joining me now is tom mcclellan.gher for now >> yes gold prices and oil prices run contemporaneous. gold prices lead oil prices by almost 20 months if you shift the plot of gold prices forward by 20 months, you find out that oil prices will echo those dance steps and 20 months ago oil prices were bottoming up and heading up to 140 -- excuse me -- up to 2,000 again. i'm expecting crude prices to peak in november don't know how high. there you go that's a good chart. don't know how high oil can go that depends on who ignites another war or who releases more oil, but the timing is set >> summer can be a bullish season for oil, gasoline demand and the rest this is not a great time for consumers to pay higher prices i think people would be more hyperbolic about your call if you weren't so bearish on oil when we look into 2024 am i getting the broader context right? >> in early 2024, yes, the big decline we saw about 14 months ago in gold prices should be echoed in oil prices in early 2024 we'll see a swoop up in november

■nú■ >> the "wall street j/u■'■l" highlighting that tom mcclellan was talking about, which is hours worked everybody knows this the fed ist■ telling us there's recession x■ahead. the problem is we're still in a massive labor shortage that's not going to go away, so■ companies have said we're going to do everything we can to cut costs in othere@+■vj and onee■ the ways they're probably going to do that is keeping people employed so the unemployment rate may not rise as much but we'll see demandt■ declining.w a lot of economists will be moving away fromç■ traditional levels and looking at alternative measures it's now at levels consistent with pre-covid the other thing we're seeing as much as average hourly earnings are higher, weekly, the amount at the end of the week is declining and moving lower this is not a great economic u■ >> it's also significant not just as a gauge of the labor moorkt but itself or let'se1■ it nominal gdp, like the size o■ the economy, it shows some deceleration already which we have seen quite a bit ñ■of chris, you're breaking out the '99-2000 playbook, why >> so ke

. >> tom mcclellan is out there calling for oil at the bottom.forward to getting more updates throughout the weekend >> thank you >> coming up, yup, i forgot for a second the employment report is coming at 8:30. economists expecting a gain of 190,000 jobs it's the donuts i was focusing on after that, reaction from former philadelphia fred esenpridt charles plosser and sara malik stay tuned, you're watching cnbc with built for performance lenovo thinkpads. pre-configured for management flexibility and equipped with the intel evo platform. responsive collaboration tools give your team effortless connectivity to stay focused wherever they work. fetch. lenovo makes seamless productivity possible. cdw makes it powerful. everything looks so good. right?! i'm hearing the new google pixel is really great. and it comes with at&t best deals on all of them. this one looks nice. that's a house favorite and it's served with your choice of plans. thank you. there's gotta be a catch. no catch and no trade-in required either. ooh. oh. how do you know all of this