Bale returns to Real Madrid squad for Roma friendly despite uncertainty over future

The forward’s future at the club has been up in the air following the breakdown of a move to China, but he is back in Zinedine Zidane’s squad

Gareth Bale has been included in Real Madrid’s squad for their friendly against Roma on Sunday, despite uncertainty over the forward’s future at the Santiago Bernabeu.

The Wales international was on the verge of leaving the club this summer in a lucrative £1 million-a-week switch to Jiangsu Suning, but the move broke down and it remains unclear where he will play this season.

Madrid boss Zinedine Zidane has made no secret of his desire to see the 30-year-old move on and his pronouncements on the matter drew stinging criticism from the player’s agent.

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With a bitter stand-off ensuing, Bale was subsequently omitted from a number of Real Madrid squads this pre-season.

He has featured in just two of Los Blancos’ six warm-up friendly matches thus far – against Arsenal and Atletico Madrid in July.

However, his inclusion in Zidane’s 20-man squad for the club’s final pre-season fixture ahead of their La Liga opener could potentially signal a change of circumstances, with a stay in the Spanish capital still a possibility.

Bale joins Eden Hazard, Luka Jovic and Karim Benzema among the forwards for the Roma game, and faces plenty of competition for a place in the team.

Toni Kroos, Luka Modric, Casemiro and Isco have been included in a strong squad, as have Marcelo and Raphael Varane.

Keylor Navas and Thibaut Courtois, meanwhile, will continue to fight it out for the number one jersey.

James Rodriguez, who has been linked with Napoli and Atletico Madrid is out, however, as is forward Mariano Diaz after losing his number seven shirt to Hazard.

Club captain Sergio Ramos, meanwile, is also absent, while goalkeeper Andriy Lunin remains in Madrid.

Real Madrid take on Roma at Stadio Olimpico in their last pre-season friendly, with kick-off scheduled for 7pm BST (2pm ET).

They will then turn their attentions towards Celta Vigo, who host them on August 17 in their opening La Liga match of the 2019-20 campaign.

Real Madrid squad for Roma friendly

Goalkeepers: Navas, Courtois, Fuidias

Defenders: Carvajal, Militao, Varane, Nacho, Marcelo, Odriozola

Midfielders: Kroos, Modric, Casemiro, Valverde, Isco

Forwards: Hazard, Benzema, Bale, Vazquez, Jovic, Vinicius Jr.

Man City 2019 season: Friendlies, transfers, rumours & Premier League fixtures

The Premier League champions will be hopeful of following up their title-winning campaign with even more silverware

Having won the domestic treble for the first time in history, capped by a tremendous 6-0 annihilation of Watford in the FA Cup final, Manchester City and Pep Guardiola will be eager to get preparations for the upcoming campaign under way.

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The Sky Blues were crowned Premier League champions ahead of second-placed Liverpool in what was one of the most thrilling title races in recent history, and there is no doubt that they will be pushing to win a third consecutive league victory.

Guardiola’s side will surely, however, have winning the Champions League as a top priority come next season after their European campaign ended in disappointment in the quarter-final stage at the hands of Tottenham.

Ahead of the upcoming campaign, Goal takes a look at Man City’s pre-season friendly schedule, the club’s transfer activity and when their Premier League defence begins again.

Man City pre-season fixtures

Date Match Time (UK / US ET) Venue
Jul 16 West Ham 1-4 Man City 1:30pm /  8:30am Nanjing Olympic Sports Center, China
Jul 19 Wolves 0-0 Man City (3-2P) 11am /  6am Hongkou Football Stadium, China
Jul 24 Kitchee 1-6 Man City 1pm / 8am Hong Kong Stadium, Hong Kong
Jul 27 Yokohama F. Marinos 1-3 Man City 11:30am / 6:30am International Stadium Yokohama, Japan
Aug 4 Man City 1-1 Liverpool* (5-4 pens.) 3pm / 10am Wembley Stadium

*2019 Community Shield

Man City’s confirmed pre-season friendlies include participating in the Premier League Asia Trophy, kicking off with a matches against West Ham and Wolves in China.

