smucker, you are recognized for five minutes. mr. smucker: thank you, madam chair. thank you for holding the hearing today. acting secretary su, thank you for being here today as well. we have 10 million unfilled jobs in our economy today. every business owner i talk to is the number one issue. i am sure you are aware of that. i have supported, believe we should be doing everything we can to connect people not participating in the work force with the jobs available today. one policy that i was particularly concerned by was the department's final rule in 2022 ending the industry recognized apprenticeship program. which your department justified by saying it no longer believes the skills gap to be a major challenge facing the labor market. why that comment? why would the department be undermining the seriousness of the skills gap? what employers have you spoken to that indicated the shortage is not a major challenge. secretary su: thank you for that question. we have been working very closely with all stakeholders. employers as well. as you say to meet the needs for s

kristina partsinevelos >>> after the break, an earnings beat for jm smucker. price hike the ceo joins us next. >>> mccormack upgrade at b of a. they go from 75 to 100 saying the cost outlook, the margin trajectory even more reasons to get constructive as the russell now at a three-month high. "squawk on the street" cties tethisonnu at morgan stanley, old school hard work meets bold new thinking. ♪♪ partnering to unlock new ideas, to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley. >>> welcome back we mentioned the kre, six-week high expected to close above the 50-day moving average for the third consecutive day. obviously, sara, year-to-date losses have been serious put together what they are saying about banking stress, fed emergency lending, there's still commercial real estate worries out there, but this is not anywhere near where we thought we would be last march. >> could have been a lot wors

-- frankly that's a jump. >> smucker reported especially strong demand in its pet segment.hey're following suit pets, that's clearly an area where consumer staples can continue to grow and shine are there other areas as well that you think the growth in this sector comes from in. >> so smucker did have very good results in pet, however, it came with a negative response it was entirely price driven we think about four quarters from now the price card is not going to be there prices will follow price follows the cost curb. as we think about it it's about who are those who are going to be able to have sustainable and durable volume or mixed driven growth we're going to see a lot of separation there we're going to see dispersion in the next few quarters. by the way, the dollar is no longer as painful as it has been beverages, energy, great example. in foods, snack foods, salty snacks consumers like their junk food, their salty snacks those are a couple of examples where we would expect to see emerging growth. >> you mentioned emerging markets we got data out of china, exports w

is smuckers good? the money might flow back to this group. we have a bunch of them for now until tuesday, too. including first horizon and another from bristol-myers. this was a refill bank that god a raw deal a long time ago. regulars were forced to back off from the takeover. td is willing to pay $25. i think it is a strong buy here. you know i like it very much. i would buy it ahead of the usb. i say that as someone who does not care for the regional banks. the departing ceo was talking about his anticancer medicine and what we can get out of ai. maybe we can see a raised estimate at the meeting. they can show us they have something new to get excited about. smuckers kicks off with a good day. you know what? you might want to buy some campbell's soup. the company is doing much better than the stocks are saying it is. the ceo has a multiyear turnaround. campbell's is down more than 10% from its high. >> i like the odds. >> next, gamestop might tell a good story coming thanks to the power by nvidia. it will be meaningful hype. gamestop loves

now is garrett a former white house aide and the man behind biden laptop media.com along with chris smucker former fbi assistant director.what is up with these photos? what are they? what story do they tell? what is up with the website? >> thank you for having me on. this site is our group's third project we put together a 644 page dossier a report on the laptop that was released october 2022 the second was 128,000 emails anyone with an internet connection can go to and download this is the third installment of our nonprofit research group putting out these photos in a responsible way. all of the genitalia is redacted social security numbers and credit card information is redacted this is our mission to bring truth and transparency of the american people what to note the first family is like, they're going to get it. we don't leave anything out. we just reject the less than savory parts of the photos. >> thank you for that. >> and. i was just going to say we have had worldwide attacks we have been on the phone. we are going to get up and running there are some tweaks but next week you think

smucker: thank you, mr. speaker. i thank the chairman for yielding. mr. speaker, i rise today in support of the fiscal responsibility act. how could i not support a bill that claws back billions in unspent covid funds. a bill that cuts trillions in biden's out of control spending. a bill that caps spending levels for years to come. and a bill that enacts work requirements to bring more americans back into the work force, lift households out of poverty by connecting them with the best anti-poverty job program, a good job. and most importantly this bill begins, it's a start to put our nation on a better physical trajectory. our debt to g.d.p. is the highest since the end of world war ii. if we don't curve spending our federal debt will be double. this is a start. now, i wish i could be voting for more than this. i liked our original bill a heck of a lot better. the faint is the president and the president and the democrats who control the senate fought hard to maintain their spending addiction given that we only control the house i am very pleased with all

