With new feeble job data now, many will say the Fed should have lowered interest rates the other day.

Fresh reports today show the job situation spring into midsummer was much weaker than we were told.

Previous months' data has been revised sharply downward.

We thought 125,000 more jobs were added in May, wrong O. It was just 19,000. We had been told 147,000 more people were on payrolls in June. The revised calculation is it was just 14,000. Today we're told there were 73,000 more jobs in July less than expected, but might that get revised down? Chris Lowe's chief economist

at FHN Financial. It's one of those shocking revelations where it's rare, but it happens.

The anecdotal data, the survey data, turned out to be more accurate than what we characterize

as the real data. Companies have been saying for months,

they weren't hiring. Turns out they weren't lying. And then in that unemployment number,

you see a shrinkage of the workforce. Yeah, I think really the most astonishing thing about the July

numbers was that the ranks of the unemployed increased by a quarter of a

million people despite the fact that the labor force, which is the total number of people who

actually want to work, the labor force fell and still unemployment went up. It tells me that the economy is barely growing.

Market players are worried about a flagging economy now and higher tariffs. The Dow is down

654 points, one and a half percent in early trading. The NASDAQ is down 2.2 percent. The bond market is way

up, given the weaker job market, pulling the 10-year interest rate down to 4.25 percent.

Now back to this new schedule of tariffs that start in a week, or 35 percent tariffs for Canada

starting today. Are those tariffs legal? Jess Braven listened as the federal appeals

court panel heard the arguments yesterday and he joins us now. Morning. Good morning. We learn in

social studies class that Congress does the treaties, but the Trump strategy of bypassing Congress

is derived from what, a sense that the Trump people think they have an

emergency on their hands?

Well, Congress did give the president certain emergency powers, the idea being that

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