This is CBS, I In The World. I'm John Bachelors.

A solid June jobs report is the news of the moment for the economy, for the American

people, and certainly for the political class.

The headline in the Wall Street Journal, jobs report keeps fed on track to raise rates

in July. Subhead. June employment figures do little to clarify the outlook for additional

increases after this month. In other words, fence sitting by the report. 209,000 jobs added.

Wall Street smart people were expecting 200,000. We'll give them that. 3.6% unemployment.

Barely moved from May 3.7%.

Hourly earnings for private sector workers rose 4.4% from a year earlier. There might be

a little moment for Jerome Powell and the governor's to move in and say still too hot.

However, to help me interpret this, the longtime Washington editor of Baron's magazine,

now a novel, is Jim McTagg joins from the Bountias and Historically Rich, Lancaster County,

Pennsylvania.

Jim, a very good evening to you. Jerome Powell said in his last meeting with the minds

on Wall Street, one or two hikes might be necessary. We'll see what the data tells us.

What did the data say today? Good evening to you, Jim.

Good evening, John. The data says we do need some more hikes. I mean, the economy hiring

has slowed down, but it's still very strong. I think it's the slowest it's been in a

couple years. However, it's still a good number. Wonderful news for college graduates.

They're going to be hired. But the problem is because the labor market is tight, wages

are increasing. Employers have to pay up, disreduces their profit margins. So if all things

being equal, let's say the Fed paused again, there's a danger that companies will raise their

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