Hey there from CNN, I'm Chris de Boe with the five things you need to know for Monday, August 5th.

The Dow plunged more than a thousand points this morning as fears about the state of the U.S. economy grow.

The price of oil also fell sharply along with as fears about the state of the US economy grow.

The price of oil also fell sharply along with stocks today.

And the Japanese stocks suffered their biggest ever daily loss.

There's a growing consensus on Wall Street

that the Federal Reserve made a mistake last week by not cutting interest rates.

Friday's jobs report was weaker than expected. The economy added fewer jobs than predicted,

and unemployment ticked up too.

Up until that report, economists and investors

thought the US might have been headed for a rare soft landing,

when inflation manages to cool off

without the economy going into a recession.

Those hopes are now fading and fears are mounting

that the economy could be headed for a crash landing instead.

The National Hurricane Center says Debbie has weakened from a category one hurricane to a tropical storm,

after it made landfall in Florida's big bend region this morning.

Power Outage. U.S. reports that hundreds of thousands of customers were without power across the state,

while hundreds of flights were canceled or delayed across several southern states.

It's now expected to slow considerably as the storm's eye has moved inland,

cutting it off from the warm water of the Gulf of Mexico.

But the slowdown could unleash potentially historic rainfall in Georgia and South Carolina,

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