jared bernstein, welcome back to the "newshour". so some good news to report today. tell us, as you look at these numbers, what gives you confidence about this employment picture, and what do you see in there that concerns you? >> well, i think one to have the main confidence-building factors here is not just what i saw in this report, it's what i've seen in the last few reports. 943,000 jobs in july, of course that's a big important number, but, in fact, that's part of a trend. we never try to overemphasize one month because you get variation in these kinds of what we call high-frequency data. if you look at over the past three months, we have been adding over 800,000 jobs per month. i know you have been tracking these job reports for a long time on the "newshour and i know you know these are big numbers. since the president got here, we've added 4 million jobs. that's historically unprecedented. the unemployment rate fell by half a store ad as you mentioned the wage story. americans are coming back to up. the labor supply up ovr 1 million since january, getting job

how worried are you jared bernstein that that will create a real problem going forward? concern, and when we are tracking carefully. let me give you three contextual points that are important to think about in this context. first of all, one of them is economic momentum. when you have a labor market adding 800,000 jobs per month, when you have cut the unemployment claims by half in almost six months, a trend that typically takes more than a year , when your gdp is back above its trend one year before forecasters expected that, you have real momentum. two, vaccinations. 1% of adults were vaccinated when this president came into office. now that is 60%. that is critically important to get that number up, but one reason why we are not going back to lockdown, to march 2020 or even january 2021, and three, and maybe the most important terms of forward-looking, we have the public health scaffolding in place to meet this delta challenge. people will have to chip in, make sure they get vaccinated, work carefully with state and local policymakers to make sure both relief dollars

. >>> coming up on today's show, council of economic advisers member jared bernstein, with his read on the economy and imp flation. >>> and we'll hit the gym trade with the ceo of f-45 it's having a strong day in the market >>> steve liesman has the highlights of the fed speech today. >> et's tiptoe through the taper minefield. in an exclusive interviews fed vice chair followed up the speech, by saying he expects the economy this fall to meet the fed's conditions for tapering. >> we've had 800,000 jobs for the last three months, so i expect those gains to continue in the fall. if that happens, i also would support reduction of our purchases later this year. >> yeah, earlier in the day fed chair jay powell did tiptoe through that minefield >> my view is that the substantial further progress test has been met for inflation. there has also been clear progress towards maximum employment at the feismt omc's recent july meeting, i have the view, as we are most participants, if the economy evolved broadly, as anticipated, it could be appropriate to reduce the pace of asset purchases later thi

tom: jared bernstein of the council of economic advisers, speaking of divide and plan, a $1 trillionay expected there. we spoke in the last hour about afghanistan, about and -- about an eventful day near the kabul airport. we turn now to annmarie hordern. i look at the infrastructure bill, and what is so telling to me it is it is nowhere to be found in the debate of the zeitgeist. we had a vote. policy -- pelosi won, and it is gone. how gone is the introductory bill until september? annmarie: you make a good point. the is really prime minister is visiting today and having a meeting with the president, but we are seeing a little bit of scoop come out in terms of what the house and senate and these committees are starting to draft up in terms of language. overnight we heard about one about conservationism when it comes to natural resources. some house democrats want to spend some $30 billion. some of that, they would get that money between eleanor proteins and royalties on oil and gas and pipeline companies. as we lead into september, you're going to hear a little bit about where these