 And happy Friday and welcome to news on I'm Miranda Khan as always. Thank you for joining us and We began today with breaking news about an hour ago The president gave us live speech following the November's jobs report Biden says this year has been an extraordinary amount of progress He proceeds to say that our economy is stronger than it was a year ago and that our unemployment rate has fallen to 4.2 percent Now for today's news Every year December brings the joys of a holiday season and gives us an opportunity To reflect on the year gone by and look ahead and begin to imagine the new year to come This year we can reflect on an extraordinary bit of progress Our economy is markedly stronger than it was a year ago and today The incredible news that our unemployment rate has fallen to 4.2 percent At this point in the year we're looking at the sharpest one-year decline in unemployment ever simply put America America is back to work and our jobs recovery is going very strong Today's historic drop in unemployment rate includes dramatic improvements for workers who have often seen higher wages and higher levels of unemployment Excuse me higher levels of unemployment. They are receiving higher wages and the rate of black and Hispanic unemployment is also dropping But that's not just jobs that are up Wages are up, especially for hard-working Americans often ignored in the past and past recovers Workers in transportation and warehouses have seen their wages go up approximately 10 percent this year Workers in hotels and restaurants have seen their ways to go up 13 percent this year and Thanks to American rescue plan. We've delivered significant tax cuts to families raising children Tax cuts and raising wages for middle-class families Mean that Americans on average have more in their pockets today than they did Eat each day each month since we've been in office and they did last year after accounting for inflation So the president saying they're extraordinary progress But speaking of your money inflation continuing to push up the price of consumer goods shoppers from higher income levels are starting to Abandon the regular grocery stores in favor of a new favorite and that is the dollar store joining us live now to weigh in on What the president had to say is CEO and founder of Stock Swoosh Melissa Armo. So there you just heard the president Extraordinary progress unemployment is down. However, the November jobs report painting a much different picture What is your take on what the president had to say and specifically what is your reaction to the November jobs report? Which to my understanding is half of what economists predicted It's actually pretty dismal and the problem is that was before even this new COVID variant now has come out in the last week So the the fact is that the number could be worse a month from now And again, we're going into the end of the year the holiday season People need to really get back to work and I think part of the problem with this administration is we've seen so much Government stimulus that people actually have become less motivated to work So even though there's plenty of jobs available In fact people are having some business owners are struggling to find people to fill the positions And they're limiting hours now because they don't have people to fill the positions I think it's a problem because when people are on stimulus and they're not working They just become less and less motivated and personally as a business owner if I was interviewing somebody for a job And they have not had a job for two years or three years And remember we're going into two years two years now with COVID into 2022 I'd say why have you been out of work for the last two years and what's people's explanation going to be people are not Forward thinking about this and I'm talking about people that are choosing not to work. They're not thinking about their future They're not going to be able to stay in government stimulus for the rest of their life Eventually, they're gonna have to get another job again And as a business owner when you're looking to hire people you want to see people that are get up and go People people that are motivated. We don't have people working. There's plenty of jobs out there market right now as we're speaking This second at noon is tanking Absolutely tanking the market does not like this news the market is worried about COVID Between now and four o'clock when the market closes going into the weekend one week since this happened Which was black Friday when they announced it another first cases in the US this week This market could look super ugly by four o'clock today and none of this is good for the economy None of this is good for people that have money in retirement accounts and across the board even as a consumer I don't like the fact that I'd go into a store and there's nobody there to help me They have one checkout line, you know, and then you're waiting in line forever People got to get back to work people have to get back to feeling good about themselves Making money doing all the things, you know that we do as Americans and that we're good at Yeah, we're running tight on time But I do want to mention this November jobs report so the US adding 210,000 jobs in November That is 340,000 below Expectations as I mentioned the dollar store that's normally a store that's aimed at lower income But now middle-class Individuals are going there. There's a new poll coming out And this was before the latest COVID variants saying that basically almost 50% of Americans are saying that it's been financially hard for them over the past few months last 30 seconds to you on this topic Melissa Actually the dollar stores now the dollar 25 store they've raised their prices to buck 25. That's true. You're right So it's not even the dollar store anymore, even though it's a cute thing But I will say this people are gonna continue to spend money on food and gas You're not gonna stop driving, but you may not get plus you may get regular gas You may not get brand-name foods that you like you may get a lower Price cost item people are people are gonna see the hit from this if they can continue to buy things They want they will but I've seen prices go up at least 50% in some food items It is nowhere near what the levels are that the administration is saying they're saying it's a small percentage of inflation It's actually much much larger in certain things Well, we're gonna continue to monitor that obviously not the best news that we wanted to hear on this Friday But we do appreciate your time. Melissa as always. Thank you. Have a great weekend Still head on this edition of news on the Biden administration does a major reversal when it comes to immigration Mexico details coming up next