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Here's the Scoop
A dramatic slowdown in the labor market; America’s aging crisis: Homeless seniors
00:20:26
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- [00:03]
A
Hey, everyone. Happy Friday and welcome to here's the scoop from NBC News. I'm Brian Chung. Couple of big stories to talk about before we send you off into the weekend. The number of seniors living on the streets is on the rise. And President Trump is rebranding the Department of Defense. Kinda. Plus the billion dollar reason to buy a lottery ticket on your way home today. That's all coming. But our top story today is this morning's jobs report. Now these monthly jobs reports are always closely watched, but this especially so since President Trump fired the head of the Bureau of Labor Statistics, which puts out these reports. After the last one, he said she fudged the numbers to make him look bad. So all eyes are on this first report after her firing. And what's it say? Well, BLS reported that the US added just 22,000 jobs last month, which is far below expectations. Lots of threads to parse through here. So for more, I'm going to bring in my colleague Christine Romans. She's the NBC News senior business correspondent. Hey, Christine. Welcome back to the show.
- [01:03]
B
Hi, Brian.
- [01:04]
A
Okay, so it's a summer Friday. Well, I guess summer's over.
- [01:08]
B
No, there's technically three more weeks of summer. Okay. Al Roker says there's three more weeks of summer.
- [01:12]
A
And if Al says so, then it must be. But look, what's not hot are these numbers, 22,000 jobs added in the month of August. I mean, was that surprising to you?
- [01:21]
B
No, look, I'm not surprised because there's so much uncertainty. You can see it anecdotally that the hiring is really slowed. There's not a lot of layoffs, but hiring has slowed. And if you look inside these numbers, you can see In May, only 19,000 jobs were added in May, even worse than the performance under the former BLs who got fired for numbers that the president didn't like. And then the next month, June, you had negative job losses for the first time since the pandemic. And when you think about what was happening in May and June, peak uncertainty over tariffs. On again, off again, on again, off again. If you're a company, what do you do? You just sit tight. And I think that's what these numbers show.
- [02:01]
A
What does that kind of tell you about where this economy is in this moment?
- [02:05]
B
So for four years, the job market was cooking. It was cooking so hot, we were worried that it was going to spin off inflation and keep the inflation problem front and center. Right. We were actually worried about how strong the job market was. It just never showed any signs of weakness. We thought that there were signs it was cooling off, not weak or bad, but just not going gangbusters like it had been. And now when you see an actual a month with negative job growth, actually net losing jobs amid all of that tariff uncertainty, I think it really speaks volumes about a turning point in the economy here halfway through the year.
- [02:40]
A
So Christine, something else in this report was the unemployment rate ticking up to 4.3%. What's to be read from that?
- [02:46]
B
So 4.3%, that number on its own, historically it's actually below the post war average for a jobless rate. But it's up to kind of a lot over the past year or so. Right. And it's the highest Since I think 2017 if you strip out the huge distortions of COVID So 4.3% tells us it's ticking in the wrong direction. There's a lot of distortions in there too, Brian. I mean, deportations and immigration moves are likely affecting both the labor force partition, how many people are actually out there trying to get a job, who's working in the economy. And I think we're just in the very beginning of seeing how those distortions maybe affect that, that number. So bottom line, 4.3%, not terrible, but it's going in the wrong direction for sure, I guess.
- [03:30]
A
Where do we go from here?
- [03:31]
B
I don't know. I want to see some more, more data. You know, this is still a solid job market. When I look inside the numbers too, one thing I see is youth unemployment at 10 and a half percent that's been rising. So why do we care about that? Those tend to be people coming right out of college or entry level jobs. So you're in a no hire, no fire kind of situation. Right. You're not seeing hiring and you see that unemployment rate rise first in the younger workers. Because if you're a company and you're like, well, I'm still making money, my margins are fine, oh gosh, everything's going to cost a lot more in about three months that I'm bringing in. But I don't want to lose any workers because guess what, the last four years I couldn't find any workers. So you don't hire and you don't fire and you're just kind of like stuck in the middle. And I think that's what these kind of numbers are showing.
- [04:13]
A
Yeah. And it's an important point you bring up about youth unemployment too. And you know, you think about, we don't yet know how this might be impacting specific pockets. And you know, one Example being black women, the latest job numbers showing there were 319,000 fewer Black women employed in July compared to February 2025. So I feel like as we're at this turning point, like kind of paying attention to those subgroups is also going to be like a really interesting thread to follow.
