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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  September 2, 2016 3:00pm-4:01pm EDT

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rocked like this. oh yeah, siriusxm is on for free right now. so tune in and let's ride! . cheryl: breaking news at this hour, the fbi releasing long-awaited report on investigation into hillary clinton's private server use during tenure as secretary of state. we're poring through it at fox business and we have details to bring you this hour. this clinton report as her republican opponent makes his pitch to america's minorities. at this moment, trump meeting with minority business and civic leaders in philadelphia ahead of tomorrow's event in detroit. political panel is going to break it all down. and all of this election news set on the back drop of a
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lackluster august drops report, summer jobs of june and jobs in july fading last month. we explain the surprise slowdown that we saw. plus tropical storm hermine tearing her way through the gulf coast. storm warnings up the eastern seaboard. where the deadly storm is heading next? and college football starts with overtime victory by number 9 tennessee. former dolphins and pitt head coach and college football analyst dave wannstedt gets us ready for the fall. liz: . cheryl: a fed rate hike is in question in the economy's tug-of-war. we are less than an hour to the closing bell. i'm cheryl casone in for liz claman today. let's start the countdown!
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. well, the markets are looking to close out the week on a high note following the august jobs report which came in lower than expected. the three major averages all on track to close higher for the week. take a look at s&p, the dow and the nasdaq, green numbers there. the move to the chip isn't working out for verifone. reporting lower than expected third quarter revenue due to slower adoption of terminals for chip based cards. this stock down 17%, down $3.34. yesterday look at biogen, reported success with a new alzheimer's drug. it works to break up and remove toxic plaque from the brain, a lot of excitement about this. this could slow the degenerative effects of the disease in early stages. the drug granted fast track
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administration, taking a look at biogen, up $7, almost $8 on the session. we begin with breaking news regarding the fbi release of documents behind the clinton e-mail server investigation. on a friday afternoon going into a holiday weekend. blake burman standing by with the details behind the documents from the fbi investigation are telling us. you have gone through these, what are you finding, blake? >> reporter: there are two batches, you are right this was released the day before a labor day holiday. 11 pages in entirety redacted. the other badge about 11 pages in its own right which much of it is details the interview that hillary clinton had with the fbi. a couple different points as we've been going through this all. the fbi says hillary clinton could not give an example how classification of a document was determined. much of this a theme that
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critics will hit on is just how concerned hillary clinton and her aides were at handling classified information, the level of the information and how it should be dealt with. in another example, they say hillary clinton could not recall any briefing or training by the state department relating to the retention of federal records or handling information. clinton requested a secure blackberry while at state but her request was not out of concern for the sensitivity of the information on then current device. they also say clinton was not aware of state employee expressing concerns her e-mail server was not compliant. there was one after the next here, of course one of the outstanding questions through all of this, was her system hacked? was somebody able to tap into it? the fbi says they don't believe so but they don't have all of the information out there to determine it. it appears that clinton, as all of this was going on, had
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concerns that it could be the case. let me quote you one passage of this report. they say the fbi, quote, in a separate incident, abedin sent an e-mail to somebody who has been redacted, indicating clinton worried someone hacking into her e-mail given she received an e-mail from a known associate containing a link to a website with pornographic material. it goeston say open source information indicated that if opened the targeted user's device would have been infected and sent information to three computers overseas including one in russia. that question whether or not her e-mail was hacked into is an outstanding one. and if i might, because we just got this statement from the clinton campaign. here's what they said, quote, they said we are pleased that the fbi released the materials from hillary clinton's interview, as we had requested. while her use of a single
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e-mail account was clearly a mistake and she has taken responsibility for it, these materials made clear by the justice department believe there was no basis to move forward with the case. that's what they're saying, you have the rnc calling this a devastating indictment. cheryl: i know, great minds think alike. we got a statement from reince priebus from the rnc and saying fbi summary of interview with hillary clinton is a devastating indictment of her judgment, honesty and basic competency and he goes on, we're covering this more throughout the show. i wanted to get that in as well. blake burman, thank you very much, sir. >> reporter: thanks, cheryl. cheryl: we'll have much more with our political panel. we want to move onto other breaking news we've been covering today. hermine hammering northern florida bringing torrential rain, howling winds and dangerous flooding after making landfall at 1:30 a.m. eastern time. this storm wobbling towards georgia at this hour.
