August 3, 2025: Boeing Defense Union Goes on Strike, Trump Defends Labor Firing, More

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Episode Transcript

Speaker 1 (00:01):
News when you want it with Bloomberg News Now, I'm
Dan Schwartzman, with no deal reach. Boeing's first strike in
nearly three decades out at Saint Louis area defense Factories
has officially begun this hour. Thirty two hundred machinists have
walked off the job after members voted down a deal
that would have raised wages by twenty percent boosted retirement contributions.
The union last went on shrike back in nineteen ninety six,

(00:23):
with that stoppage lasting ninety nine days. This strike now
amplifies financial pressure on Boeing's Defense and Space division. As
of the second quarter, that unit generating about thirty percent
of the company's revenue. President Trump's decision to fire the
head of the Bureau of Labor Statistics, Erica Macintar, front Friday,
hours after a week jobs report prompted Trump to call
the data quote phony, has drawn sharp criticism from economists

(00:46):
and former officials. The President, speaking in Allentown, Pennsylvania, before
boarding Air Force one for the flight back to Washington,
says a new head of the Bureau of Labor Statistics
should be announced soon.

Speaker 2 (00:57):
We'll be announcing a new statistician sometime over the next
three four days. We had no confidence. I mean, the
numbers were ridiculous what she announced, but that was just
one negative number. All the numbers seemed to be great,
and so we'll see how that comes out.

Speaker 1 (01:14):
That's President Trump speaking in Allentown, Pennsylvania, before boarding Air
Force won for the flight back to Washington. The July
jobs report showed a sharp cooling in the labor market
over the past three months, non farm payrolls rising by
just seventy three thousand in July. That's after the prior
two months revised down by nearly two hundred and sixty thousand.
Friday's report from the BLS also showed the unemployment rate

(01:36):
rising to four point two percent. Federal Reserve Governor Adriana
Coogler announcing she will be stepping down from her position
on the Central Bank's board. That's after she missed the
last FOMC meeting for personal reasons. The surprise move gives
President Trump the opportunity to fill a seat at the
FED earlier than expected. It may also force him to
pick the next FED chair months sooner than he'd anticipated.

(01:58):
We heard Sunday from National Economic Council Director Kevin Hassett.
He spoke with NBC's Meet the Press.

Speaker 3 (02:03):
I've been working with the President for about eight years,
and you know, as one of his closest economic advisors.
Of course, we've talked about the Federal Reserve right now.
He set up an active search with Secretary Bessett, and
they're going to go through a list of names, and
I'm sure the President will pick the best available person.

Speaker 1 (02:19):
That's National Economic Council Director Kevin Hassett speaking to NBC's
Meet the Press. Following Cougler's resignation Friday, President Trump took
to truth Social to once again limbast fed chair Jerown Powell.
Trump wrote, quote too late. Powell should resign just like
Adriana Kugler, she knew he was doing the wrong thing.
On interest rates. OPECK Plus is ramping up oil production

(02:40):
by five hundred and forty seven thousand barrels a day
in September, finalizing its accelerated phase out of pass supply cuts.
The move comes as oil markets head toward a surplus
and prices hovered below seventy dollars a barrel. Saudi Arabia
aims to regain market share, but the increased output could
widen its budget deficit, which relies on oil above eighty dollars,

(03:01):
Analysts predict prices may dip towards sixty dollars a barrel
by year's end. The flood of earnings reports will be continuing.
This week. We get a preview from Bloomberg's Charlie Pellett.

Speaker 4 (03:11):
Airbnb, McDonald's, and Disney are among the major household names
whose international businesses are helping offset domestic weakness. Jason Pride
is chief of Investment Strategy at glen Meade.

Speaker 5 (03:23):
This was an environment this last quarter or two where
people were kind of hit by headlines left and right,
tearf wise or otherwise, and there's this question of whether
the economy and market could continue to grow through this.

Speaker 4 (03:37):
Also reporting this week, Uber AMD and Palanteer Technologies in
New York, Charlie Pellett Bloomberg Radio.

Speaker 1 (03:46):
Former Fox News host Janine Piro has been confirmed as
a chief federal prosecutor for Washington, making her the first
Trump pick to clear the chamber amid growing controversy over
politicized appointments. The GOP controlled Senate confirmed her in a
fifty to five forty five vote Pierrot had previously served
as both the judge and district attorney in New York
suburban Westchester County. Democrats opposed her over her past remarks

(04:09):
denying the twenty twenty election results. Pierrot has held the
post in enacting capacity since Ed Martin withdrew his nomination.
And that's news when you want it with Bloomberg News Now,
I'm Dan Schwartzman, and this is Bloomberg