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Trump Claims Costs Are Lowering 'Fundamental' Political Mistake, Says Bernstein - Balance of Power
Nov 11, 2025 Latest Videos from Bloomberg Radio
Jared Bernstein, chair of the White House Council of Economic Advisers in the Biden administration, said President Trump is making a "fundamental" mistake by trying to convince people they are better off than the were when many voters don't feel that way.
US companies shed 11,250 jobs per week on average in the four weeks ended Oct. 25, according to data released Tuesday by ADP Research.
The figures suggest the labor market slowed in the second half of October, compared with earlier in the month. ADP’s most recent monthly report, released last week, showed private-sector payrolls increased 42,000 in October after declining in the prior two months.
The figures come after an array of companies flagged plans to reduce headcount in recent weeks. A report from outplacement firm Challenger, Gray & Christmas Inc. showed employers announced the most job cuts for any October in more than two decades, spurring anxiety about the health of the labor market.
Separate data from the University of Michigan show that 71% of respondents expect unemployment to rise in the year ahead, the largest share since 1980.
Companies from upscale handbag brand Coach to wellness-device maker Therabody are among those pulling back on promotions — although not always for the same reasons. Many are citing tariffs and inflation, while others are trying to keep up their cachet with shoppers.
“This is a very strange year for holiday,” said Sonia Lapinsky, leader of fashion retail at AlixPartners, citing “a lot of challenge on the retail front.” While many companies absorbed the first wave of tariffs, now they “just don’t have the room” to offer the the same discounts as past years, she added.
That’s the case at Therabody, which makes a $329.99 massager and $379.99 LED-mask. While many products will be marked down, the company can’t affor[d]…
Jared Bernstein, chair of the White House Council of Economic Advisers in the Biden administration, said President Trump is making a "fundamental" mistake by trying to convince people they are better off than the were when many voters don't feel that way.
US companies shed 11,250 jobs per week on average in the four weeks ended Oct. 25, according to data released Tuesday by ADP Research.
The figures suggest the labor market slowed in the second half of October, compared with earlier in the month. ADP’s most recent monthly report, released last week, showed private-sector payrolls increased 42,000 in October after declining in the prior two months.
The figures come after an array of companies flagged plans to reduce headcount in recent weeks. A report from outplacement firm Challenger, Gray & Christmas Inc. showed employers announced the most job cuts for any October in more than two decades, spurring anxiety about the health of the labor market.
Separate data from the University of Michigan show that 71% of respondents expect unemployment to rise in the year ahead, the largest share since 1980.
Companies from upscale handbag brand Coach to wellness-device maker Therabody are among those pulling back on promotions — although not always for the same reasons. Many are citing tariffs and inflation, while others are trying to keep up their cachet with shoppers.
“This is a very strange year for holiday,” said Sonia Lapinsky, leader of fashion retail at AlixPartners, citing “a lot of challenge on the retail front.” While many companies absorbed the first wave of tariffs, now they “just don’t have the room” to offer the the same discounts as past years, she added.
That’s the case at Therabody, which makes a $329.99 massager and $379.99 LED-mask. While many products will be marked down, the company can’t affor[d]…