Name: Capitol Report (June 3): Biden Brushes Off Musk’s Comment on Economy; Analysis: Inflation to Stay
Uploaded: 2022-06-04T12:06:38.000Z
Description: President Joe Biden touts May’s jobs report, even as he admits it’s overshadowed by record-high inflation. And as Elon Musk warns about the economy, Biden brushes it off.

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President Joe Biden touts May’s jobs report, even as he admits it’s overshadowed by record-high inflation. And as Elon Musk warns about the economy, Biden brushes it off.

To break down the latest jobs report, and what to expect in the labor market moving forward, we'll hear from Bankrate's chief financial analyst.

The Biden administration’s oil reserve releases are under scrutiny. Republicans have raised concerns about how they may impact U.S. national security.

In an email titled "pause all hiring worldwide," Tesla CEO Elon Musk said he has a "super bad feeling about the economy." The email was obtained by Reuters. In another email to employees on Friday, Musk said Tesla will be reducing salaried headcount by 10 percent. He added that the job cuts do not apply to anyone actually building cars, battery packs, or installing solar.

This latest directive comes days after he told staff to return to in-person work or leave the company.

And inflation is here to stay for at least the next year, according to many economists we've spoken to. And it's possible to see prices rise more because it's also unclear if inflation has reached its peak.

A new museum memorializing victims of communism will open its Tiananmen Square massacre exhibit for the June 4 anniversary. A spokesperson says that education is important because most Americans don't know the history of communism.

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