see how much pricing power is in their tank they had some concerns about margin compression rival smuckerpply chain snarls and a tough macro to continue to impact results. jeff kilburn joins you now campbell's soup, down 2.5% today. would you buy snit -- buy' it? >> i'm a seller here so this looks like a broken thing to me. i'm staying away, even though i love campbell's soup >> let's move on to brown foreman. shares behind jack daniels down about 4% this year perhaps indicating that booze is not recession proof, although yesterday the company announced plans to distribute brands in japan starting in 2024 what would you do with this stock many >> to piggyback off of jamie dimon, let's remember brown foreman. this is jack daniels this is their premium brand. so this is a $30 million market cap company. it has the ability to take over its 50-day moving day average. it's fascinating to see that distribution component japan's whisky market is growing at 10% a year. currently it's $4 billion, so it will be projected in 2023 to be $10 billion. so i want to be a buy here, even though it's been a

reacting to, mike, is that we've been used to the consumer staples, especially the food stocks look at smucker yesterday, double-digit pricing, flat or a little bit higher volumes. campbell's saw down volumes and rising forecast. they didn't do that. part of it, it's not any kind of weakness in demand demand is very strong. it's that they unlike some of their competitors year ago had this inventory rebuild so it's kind of distorting the numbers a little bit he thinks that's being a little bit misunderstood in the market. but overall, volumes should improve as pricing stabilizes here >> it's also interesting, and i mean, you're seeing things like kraft, heinz, and general mills also down more than 2% today it seems like the group is just, at this very moment when people are getting comfortable about some more of the cyclicals and less interested in taking shelter in the traditional defensives, it seems like it might be exacerbating that idea, because they didn't raise guidance it seems like an excuse. >> that's right. the staples are popular when it's recession woirries and defense mode and we'

smucker. the chair: the gentleman is recognized. mr. smucker: thank you, mr. chairman, for yielding. you know, you hear the comments by mr. doggett and others and you'd think it's an entirely different bill. there's nothing in this bill that would change coverage for pre-existing conditions. and i don't know what he's talking about because more people will have health care available to them as a result of this bill. i serve on two committees that have crafted pieces of this legislation, ways and means and the education and work force committee. and i would say that all of us, i think this is probably shared on both sides of the aisle, we want all americans to have access to the health care and to the insurance that they choose for themselves. and i think, as i said, i think we share that. and certainly as a small business owner myself, you know, i can relate to business owners who want to ensure that their employees, their team members have access to the health care. they want them to be healthy, they want them to go home from work healthy, and they're very in

setting the agenda, mark smucker on the heels of a strong quarter as we heard from a number of the stapleseases while volumes are flat we'll get his take on the consumer and where prices go from here. >>> jpmorgan is with us, running out of reasons to be on the sidelines as wall street debates what type of land, wall street is headed for. >>> later, the return of meredi

. >> come on, you smuckers jar. >> that was with fun yesterday kelly clarkson released her highly anticipated it takes the arc of a new relationship. steve martin on the banjo. ♪ i hate love ♪ i hate love ♪ hitting my head against a wall ♪ little by little you took it all ♪ love's no friend of mine ♪ counting your blessings ♪ living your best ♪ love ran ou of time. >> the banjo in there. >> right at the beginning. >> next up, kelly was here yesterday. this happened in the studio. we also had kylie minogue on the show two pop stars fan girling each other. >> love that. >> it was a nice moment there. >> then kelly leaves the studio and goes right down to the subway here to 30 rock to surprise commuters with a secret performance of her song "mine. >> come on! she's cool. >> the coolest, too ♪ >> come on she's cool >> the coolest, too coolest. >> you can stream now her new music. it's >>> gwen stefani dropped a poppy new single called "true babe". ♪ it's all right ♪ in my life ♪ because it's true, babe ♪ you're something sweet ♪ true babe ♪ you do it better. it bet >> oh, yeah. that sounds good.