A game against Kitchee followed before they faced off with Yokohama F. Marinos in Japan shortly after.

They will, of course, be meeting with Liverpool at Wembley   in the Community Shield to serve as the curtain-raiser for the new 2019-20 season.

Typically, the Community Shield is contested by the winners of the Premier League and FA Cup, but since City won both, their opponents will be second-placed finishers Liverpool.

Man City 2019-20 transfer activity

Vincent Kompany announced his departure from the Etihad and his return to Anderlecht as player-manager following the end of his contract – a day after the Sky Blues won the FA Cup against Watford – bringing an end to 11 years at the club. 

The club’s big-money signing is undoubtedly Spanish midfielder Rodri, who arrives in the north-west from Atletico Madrid.

Fabian Delph has departed, joining Everton in a £10 million ($12.5m) deal.

Position Player Transferred from Fee Date
DF Angelino PSV £5m Jul 3
MF Rodri Atletico Madrid £63m Jul 4
DF Joao Cancelo Juventus n/a Aug 7
GK Zack Steffen Columbus Crew £7m Jul 9
Position Player Transferred to Fee Date
CB Vincent Kompany Anderlecht Free Jun 30
DF Tom Dele-Bashiru Released Free Jul 1
MF Jack Harrison Leeds United Loan Jul 1
MF Patrick Roberts Norwich City Loan Jul 1
MF Fabian Delph Everton £10m Jul 15
DF Philippe Sandler Anderlecht Loan Jul 17
DF Danilo Juventus n/a Aug 7

Man City 2019-20 Premier League fixtures

Man City began than their defence of the Premier League title on August 10 with an away fixture against West Ham .

Tottenham lie in store the following week, with Bournemouth, Brighton and Norwich City completing their opening five gameweeks.

Click here to see Man City’s Premier League fixtures in full.

Man City 2019-20 squad numbers

No. Pos Player
1 GK Claudio Bravo
2 DF Kyle Walker
5 DF John Stones
7 FW Raheem Sterling
8 MF Ilkay Gundogan
9 FW Gabriel Jesus
10 FW Sergio Aguero
11 MF Oleksandr Zinchenko
12 DF Angelino
14 DF Aymeric Laporte
15 DF Eliaquim Mangala
16 MF Rodri
17 MF Kevin De Bruyne
19 MF Leroy Sane
20 MF Bernardo Silva
21 MF David Silva
22 DF Benjamin Mendy
25 MF Fernandinho
26 MF Riyad Mahrez
27 DF Joao Cancelo
30 DF Nicolas Otamendi
31 GK Ederson
32 GK Daniel Grimshaw
47 MF Phil Foden
/ GK Scott Carson

Manchester United vs Chelsea: TV channel, live stream, squad news & preview

Frank Lampard will get a baptism of fire in the Premier League as he takes his side to Old Trafford in a blockbuster opening weekend clash

Manchester United’s fixture against Chelsea at Old Trafford is undoubtedly the standout clash of the opening weekend of the Premier League season.

After finishing a disappointing sixth last time around, Ole Gunnar Solskjaer’s task is to lift the Red Devils back into title contention and after a strong performance in pre-season, the early signs are positive.

Chelsea, meanwhile, have been shackled by a transfer ban this summer but in the dugout will have club legend Frank Lampard, who will take charge of his first top-flight match, having replaced Maurizio Sarri in the summer.

Game Manchester United vs Chelsea
Date Sunday, August 11
Time 4:30pm BST / 11:30am ET
Stream (US) fubo TV (7-day free trial)

In the United States (US), the game can be watched  live and on-demand with fuboTV (7-day free trial) .

New users can sign up for a free seven-day trial of the live sports streaming service, which can be accessed via iOS, Android, Chromecast, Amazon Fire TV, Roku and Apple TV as well as on a web browser.

US TV channel Online stream
NBCSN fubo TV (7-day free trial)

In the UK, the match will be shown on Sky Sports Main Event and Sky Sports Premier League. It can be streamed via Sky Go Extra.