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have you power outages leaving tens of thousands of households in the dark. one man confirmed dead after being struck by a tree, this happened in marion county in north central florida. florida state officials are awaiting official confirmation from a medical examiner's office if the man did die as a result of this storm. let's bring in steve harrigan with more details. steve? >> reporter: cheryl, quite a difference today. sunny, light breeze out. for many people in cedar key, about the 700 who live here, a challenging day as well. people going through the wreckage what the storm has left behind. i'll step out of the way, you can take a look at condos along a lower lying street pounded hard by the nine-foot storm surge, much higher than predicted. they thought it was three feet, turned out to be nine. that storm came ashore about 1:30 in the morning with 80-mile-per-hour winds. though there was a mandatory evacuation in effect, many
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people here used to being around water decided to try and ride that out. this was a category 1 hurricane overall, and the first storm here in florida of that magnitude in the past 11 years. as they're cleaning up, seeing what they can salvage from the wreckage too, it's hard day to day life so far for many people here, for 200,000 people without electric power and water a concern as well. one woman told us a short time ago, she took a bath before the storm began, she has a neighbor with a pool. she's hoping to get relief soon. cheryl: thank you so much for that life report. appreciate it sir. we want to move to something else, tied to the storm, oil is fighting for a comeback, rising $1.10, more than 2 1/2%. part of this was the weak jobs report as you have the production shutdown in the gulf.
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crude on track for one of the biggest weekly losses since the month of january. deutsche bank says the pain is over. a note today from chief international economist declaring america's energy shock well behind us. right to the floor show, traders at the new york stock exchange, the cme group and the nymex. i want to go to jeffrey grossman at the nymex, comments from the bank sir? >> again, i have to say the worst is over here. we are struggling, no question about it because the inventory reports have been no help whatsoever. we haven't drawn gasoline at all the entire summer which was everyone's expectations, needless to say we're awash in oil. but again i've heard talk out of russia, i think we're going to have consolidation with the opec nations later, so maybe we overdid it a little this week on the downside and today's retracement, seems in line with the market that may have seen
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the worst of it, that's for sure. a market under pressure, no question about it, and really until we're about another couple of dollars higher, this market is still in bear territory right now. cheryl: all the markets reacting to the jobs report.we . certain things about this, we have thomas perez coming up, the labor secretary. we are about flat lining with last year. we don't have the volume we need for job creation. the good news for you, this holds off the fed. >> i don't know if that's good news, the market is waiting for, it we're anticipating and not going to trade before we get it. we know it's coming whether it's september or december. this is the biggest month of revisions, looking for september to be revised, so the fed is boxing the corner here and i don't think they can do anything to alleviate the lack of clarity that we have down here. trish: interesting, we shall see.
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chris robinson looking for futures for a rate hike, is december the bet today more so than yesterday? >> yeah, if you look its tone, 55 is a coin flip. people on the floor leaning towards the fact, i think they don't do anything, they talk a good game and i don't think they do anything until we get to the election. we'll see. that could change. today's numbers really weren't enough to really spur any big decision, and you saw the action in the bonds. we had a whipsaw and we'll see how we move forward, but certainly nothing earth shattering today. cheryl: chris robinson, matt, jeffrey grossman, get started on the holiday weekend. thank you. >> thanks a lot. cheryl: well, you want to tune into "wall street week" at 8:00 p.m. eastern time. anthony scaramucci and gary kaminsky and trish regan will
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be there, and stick around for "stossel," 9:00 p.m. eastern time, that is tonight. taking a look at dow on friday, apple leading the way. are we getting an iphone 7 next week? think we might be getting one. that's the rumor. markets reacting to the august jobs report. it didn't live up to expectations. does that mean the american economy is headed for a slowdown? we are going to ask labor secretary tom perez, here he is, and he's joining me after a quick commercial break. we'll be back, you're watching "countdown."
