00:00Before I begin today I want to say a word about. The news that came out today relative to the economy. Actually I just want to say a number zero. Today we received news that our economy had 0 percent inflation in the month of July. Zero percent. That means while the price of some things go up went up last month the price of other things went down by the same amount. The result. Zero inflation last month. But people were still hurting with zero inflation last month. Economists look at a measure of inflation that ignores food and energy prices. And they call it core inflation. Passed about the lowest amount in several years several months. When you couple that with last week's blooming jobs report of five hundred twenty eight thousand jobs created last month and three point five percent unemployment underscores the kind of economy we've been building. We're seeing a stronger labor market where jobs are booming and Americans are working. And we're seeing some signs that inflation may beginning to moderate. That's what happens when you build an economy from the bottom up in the middle out. The wealthy do very well and everyone has a chance. It gives everyone a chance to make progress. Now I want to be clear with the global challenges we face from the war in Europe to disruption of supply chains and pandemic shutdowns in Asia we we could face additional headwinds in the months ahead. Our work is far from over. But two things should be clear. First the economic plan is working. Second is building an economy that will reward work. Wages are up this month provide opportunity help the middle class and still have work to do. But we're on track.
