000 august nonfarm payrolls went up by 1 56,000. the unemployment rate is 4.4%. average hourly earnings up 0.1%. below the consensus for 179,000 jobs at 4.3% unemployment. august private sector added 65,000 jobs. significant downward rescissions for june and july. june is now being reported 21,000 fewer jobs than previously reported. so 41,000 jobs lower than what has been reported for the past two months two months report. the average now for the three months is 185,000. job gains in august, manufacturing, plus 36,000, construction plus 28,000 professional and business services, 22,000 health care, 20,000. job losses, 9,000, and the government sector, mostly at the state and local level, also information related jobs lost, 8,000 workers there. 8.6%, labor force participation rate, 62.9%. both unchanged the three month average 185,000. long-term unemployment, 1.7 million. or just under 25% of the total unemployed no hurricane harvey impact data in this