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. >> to me the biggest problem is the most important ingredient is left out, that is the market value of these jobs. 150,000, but in a nutshell what we've done is replace great high-paying jobs with lower-wage jobs which provide no benefit. we're focused on a lot of the wrong thing. cheryl: that was former goldman sachs partner on varney earlier today. so just how much of an impact has this had on our economy and why aren't we focusing more on this aspect of the jobs report? u.s. economy adding 151,000 jobs in august while the unemployment rate was unchanged
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at 4.9%. while the august jobs report undershot expectations by the most of any month since 2010, attribute this to a slow summer month or a trend throughout the rest of the year. joining me now the secretary of labor, thomas perez, sir, thank you for being here, appreciate it. >> happy labor day to everybody. cheryl: this is your day and week as well. i want to ask you about the comment that peter brought up that we're creating the wrong types of jobs, service sector jobs, low paying jobs, is the wage story going to change? are we going to see wages grow, sir? >> i couldn't disagree more with peter. i don't know what facts he's looking at. at the beginning of this recovery we had disproportion at creation of low-rage jobs, that happens when you have a recovery. you look at the last two to three years and the growth disproportionately in areas of middle and upper level jobs.
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you look at sectors that have grown the most is education and health. good middle-class jobs, business and professional services that's the secretary highest over the last year, you look at financial services, that's been growing. 200,000 construction jobs over the last year. i'm not sure what data he's looking at. that's simply incorrect. not only have we seen quantity of jobs grow, we've had 71 months in a row of job growth but seen in the last two to three years tremendous growth in the quality of jobs. those are the facts. cheryl: so you disagree with mr. kiernan, but i want to ask you this, the market, especially today with the numbers that we're seeing, seems to think because of the jobs number and they think it's weak, we'll have a delayed rate hike from the federal reserve. markets are thinking that way. i want you to listen to something that david rubenstein told my colleague anthony scaramucci and i want to get your reaction on the other side. >> interest rates have been
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kept very low, and i think the fed would like to change that, they have telegraphed they would like to increase but haven't found the time to do it. i suspect the markets feel they doll it this year. my own view is december rather than september. who really knows? cheryl: he runs the carlyle group, the co-founder there. because of the jobs report as well, the environment we have with the labor, this is pushing the fed out? >> well, again, i've had a longstanding practice of not commenting on the fed. they're very smart people and make the best judgment. what i can comment on is where we're at. in the last three months, we've had 232,000 jobs on average. a good summer, excellent june, excellent july. a solid august, not as good as june and july but a solid summer. you look at where we are at this point in the recovery, we are basically where we would expect. the closer you get to the summit of the mountain of full employment. what you tend to see is the pace of job growth slows. we're more than twice as many
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jobs a month above what we need to sustain unemployment rates, and then you start to see the pace of wages grow, and this year annualized growth rate is 2.8%, over 12 months, 2.4%. we're starting to see the wage growth and need to do more of it. cheryl: we need it. >> the whole eschew of stubborn wage growth is a 30+ year phenomenon with a few years of exception. and we're seeing that. we've got more work to do, got to make sure the wind that's at our back results in prosperity for everyone and not prosperity for the few at top. cheryl: we are out of time. we would like to see the labor force participation rate get back to 66%. we're hoping we get there. >> do me a favor, help us pass paid family leave and sensible child care laws. that's how we can increase labor force participation. every other country figured it out.
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our politics in washington couldn't let us do it. i couldn't agree with you more but we know what to do, and unfortunately it's a partisan issue here. that's how we get more women in the workplace. cheryl: hot topic for corporations and that's what we cover at fox business. thomas perez, thank you. >> happy labor day. cheryl: to you, too. thank you. the market saw the jobs report and thought, yeah, the fed is not acting any time soon. there you go. up 69 points. 18,488 on the dow. the stock lululemon taking a beating after a lu lu of quarterly report, missing estimates and giving soft guidance, up as much as 46% this year. i like their pants, i don't know what to say to you all. the stock is down almost 10%. we're going to switch gears, are you ready for football, people? i am, number 9 tennessee got the college football season off
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to an exciting start. is it an omen for the season ahead. are you ready for this? who's at the top are the heisman watch list. former bears and university coach and fox analyst is here dave wannstedt is going to get us up to speed when we come back.