UK TV channel Online stream
Sky Sports Main Event / Sky Sports Premier League Sky Go Extra
Position Man United squad
Goalkeepers De Gea, Grant, Romero, J.Pereira
Defenders Dalot, Wan-Bissaka, Bailly, Jones, Lindelof, Rojo, Smalling, Tuanzebe, Shaw, Young, Maguire
Midfielders Pogba, Mata, Lingard, A. Pereira, Fred, Matic, McTominay, James, Gomes, Garner, Chong
Forwards Rashford, Martial, Greenwood

Manchester United starting XI: De Gea, Wan-Bissaka, Shaw, Maguire, Lindelof, McTominay, Pereira, Pogba, Lingard, Rashford, Martial.

 

Position Chelsea squad
Goalkeepers Kepa, Caballero, Cumming
Defenders Rudiger, Alonso, Zappacosta, Christensen, Azpiliueta, Emerson, James, Zouma, Tomori
Midfielders Jorginho, Kante, Barkley, Pulisic, Kenedy, Kovacic, Bakayoko, Mount
Forwards Pedro, Giroud, Willian, Abraham

Chelsea starting XI: Kepa; Azpilicueta, Christensen, Zouma, Emerson; Kovacic, Jorginho; Mount, Barkley, Pedro; Abraham

Manchester United are 5/4 favourites at  bet365 . Chelsea are on offer at 13/5, while the draw is priced at 23/10.

Click here to see all of bet365’s offers for the game, including goalscoring markets, correct score predictions and more.

Ahead of the opening Premier League fixture of the season, a home clash against Chelsea, Manchester United boss Ole Gunnar Solskjaer is content with the work his club have done this summer.

The Red Devils negotiated their six pre-season fixtures without a defeat, while the Norwegian is content with the club’s transfer market.

Harry Maguire, Aaron Wan-Bissaka and Daniel James were all added to the club’s ranks, and though some critics have suggested that this is not enough to lift United to the realm of title contenders, Solskjaer is content to play the long game.

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“It’s not about a quick fix. It’s about a longer rebuild,” he told the press on Friday. “It’s about getting the right players, the right people in, and it’s not time to suddenly, in the last three days of the window, change that attitude when you haven’t got the right ones, you haven’t got the right people, you haven’t got the right players, or you haven’t got the answers.”

Although United have traditionally been known for their storming finishes to seasons, there has been no team in the history of the Premier League quicker off the mark. From 27 opening fixtures, they have picked up 18 victories and averaged 2.15 points – a tally that no team with more than five seasons in the division can match.

Hoping to stop them in their tracks this time around are Frank Lampard’s Blues, with the club legend taking charge of a competitive match for the first time since making the summer switch from Derby.

Like Solskjaer, he will take a long-term approach with his team, though unlike his counterpart at Old Trafford, his philosophy has been forced due to a year-long transfer ban.

The former England midfielder, whose Derby side won a Carabao Cup tie on penalties away to United last season, wants his side to play a purposeful, high-octane brand of football under his guidance.

“I want us to train how we want to play, to replicate that, even if I don’t think you can turn the switch on and off when you play,” he said.

“I want energy in my team. I want us to have possession of the ball. We have players who have the quality to handle the ball, but I don’t want it for possession’s sake. I want us to be an exciting team to watch so we can move the ball through the pitch quickly and create chances.”

The legacy Lampard has built at the club combined with the difficult conditions he is working under will surely offer him insurance against impatience from the stands, but a win at Old Trafford would be a great way to start.

Lukaku arrives for Inter medical as he nears €80m Man Utd exit

The Belgium international has arrived in Milan to complete a switch to the Serie A side after talks with Juventus fell through

Romelu Lukaku has arrived in Milan to undergo a medical with Inter as he prepares to finally complete his move away from Manchester United.

Goal reported earlier on Wednesday that talks between the two sides were ongoing as they sought to reach a deal that would see Lukaku finally link up with Nerazzurri head coach Antonio Conte

The latest comes amid suggestions that the Belgian’s relationship with United boss Ole Gunnar Solskjaer has broken down, with the Norwegian having apparently informed the forward that he would be expected to train with the Under-23s until there was some resolution regarding his future.