- [04:36]
B
And our friend Steve Liesman over at CNBC was having a really smart discussion this morning when talking specifically about African American women in this category. And that all of the gains, so much of the gains made in that red hot jobs market we had had been new entra to the labor market. There had been disproportionate gains for black women. And so is it a first, last in, first out kind of situation in terms of the job market? And that's something really important to watch.
- [05:00]
A
Yeah. Let's talk a little bit about now, the politics of all of this, because this is a Bureau of Labor Statistics report that we are talking about here on this Friday. This is after we just saw the president abruptly fire the last commissioner. I guess it's important to point out for our listeners that the current head of the BLS is not Trump's appointee. It's just someone who's there as an acting role. But the President has his own person in line for Senate confirmation. Can we trust these numbers in the.
- [05:26]
B
First place, I get so concerned about questioning the data that we have all come to use as sort of the facts on which all the other decisions are made. We know these numbers are revised, Brian. They're always revised. Sometimes they're revised a lot. In fact, you and I cover this. There are pages and pages of data that come from two different surveys that are done by public servants who work for the Bureau of Labor Statist. There is no evidence that you can cook these numbers for political benefit on one side or the other. There's plenty of evidence. These numbers can change a lot. We all know that and we all adjust accordingly. Right. So I just get concerned when you start to throw numbers are rigged or the numbers are. I just, there's just no evidence that that's happening.
- [06:10]
A
So the president was saying yesterday, ahead of these numbers that the, quote, real numbers on the economy won't be coming until a year from now. What's the interpretation of that?
- [06:21]
B
So this is exactly President Trump's playbook. If the numbers are good, it's because it's his economy. If the stock market is at record high, it's because everyone is looking forward to how he's remaking the economy. When they're not good, it's either a hangover from Joe Biden or it's because of some other external thing that's not his. This is just, this is exactly how he always plays these numbers.
- [06:43]
A
Let's talk about this current economic moment. We got these numbers. It shows the labor market slowing. What does that mean for the Federal Reserve, knowing that they have a big interest rate meeting coming up on September 17th?
- [06:53]
B
Yeah. The Fed has been kind of weighing two conflicting things here. One is inflation. Inflation is still too high and they're worried it could move higher or they're not sure if it's going to move higher because of all of the tariff pressure that is just slowly starting to come through the economy. On the other hand, they're worried that these higher interest rates may be slowing the labor market and other things happening in the economy might be slowing the labor market. Until now, they've been more worried about inflation. I think they've shifted and I think Fed Chief Powell has signaled that they've shifted to now. They're more concerned about the labor market slowing and something dangerous happening there. So I think the Fed can cut rates in September. That's the going wisdom, at least for today. Markets are reflecting a 99% chance that the Fed cuts interest rates a little bit in September. They're also expecting they keep cutting them. And I'm not sure that's a slam dunk. And I don't know what you think, but there's a lot of data between now and then. If you get a real really hot inflation number, it really could tie the Fed's hands.
- [07:47]
A
Christine Romans, thank you. Yep. Okay, everybody, we're going to take a quick break to pay the bills. And when we're back, we're talking about the gray wave. What's that, you ask? Stay tuned to find out. Brb. And we are back with here's the scoop. America is aging. Right now, the over 65 crowd makes up about 17% of the population, but the Census Bureau projects that proportion will increase to 23% in the next couple of decades. Translation. By 2050, about 1 in every 4 people in the US will be older than 65. The problem is benefits are just not keeping up with the demographic shift, much less the skyrocketing cost of living. And one of the unfortunate outcomes is a rise in homelessness among America's seniors. Our correspondent Stephanie Gosk has just made an NBC News digital documentary about this in which she followed several people impacted by this trend. I asked her to tell me about one of them, a man named Vernon.
- [09:01]
C
And this Is the story that I think will probably surprise a lot of people. This is not a man who has been in and out of homelessness his whole life. This is a man who worked as a security guard. Well, not a guard. He actually monitored security cameras at the Dillards. He also had kids, he was married. He even had a 401k. But it wasn't enough money to live off of his Social Security, so he continued the job until his eyesight started to go.