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dagen: college football is here. >> this weekend alabama versus usc. da wansted forr foball coacwithhe mmi dphin and pittsburgh and joins us from loss. these match ups are brutal at beginning of the season. why is that? >> they are. we have a game friday night,
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kansas state versus stanford. but i think, cheryl, a lot of things have changed. number one, when you look at college football, the college football playoff started a year ago, it really now puts a lot more pressure on teams to play schools in power 5 conferences, the other thing that happens in college football, you don't have any preseason games. a lot of these kids playing for the first time, whether true fresh men or red shirt freshmen, first time in live game action. there is real uncertainty what they are going to do. the underdogs have the advantage. they go in with the attitude nothing to lose and run plays and do things that the other team definitely has not seen before. cheryl: we seen some changes with how the rankings are tallied throughout the year and that has happened last couple
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years. does this have to do with how we rank college football teams? >> if you meet at end of the year, committee decides what four teams competing for the national championship, if you're, if you're sitting at number 6 oar number 7, you're, very unlikely you jump into the top 4 category. it is real important early in the year, to get as many wins as you can, to wiyou can. that changed the landscape as far as college football. cheryl: there is lot of talk about running back christian mccaffrey a tom contender for the heisman. what do you think. >> last year david shaw, coach at stanford, made a comment the heisman trophy is awarded to player with the most impact on the football team. when you look at christian mccaffrey, he will be on the game. we'll see him. he returnses punts.
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he returns kickoffs. he is a running back. he is a receiver. he does it all. there will be hefty competition. clemson who is ranked in the top five. deshawn watson will be their candidate. guy from lsu, leonard fornash net, he was runner-up or in the final balloting. he will be a contender before it is over. cheryl: thanks for what you're saying. can't help to look at your super bowl ring. good to have you with fox. >> thank you, cheryl. pleasure to be on with you. cheryl: welcome to the family. dave wan -- wand stat, get all the analysis from dave and everyone else on the team. christian mccaffrey, number 8 stanford faces off against kansas state. that will be on fs 1. check your local listings. it is football time.
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the happiest time of the year. time to watch the markets close. we're half an hour to close for the trading. dow up 69 points. we have jeff flock coming up. he is getting a head start on his holiday travel plans. on the road outside of chicago telling us how the rest of america plans to spend the last week into the summer. i think jeff is texting and driving. you better be parked, jeff, you know, we'll send the police after you. jeff flock will be back in a second. we're talking politics. donald trump headed for detroit with a plan to convince the african-americans that the democrats have let them down. "countdown" coming right back. ♪ thanks for doing this, dad.
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reporter: i'm lori rothman on the floor of the new york stock exchange, with this fox business brief. major averages are higher after weaker-than-expected jobs report for the month of august. stocks are on track to close out the week higher. the dow is up 69. s&p is up eight points, 333, friday afternoon before a three-day weekend. price of shipping a package for ups is going up but thankfully not until after the holiday season.
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announcing daily rates for ground and air service increasing 5%. average price on freight services up about 4.9%. that takes effect september 19th. shares of ups pretty much unchanged on news. biggest selling smartphone maker samsung recalling millions of devices worldwide saying the device can catch fire while charging. back to countdown to the closing bell. otcakes? with comcast business internet and wifi pro, they could be. just add a customized message to your wifi pro splash page and you'll reach your customers where their eyes are already - on their devices. order up. it's more than just wifi, it can help grow your business. you don't see that every day. introducing wifi pro, wifi that helps grow your business. comcast business. built for business.