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Conte has tried to sign Lukaku on more than one occasion in the past, having failed to land the ex-Everton man while in charge of Juventus and Chelsea, but it seems he will now finally get his man.

Federico Pastorello, the Belgian’s agent,​ initially posted an image on Instagram of he and the striker on a plane heading for Italy to complete the transfer to Inter.

The caption of the post reads: “Ready to take off …. direction Milan ?? !!! Inter … we are coming.”

And the pair have now arrived in Milan, with Lukaku being greeted by hundreds of Inter fans chanting as name as the Nerazzurri appear all set to beat rivals Juventus to his signature.

Inter will pay a fee that will total €80 million (£74m/$90m) for Lukaku, with United also receiving a set percentage of the striker’s next transfer fee as part of the deal.

Reports suggest that his former club Everton could receive as much as £5m due to a sell-on clause of their own in the deal which saw Lukaku arrive at United in 2017 for a £75m ($91m) transfer fee.

The Premier League transfer window closes on Thursday, but Solskjaer is in no rush to sign a replacement for the 26-year-old and, as such, the club are under no pressure to rush a deal through. 

After a summer of speculation, that saw Juve enter the race and seek a swap deal involving Paulo Dybala, Inter finally appear to be putting the finishing touches on the deal for Lukaku.

That would leave the Italian club with over a fortnight to integrate their new front man into their squad ahead of their opening Serie A fixture against Lecce on August 26. 

Dybala and Martinez headline Messi-less Argentina squad for Chile and Mexico friendlies

Lionel Scaloni named seven uncapped players for his side’s friendlies next month

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Paulo Dybala and Lautaro Martinez headline Argentina’s squad for upcoming friendlies against Chile and Mexico with Lionel Messi missing through suspension.

Lionel Scaloni named a 27-man squad on Sunday, featuring seven uncapped players including Alexis Mac Allister, Leonardo Balerdi, Nicolas Figal, Lucas Martinez, Nicolas Dominguez, Lucas Ocampos and Adolfo Gaich.

Mac Allister, 20, is on loan at Boca from Premier League club Brighton and Hove Albion, who signed the attacker in January.

Of the seven, five currently ply their trade in Argentina with Balerdi currently featuring for Borussia Dortmund while Ocampos is on the books at Sevilla. 

Argentina, who finished third at the Copa America, are without superstar Messi as the forward serves a ban.

The Barcelona star is set to miss out after criticising the officiating at this summer’s Copa America, alleging that CONMEBOL was “corrupt” in favour of hosts Brazil. 

CONMEBOL opted to suspend Messi for Argentina’s next three matches while hitting him with a $50,000 (£41,000) for his controversial comments.

As a result, Messi will miss the friendly matches against Chile and Mexico as well as an October friendly against Germany and a one-match World Cup qualifying ban.

It is an inexperienced squad for the friendlies in September, with Sergio Aguero and Angel Di Maria among the players joining Messi in missing out on the pair of matches.

Argentina are set to take on Chile at the Los Angeles Coliseum on September 5 before taking on Mexico at the Alamodome in San Antonio, Texas five days later.

The fixtures will be Argentina’s first matches since they defeated Chile 2-1 in the Copa America third-place playoff on July 6.

Goalkeepers: Esteban Andrada (Boca Juniors), Franco Armani (River Plate) and Agustin Marchesin (Porto).

Defenders: Nicolas Otamendi (Manchester City), German Pezzella (Fiorentina), Leonardo Balerdi (Borussia Dortmund), Marcos Rojo (Manchester United), Lucas Martinez Quarta (River Plate), Gonzalo Montiel (River), Nicolas Figal (Independiente), Nicolas Tagliafico (Ajax).

Midfielders: Marcos Acuna (Sporting CP), Leandro Paredes (Paris Saint-Germain), Guido Rodriguez (Club America), Giovani Lo Celso (Tottenham), Nicolas Dominguez (Velez), Rodrigo De Paul (Udinese), Matias Zaracho (Racing), Roberto Pereyra (Watford), Exequiel Palacios (River Plate), Lucas Ocampos (Sevilla), Manuel Lanzini (West Ham),  Alexis Mac Allister (Boca).

