Joe Brusuelas joins Nicole Petallides at the NYSE with a dampened economic picture for U.S. growth following July's jobs report. He says the downward revisions in June and May sent a "big chill" across the labor market. He doesn't believe a recession will occur, but says stagflationary conditions could arise. Discussing manufacturing jobs, he asks: "Where are we going to get these workers?" Joe calls the lack of demand for these roles a part of "affluenza" in the U.S. For the Fed, he says "they didn't make a mistake" by not cutting this week because they didn't have the latest labor market data.

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