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comcast business. [announcer] is it a force of nature? or a sales event? the summer of audi sales event is here. get up to a $5,000 bonus on select audi models. could protect you from diabetes? (crunch) what if one sit-up could prevent heart disease? one. wishful thinking, right? but there is one step you can take to help prevent another serious disease, pneumococcal pneumonia. if you are 50 or older, one dose of the prevnar 13® vaccine can help protect you from pneumococcal pneumonia, an illness that can cause coughing, chest pain, difficulty breathing, and may even put you in the hospital. even if you've already been vaccinated with another pneumonia vaccine, prevnar 13® may help provide additional protection. prevnar 13® is used in adults 18 and older
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the fact that they can't find 13 of her blackberry, she does not seem to have a grasp on what is classified information, that is really coming through in these documents, jessica. >> well, i mean there is some debate within them as to you know, her asking whether something is classified or not, but i mean that is what her staff is there for to confirm whether or not something, what telephone they are at, you know, my understanding of what it is that she was clarifying within them. so we've seen even since all this has come out actually the state department now has changed classifications to make things, you know, i think it is ongoing situation there where you know, a little bit after bureaucracy things do change in that level. cheryl: and, adam, she also somewhat blamed the concussion she suffered. there were times she just doesn't remember. is that a problem for someone who is running for president? >> well, i think she has learned the value of or meaning of the word, cheryl, today, once you're
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hacked you can't take it back. the report came out today, said look like russians got their hands on some of this. this is kind of her response to this, cheryl, that is most troubling either callous or dismissive, that should not bother anybody. it should, we're talking about some. most sensitive secrets this country has. this is on the back of all the things we learned over the last couple weeks how she was all but trading influence and money as if she was involved in a fire-sale on american assets. i think this is a tough week and a tough moment again for hillary clinton. she owes us more than again, just kind of back of her hand, we've already talked about that let's get on with something else. cheryl: jessica, these new documents again released on a friday afternoon, going into labor day weekend, from the fbi, i mean, if you read through it starts to back up what james comey fbi director told congress, he was questioning her grasp of what is classified and what is not.
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also, jessica, the fact that she really was relying on her aides more than i think we realize in handling of this information. begin on a private server. >> well, i think that is very common with anyone in that level of a position. i worked as staff on the hill for many years as well and for various folks. one of the important things, even donald trump has said this is just surround yourself with competent people that you can rely on because one person can only do so much. we've seen her travel schedule and meeting schedule and everything else that was going on. it is incredible level of intensity, so you have to have good quality people working for you when they send you things you ask them a question and you can rely on their answer and make sure you're getting all the the information you need in order to make the decision. you know, that is what all the staffers are there for. cheryl: okay. well, i also, as a woman who has never lost a phone, she lost 13 mobile devices and two ipads.
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i know that, she is secretary of state. i just can't help, okay. i want to switch over, i want to switch over what is going on with donald trump. he is going to be in detroit tomorrow and "the new york times" has basically leaked a script that shows that he is going to be meeting with a pastor at, a very prominent black pastor, the q&a taped hine closed doors, adam, it is very scripted and his answers to the pastor's questions were scripted by his staff. does this present a perception problem among the african-american community for donald trump that he can't be trusted with going off script? >> i don't think so, cheryl for two reasons. one is i think that donald trump has very few opportunities between now and the election to send a very clear message to the african-american community. and number two, let me tell you what that message is, if may. what have we experienced in this community over last eight years but declining wages, growing gap
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in terms of wealth. increasing poverty. now 46 million across the country by the way, 1.2 million children spend a day or more in homeless shelter last year. declining educational standards and increasing violence. there is nothing i can think of that secretary clinton can bring to this community right now, the african-american community, say look how wonderful the job is. cheryl: i'm sorry, adam, i asked you about her, i asked you about donald trump. let's talk about him. >> okay. cheryl: look, if you look at the polls, let's be honest he does not rate with african-americans. she has got that vote. he says that she is not serving the african-american community, fair enough. but adam, i'm asking you, does he have a perception problem here with this leak, this leaked script? it seems he might? >> i'm less concerned, cheryl, about the approach that you're talking about. i'm more concerned whether or not he is talking about the issues that the african-american community is looking from, looking for, rather than from donald trump that will make a difference in the election.
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he does have to send a message to them this is rising tide that will lift all ships what he would do as president of the united states. he hasn't had many opportunities to do this. this is one such opportunity. i think he has to nail it. cheryl: he might in a different way, adam. he may go off script. he is known to do that. those have been most successful moments and sometimes has not been. we'll see what happens tomorrow. jessica, adam, thanks for being with us. have a good weekend. >> thank you, cheryl. cheryl: a check of your markets really quick. you have the s&p in the green. dow up 77. we're actually gaining ground as we go into the close on this holiday weekend. cheap gas prices across the country ahead of the labor day weekend. oh, yeah, look at that. jeff flock will be hitting the road in chicago. jeff, what are you up to and are you off your phone? reporter: you know, no texting and driving for me but i will talk on live television while driving.