we've seen impressive price, smucker's yesterday campbells today.his quarter. last quarter the core inflation was 14%, this quarter 8% but he doesn't see it coming down to flat immediately he said it's still a mixed bag seeing prices rise in some of their costs, like agriculture. tomatoes are getting more expensive but logistics side, costs are coming down. he said don't expect deflation in food but moderating from the sharp levels we've seen in food inflation. which is good. >> just to bring back to something i've discussed with you as well, the treasury issuance that everyone is talking about, what it will mean are we getting any sense or is that going to play out over time or do we feel that's subsiding as a concern >> people are worried. it was on the cover of the journal this morning. >> i know. >>> the way this works is clearly the treasury has to issue a bunch of debt, as much as a trillion dollars to refill the coffers. so there's going to be a lot of demand i think there are two outcomes just to understand this. money market funds reallocat

. >> let's spin the smuckers jars. happy 100th birthday to kay winey.00 years young today. to celebrate her big day, she's partying with 150 of her closest family and friends i have five. happy 100th going out to bernie schulman, a retired professor from woodbury, new york. gifted one to every member of his family that's awfully generous. happy birthday, bernie eleanor bloom zucker is an avid reader, 100 today. she started her career in retail at the age of 55 inspiring. and tina damaco of tinley park, illinois, is 100 and loves to knit for the ones she loves. that's a nice gift the blankets she made for her great grandkids are her most treasured pieces and last but not least and happy birthday to carmen from utica, new york his secret to longevity, a glass of red wine every night with dinner i'm going to live to be 200 in that case. happy birthday to y'all. >> we love you, carson >> that was nice. >> thank you appreciate it. >> how are you going to celebrate your 50th? >> just hang out just like to be with the family and just relax >> chill >> just chi

smuckers. >>> coming up, how will friday's jobs data impact the fed's next decision there is a shot of jay powell on the screen i don't know if you saw it or if it was true. jay powell at the greateful dea concert over the weekend >> with liesman? >> it was like a bigfoot sighting >> did you see liesman's dead cover band >> different concert we'll talk to former fed vice chair roger ferguson about it and other things. >>> we will also talk to house speaker kevin mccarthy over what took place last week that interview coming up at 8:00 a.m. eastern time. you are tcngwahi "squawk box" and this is cnbc >> announcer: "squawk planner" is brought to you by workday the hr and planning system for a changing world you are a rock star. no more calling co-workers rock stars. look, it's great that you use workday to transform your business. but it still doesn't make you a rock star. so unless you work with an actual rock star. hi, i'm ozwald. hello ozwald. pam, you are a rock- i wasn't going to say it. ♪♪ this is the all new, all electric lucid air. a car that goes as far as it does fast. as sleek

smucker. >> thanks for holding the hearing, and thank you for being here today as well. we have 10 million unfilled jobs in our economy today. it is the number one issue. we should be doing everything we can to connect people not participating in the workforce with jobs that are available today. one policy, concerned that the department's final rule in 2022 ending industry recognized apprenticeship program which your department justified by saying it no longer believes the skills gap to be a major challenge facing the labor market. why the comment? why would the department be undermining the seriousness of the skills gap and what employers have you spoken to that indicated shortage of skilled workers is not a major challenge? >> thank you for that question. we've been working closely with all stakeholders, employers as well, to meet the need for skilled workers, jobs being created in every community in manufacturing and clean energy and infrastructure and more. we are very committed to big investments this body has made possible. really committed to rebuild the workforce

smucker of pennsylvania. mrs. kim of california and mr. mccain of new jersey -- mr. cane of new jersey. the speaker pro tempore: the chair announces the appointment pursuant to the order of the house of the following members on the part of the house to the mexico-united states interparliamentary group. the clerk: mr. mccaul of texas, chair. mr. valadao of california. mr. gimenez of florida. mr. sis nani of arizona. ms. dell cruz of texas. the speaker pro tempore: the chair announces the speaker's appointment of the following members on the part of the house to the canada-united states interparliamentary group. the clerk: mr. huizenga of michigan, chair. mr. bergman of michigan. mr. stauber of minnesota. ms. tenney of new york. mr. finstad of minnesota. and mr. langworthy of new york. the speaker pro tempore: without objection, the house stands adjourned until noon on tuesday, june 20, 2023, for morning hour debate and 2:00 p.m. for legislative bills. >> and a brief session, the u.s. house on this friday. members are scheduled to return for legislative work next tuesd