- [09:29]
A
This seems so ironic that the one thing that was my most valuable asset, which is my eyes for that job, was what was taken away from me.
- [09:42]
C
He burned through the 401k savings and then didn't have enough to pay for the apartment that he shared with his adult son and their dog. And he was out on the street at age 69.
- [09:56]
A
We got a shopping cart and filled it with personal belongings, mostly clothes, and hit the streets. I spent my 70th birthday on the streets.
- [10:09]
C
Here is a man who lived a middle class existence for a long time. He had to learn how to live on the streets. Dangerous, difficult. And in Phoenix in the summer when we met him, the day we met him, it was over 100 degrees. He was telling us things like, you know, what do you do on the first night? They went to a bus stop. They thought maybe a bus stop will be the safest place. Not a very comfortable place, but perhaps the safest. They then figured out other things. The church down the street that would actually let them sleep there instead. Safer, more comfortable. But they had to leave in the morning. It was just remarkable to talk to a man at that age and have him describe that process.
- [10:53]
A
I mean, something that's kind of jarring about Vernon's story is that he kind of did everything right. He had a job and was living a modest life with a family, had a 401k, even thinking about his retirement.
- [11:05]
C
Yeah.
- [11:05]
A
So then how did the system fail him such that he ended up homeless?
- [11:11]
C
Well, in Phoenix, like many major cities around the country, the cost of living has just skyrocketed. Rents have skyrocketed, and there was this fallout from COVID where there's just a scarcity of housing. So that really was at the crux of the problem for Vernon. There just weren't places where he could afford to live. And a lot of people have found themselves in that position in Phoenix, and a proportion of them are over the age of 65 and homeless for the very first time. And think about it, you know, at that age, navigating the system is incredibly Complicated. Right. You've got to go online, you've got to contact all these people. All those things are difficult and complicated, and seniors need assistance with it.
- [11:57]
A
So tell us about how widespread this issue is across the country. Are there any numbers that kind of illustrate how pervasive a problem this is?
- [12:05]
C
Last year, there were 42,000 people over the age of 65 who were homeless. And experts project that that number could be more than 100,000.
- [12:14]
A
Wow. By 2030, more than double.
- [12:16]
C
Yeah. Those are huge numbers.
- [12:18]
A
I feel like people who are listening to this can't help but think about their own parents or grandparents.
- [12:23]
C
Oh, absolutely.
- [12:24]
A
And think how. How could this be happening to that demographic? I mean, what struck you as you were kind of doing this reporting? Was there any kind of emotional journey that you went through personally as you were seeing these people who kind of by bad luck ended up in these situations?
- [12:39]
C
Yeah, Brian, it's shameful. It's shameful. We have people in this country living like that at that age. And it can be a combination of factors. Certainly our families need to look out for us. Right. And that is a part of reaching that age as a senior. But also the country does.
- [13:00]
B
Right.
- [13:01]
C
And are we doing a good enough job locally on the state level, on the federal level, to help people? I mean, we are not even close in a city like Phoenix to giving people what they can survive on through a Social Security check.
- [13:19]
A
So, Steph, what are the solutions in the interim? I understand that Vernon is in what is now, I guess, an increasing trend around this country, which is a homeless shelter specifically for seniors.
- [13:29]
C
Yes. And a senior specific homeless shelter is necessary for a number of reasons. They need more staff. Senior homeless people suffer from more health conditions. A lot of them have mobility problems. So you have to have hallways that are wide enough for walkers or wheelchairs. But when you talk about solutions, there is just one headliner, a headliner solution for the entire country, and that is more affordable housing. We talk about it all the time. But more affordable housing so that seniors can get off the streets. And maybe it means targeting some of that housing specifically to seniors and making sure that there is specific outreach to them because they need extra help.
- [14:16]
A
Because, I mean, as you point out in this piece, at least at this specific facility in Phoenix, they can only stay at these senior only homeless shelters for a certain amount of time. Two years.
- [14:24]
C
Two years. Vernon, when we spoke to him, had eight months left. He had a number of applications into housing, affordable housing, but he had not found a place to live. And here he is. He's now in his 70s. And I said to him, are you afraid that you might end up back on the street? And he lives with that fear.
- [14:48]
A
You know, the one thing that I don't want to be remembered when people hear about my death is that I died in a homeless shelter. Is there any hope for change on the horizon?