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i'm surveying gas prices. how much do you think we he saved this summer compared to last because of low gas prices? if you come back i will tell you the exact amount we've saved, stay tuned. king prescription medications, does your mouth often feel dry? a dry mouth can cause cavities and bad breath. over 400 medications can cause a dry mouth. that's why there's biotene. biotene can provide soothing dry mouth relief. and it keeps your mouth refreshed too. remember while your medication is doing you good, a dry mouth isn't. biotene, for people who suffer from dry mouth symptoms.
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cheryl: we want to show you a live picture right now. you're looking at air force one sitting on the ground at hickam air force field waiting the president to board the aircraft. he is leaving hawaii in the next hour and departing for the g20 in china. the g20, there will be a lot of economic speeches, lot of discussions between world leaders in particular with regard to terrorism. there is going to be a big meeting a tense meeting between the president of the united states, barack obama, and the
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president of russia. so we'll be seeing vladmir putin, president obama, world leaders at g20 in china. president obama on his way within the next hour. live pictures, hickam field in hawaii. wonder how his golf game was? final weekend of summer. last time to hit the beach for all of you. that is where i'm going. labor day weekend is here. lots of traffic anticipated as millions of americans will be hitting the road. look at the national average for gas. it is down overnight, 2.21. as you're in your car, you better be listening to me on sirius 21, people, if you're driving. this is likely the deadliest week owned on the roads. about 19,100 people were killed first half of the year due to texting and cheap gas prices.
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18% jump compared to two years ago. let's go to fox business's jeff flock, hitting highway in chicago. he is not texting. how is the holiday traffic, sir? how does it look. reporter: i have enough trouble driving without worrying about texting. as you can see, cheryl, we hit traffic since we saw you before as we go under the underpass. this is 294, interstate 294 headed southwest of chicago. you're right, millions of people on the roads this labor day holiday, mainly because of those low gas prices. 34 million is the number aaa tells us will travel. 89% of all people that will travel this labor day holiday will be going like we're going right now, by road, that is up about 2% over last year. we promised to tell you how much money you're saving because of those low gas prices. according to gas buddy, this year, compared to last, you will spend 19 billion, with a "b," dollars less on gas, just this
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past summer. i'm not sure where that money went in the economy but according to gas buddy, that's what we have saved. and, the stocks of the big oil companies have done pretty well as a result of these low prices. demand is up, big-time. chevron, exxon, both, year-to-date, doing pretty well. and, the prospect is for these gas prices, cheryl, to continue to be down. last time i was at cme earlier this week oil traders saying, this big, heavy supply glut that we have promises just to continue. if you look doing what we're doing right now, which is driving in a nice convertible, maybe you won'table a i believe to do it for long here in chicago but it's going to be a cheap way to go for a while longer. >> gorgeous out in chicago. i have a convertible ready to go here in new york. it is gorgeous here, well, until the rain comes. enjoy your ride. >> happy labor day,. cheryl: cheryl: thank you.
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we have the closing bell ten minutes away on this friday, labor day weekend, everybody. stocks are up despite the tepid jobs report. the true state of the economy and safest places to go to work, we have your fall investments coming up next. keep it on fox business after labor day. he is back, people, neil cavuto coming back to work. don't miss his return to "cavuto: coast to coast" live noon on tuesday. more "countdown" on the way.
