• Fox Business panelists blamed the Federal Reserve for July’s “very weak” jobs report, pointing to rising delinquencies, two-track economic realities, and misguided monetary policy. The sharp downward revisions for May and June added fuel to calls for rate cuts and intensified scrutiny of Fed Chairman Jerome Powell.

NEW YORK, N.Y. (TDR) — A panel of Fox Business Network economists and market commentators did not mince words Friday morning in assessing the July jobs report, with several placing blame squarely on the Federal Reserve for what they called a “very weak” set of labor market data. The conversation, moderated by Mornings with Maria host Maria Bartiromo, echoed a growing chorus of economic voices warning that aggressive Fed policy may now be hurting more than it helps.

“I think this is more about the Federal Reserve,” said Making Money host Charles Payne. “They’re trying to still clamp down on this economy, but it’s not working. It’s hurting 70% of the folks out there.”

Payne criticized the Fed’s policy stance as “regressive,” arguing that while it might look effective from the top down, it has been devastating for average households and small businesses. He pointed to rising delinquencies and refinancing pressures as evidence of a bifurcated economy in which policymakers are misreading underlying labor trends.

“There are two economies,” he added. “The Fed’s looking at the wealthiest folks out there and thinking it means everyone.”

Downward Revisions Deepen the Gloom

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Economist Stephanie Pomboy was equally blunt. Highlighting the steep downward revisions to prior months, she noted that job gains totaled just 73,000 in July, with a shocking revision of June’s figure from 147,000 to 14,000 and May’s final tally coming in at just 19,000.

“Those are incredibly weak headline numbers,” she said. “And that’s the total, not just private jobs. So this is a very soft report.”

Pomboy also expressed surprise that July’s numbers were disappointing despite favorable seasonal adjustments, which typically help inflate the month’s figures due to the temporary exit of over a million workers for summer vacation.

“It sets a very low seasonal bar for the data to clear—and clearly we tripped over the bar,” she added.

Calls for Fed Rate Cuts Grow Louder

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The panel agreed that the weak report gives the Federal Reserve further reason to begin cutting interest rates. Pomboy suggested that the central bank may have had an early look at components of the jobs data during its meeting on Wednesday, pointing to the two dissenting votes as a sign of growing division within the Fed’s ranks.

“Amazing that Chairman Powell stood firm despite that in the face of this data,” she said.

Bartiromo concurred, emphasizing how much weight the Fed places on employment data when making policy decisions.

“Yeah, it’s a great point,” she told Pomboy. “This report is so critical for the Federal Reserve’s next move.”

The panel’s criticism highlights an increasingly common concern: that the Fed, in its zeal to control inflation, may be applying too much pressure on an already strained labor market. Despite signals that inflation has moderated, the central bank has so far resisted widespread calls to reverse course—though Friday’s report may prove to be a turning point.

Will Powell and the Fed heed the warning signs—or continue steering a course that risks deepening the economic divide?

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