- [15:00]
C
Well, to be honest, I think we just need to hear these stories. We need to meet these people. We need to try to remove the stigma, reveal the humanity of their experience, and hopefully elicit some response from family, from friends from the country to stand up and try to help people who are in this situation.
- [15:24]
A
The documentary is called the Gray Rising Homelessness for American Seniors. And you can find it on nbcnews.com as well as on YouTube. NBC News correspondent Stephanie Goss, thanks so much. You're welcome. All right. Well, let's hit the headlines. Hundreds of South Korean nationals were arrested Thursday at Hyundai's new battery plant in Ellabelle, Georgia. It was part of a massive raid carried out by federal and immigration agents. Our local NBC affiliate wsav described the scene. What looked like hundreds of undercover law enforcement vehicles and Humvees flooded Kia Drive, the main entrance to the mega site. The Department of Homeland Security said everyone arrested, again mostly South Korean nationals, were working unlawfully in the US it's the largest single site enforcement operation in the history of the department. Hyundai, which is operating the new plant as part of a joint venture with LG Energy Solution, confirmed the law enforcement presence and said the company is cooperating. But the raid is quickly becoming an international incident, with South Korea's Foreign ministry expressing concern and regret. And as a reminder, this comes just weeks after South Korea signed a trade deal with Washington, pledging $350 billion in U.S. investments to stand up factories of the likes of Hyundai's in Ellabelle, Georgia. President Trump is rebranding the Pentagon. Well, sort of. He's set to sign an executive order adding Department of War as a side title of the Department of Defense. Two White House officials are telling NBC News now it won't actually rename the department. They give it sort of as a secondary name. But according to a White House preview of the order, it does give Defense Secretary Pete Hegsett the green light to call himself secretary of war in speeches, memos, even at ceremonies. Trump's order also tells every other federal agency to recognize those titles in official communications. Now, formally changing the department's name would require an act of Congress, but the White House says this move is meant to send a strong signal in how the US talks about its military role 2024 number one pick and two time all star player Caitlin Clark will be sitting out the rest of the 2025 WNBA season. This announcement comes just before a few final pivotal games that will decide whether the Indiana Fever, who Clark plays for, or the Chicago sky snagged the final spots in the WNBA playoffs. Clark hasn't been seen in a game since July 15 after suffering a groin injury against the Connecticut Sun. Clark posted on Instagram last night saying to her fans, disappointing is not a big enough word to describe how I'm feeling the Catholic Church is about to make history Carlo Acutis, an Italian teenager who died of leukemia in 2006, is set to become the first millennial saint, dubbed God's Influencer and the patron of the Internet after the Church recognized the second miracle attributed to him. Pope Leo XIV will officially declare Acutus a saint in a ceremony at St. Peter's Square this Sunday. NBC News foreign correspondent Claudio Lavanga explains to us the significance of the sainthood. He was a regular teenager who loved video games, who loved hanging out with friends. But he also had one passion that set him aside from the rest. He had a strong devotion for Jesus and the Catholic Church. And since he died, millions of pilgrims from around the world, especially young Catholics, visited and prayed at his shrine in Assisi, where his body is lying, dressed only with sneakers, jeans and a sweatshirt. So I wouldn't be surprised if on Sunday hundreds of thousands of people, mainly young Catholics, will pack St. Peter's Square to witness his elevation to sainthood. Thanks, Claudio. Looks like holiness is going to go viral this weekend.
- [19:12]
B
Must be funny in the rich man's world.
- [19:16]
A
Yep, ABBA said it best. Money is funny in a rich man's world, and you could become part of that world. The Powerball. It's back and bigger than before. Since no one won the drawing on Wednesday. That $1.4 billion payout? Yeah, it's now 1.7 billion for Saturday's drawing. So if you get lucky, there are a few ways you can cash in on those winnings. You could receive a lump sum of that 1.7 billion billion, minus taxes, of course. That'll leave you with about 770.3 million. Or you could receive about $1 billion in an annuity of 30 payments over 29 years. Either way, you're probably set for life. So on your way home from work, maybe stop by your local convenience store to test your luck. You might not have to go to work again. Well, that's going to do it for us here at. Here's the scoop from NBC News. Have a great weekend, everyone signing off. I'm Brian Chung. See you next time, unless I win that money.