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cheryl: america's largest motorcycle manufacturer, is right now making some news. let's bring in lori rothman from the floor of the new york stock exchange. what you got? >> hi, there. what a sign of the times. i heard you, cheryl, mention taking convertible out to the beach this weekend, good for you. fewer people are taking motorcycles out. harley-davidson announcing they will have to lay off 200 workers
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this fall to ask the for limited production of the vehicles because sales here in the u.s. are down more than 5% at harley-davidson. shares were up a little bit today as shareholders applauded the move, obviously they're streamlining the production. worldwide, 5,000 fewer harley-davidson motorcycles, according to the company itself are going to be shipped. i guess it is not so popular to throw on the leather jacket, join the biker gang, hit the road. cheryl: "anarchy" is not on tv. maybe. reporter: good point. cheryl: we'll see you at the close. weaker-than-expected jobs report and treasury yields hit a one week high. is this an indication of slowing economy? how will the fed read the numbers on the next meeting coming up on the 20th and 21st we have jeffries chief onomt and mark luschini.
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thanks to both of you being here. >> thanks, cheryl. cheryl: mark, i will start with you. how do you think that the fed will read today's number? >> i think you can cut a couple different ways. one, it wasn't strong enough. coupled with the ism reading this week that fell below the boom-bustline, it was the first contraction in six months, it might be enough to persuade monetary officials to wait until december. on the other hand the hawks ma let them get the sep or revision to the dot plot, that so much suggests to the market participants there will be no further rate hikes in 2016 and not likely the first quarter of 2017. but either way i think it was strong enough because the hurdle is low enough that the fed goes before the end of the year. cheryl: ward, i'm curious what you think this report mines for the overall economy and future of the economy? i had thomas perez on earlier, i pointed out, these are not high-paying jobs. we're still not creating
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high-paying jobs? >> the labor market data today, really was you described it well, saying it was tepid. we didn't generate as many jobs as we have in recent months. as you point out wage growth is not what we would like to be or see it anyway. i don't think this is the type of data the fed will respond to. i think they needed to see some compelling data like we had in june and july. so i agree, i do think they want to raise rates this year. i think it is much more likely to be december than it is to be september, because, we had a pretty slow first half of the year. it looks like q3 is shaping up to be faster. think i they want to document that before they respond. cheryl: ward, you thank thank yr backing me up in my comments to thomas perez, because he said the data was wrong. always good to back up your anchor. mark, i'm curious about the economy being handed to the next
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president? what needs to happen in the next four years? >> well i think we need some pro-growth policies in place different than what we've seen since the end of the great recession. we've been in the subtrend pace of economic growth of plus or minus 2% he. over the last half century the u.s. economy averaged closer to 3% on annual basis. there is a lot of talk about secular stagnation. the fact what we hear from small businesses in monthly surveys, talking about too much regulation, too much intervention on part of government, too much imposition of taxes. some relief on all of those fronts may unlock animal spirits of business owners that is now the missing ingredient to amplify economic growth in the united states. consumer is doing all the lifting. we're getting nothing out of the business community. cheryl: ward that is the problem. we had hillary clinton wanting to go after drug manufacturers, epipen, more regulation, appoint council.
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this is what scares businesses. that's why they don't hire. is this rhetoric affecting corporations and others that are not spending money to hire for their business. >> i think it is combination of rhetoric. i think it is more important the policies mark was talking about and we just really do not have a coherent fiscal policy. central banks and the fed have done what they can do to get this economy afloat. but what we need to see is tax reform. in my opinion, that means lower taxes including on the corporate side where u.s. corporate taxes are twice what they are in most of the countries that we compete with. also i think on the consumer side as well, at least simplify the tax code. yes this is time for the government to take on one of the responsibilities that his historically been government. and that is to update our infrastructure. i take a train every day from new jersey to new york. cheryl: yeah. >> the bridge was built over 100 years ago. cheryl: there is lot of things we could build.
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we have to pay for it. ward and mark. thank you very much. [closing bell rings] we're closing higher by the way. i will hand it over to the labor day weekend, i'm out of here. david asman. melissa francis. melissa: all right. we have got green across the screen. stocks ending the day and the week on a high ♪ note on a high note. i'm melissa francis. connell: i'm david asman. here is what we have for you on this busy hour. the fbi releasing several dozen pages of documents from its investigation into hillary clinton's use of personal email during its investigation. donald trump weighing in, slamming clinton for her tremendously bad judgment and dishonesty. what we now know and what they are still refusing to let us know about clinton's handling of confidential information. moore than 250,000 people are without power in florida. we're tracking the big storm as


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