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Welcome to The Morning Sixpack Podcast. Today’s lineup takes us from an unexpected jobs setback here at home to growing political drama in Washington and rising tensions across the Middle East. Let’s get into it.
The U.S. labor market unexpectedly lost 23,000 jobs in July, raising fresh concerns about the economy. While the unemployment rate ticked lower, it did so because fewer Americans were actively looking for work. Add in downward revisions to previous months, and the labor market suddenly looks much softer than many economists expected. The latest report also complicates the Federal Reserve’s next move on interest rates.
President Trump is making another run at birthright citizenship after his first effort was rejected by the Supreme Court. His new executive orders take a narrower approach, targeting specific categories of citizenship eligibility while also cracking down on so-called birth tourism. The legal challenges are already lining up, ensuring this debate is headed back to the courts.
Iran is raising the stakes in the Strait of Hormuz with a proposal that could reshape global shipping. Tehran is considering banning vessels tied to the United States and Israel while imposing new transit fees on commercial traffic through one of the world’s most important energy corridors. Even before anything becomes law, markets are paying close attention.
Todd Blanche’s nomination for attorney general is suddenly in serious trouble. Another Republican senator has announced opposition, leaving Blanche with almost no room for additional defections. Unless Senate leadership can change some minds, Trump’s nominee could find himself short of the votes needed for confirmation.
Saudi Arabia, Turkey and Pakistan have signed a new joint defense agreement in response to growing instability across the Middle East. The pact commits the three countries to mutual defense and reflects a broader effort by regional powers to strengthen their own security partnerships as the conflict involving Iran continues to expand.
Republicans are increasingly distancing themselves from Congressman Max Miller. More GOP senators are publicly urging him to resign over domestic abuse allegations made by his ex-wife, allegations he denies. With a ballot deadline fast approaching and polling deteriorating, Republicans are weighing whether they need a new candidate to protect what was once considered a safe House seat.
That wraps up today’s Morning Sixpack Podcast. Thanks for listening, and we’ll see you next time with another fast look at the stories shaping politics, markets and the world.
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