Forwards: Joaquin Correa (Lazio), Lautaro Martinez (Inter), Paulo Dybala (Juventus) and Adolfo Gaich (San Lorenzo).

'Terrible loser' Lampard proud of Chelsea despite 'very unfortunate' Super Cup defeat

The Blues legend has started his managerial reign with two competitive defeats and admits he doesn’t take any of them lightly

Frank Lampard has labelled himself the worst loser in the world after watching Chelsea lose to Liverpool on penalties in the UEFA Super Cup. 

A 2-2 draw in Istanbul in the first all-English encounter saw the game go to a shoot-out, with the Reds coming out 5-4 winners. 

Liverpool converted all five of their spot-kicks and Tammy Abraham then failed to score his effort, with Adrian making the decisive save on his starting debut for the Jurgen Klopp’s side. 

Chelsea, though, put in a vastly improved performance from their competitive bow under new head coach Lampard, who saw his side taken apart 4-0 away to Manchester United in the Premier League. 

While content with his side’s performance, Lampard conceded he’s not someone to take defeats lightly.  

“My overall feeling is one of pride. I’m a terrible loser, one of the worst in the world, but I’m happy with the team performance because we were very unfortunate,” Lampard told BT Sport. 

“After Sunday, tonight was another level, and we were unlucky not to win. We’ve got three games now till the international break and we’ll try to win them all. 

“Mason Mount and Tammy Abraham added an extra dimension when they came on, and were unlucky not to score.” 

Abraham earlier won the penalty Jorginho converted to make it 2-2 and take the game to a shoot-out but the 21-year-old’s tame effort from 12 yards was saved by Adrian’s right leg, sparking wild Liverpool celebrations. 

“I’ve told him not to worry,” Lampard said of the striker. 

“I’ve missed penalties before, anyone can miss, but what I want to see is the confidence of a young player to step up. 

“But people keep talking about the young players at Chelsea. Let’s talk about Jorginho and [N’Golo] Kante, and I could name a few others. 

“We’ve got a quality bunch in there, a really good group, and we’re working hard. I’m trying to instill the way I want to play and there were so many good things tonight.” 

The Blues must pick themselves up quickly ahead of a Premier League clash against Leicester City on Sunday with Lampard out to avoid a third straight defeat. 

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Degrees in engineering or communications and an open mind to work at Vicaro Cinque

FashionUnited publishes a series of interviews dedicated to the most
requested professions in the fashion industry. We decided to hear from
fashion and e-commerce companies to understand the most popular roles, how
much can be gained by those in these positions, what are the best training
paths and attitudes required to find a job and make a career in fashion and
luxury. Recently, we interviewed Stefano Lora, CEO and Creative Director of
Vicario Cinque, a women’s clothing brand entirely made in Italy. The label
was founded in 2014 by Stefano Lora Showroom, Agency and Distribution of
clothing with thirty-years of experience.

What do these professions deal with? What kind of skills and training
should they possess?

They should have an understanding of the trends of the moment. To
achieve this, we need semioticians and anthropologists, but also analysts
who can process the sellout data. A degree in engineering or mathematics is
indispensable, as is a master’s degree in communications. Classical studies
are recommended because they help to open the mind. Working in fashion
today is certainly more complex than it used to be: the market is evolving,
it is very fast and what was done three years ago is now already
obsolete.

Have you or are you encountering difficulties in finding suitable
applicants for these job positions?

In Vicenza we find it hard to find professional staff for the showroom.
The thing that is fundamental for me is to find people capable of working
in teams, professionals who actually feel part of a team. As for social
management we rely on external agencies, it is a way of working that
guarantees an external point of view and the ability of a professional
expert in the market and to be constantly updated.

What are the right characteristics and aptitudes to work in an
environment like yours?

Degree and master’s degree aside, I must say that it is very important
to have gone abroad and to have traveled. The more open the mind, the
easier it is to have a chance and find the desired job. As I have already
mentioned, the ability to compare and work in teams is essential, as is the
need to stay in-depth, read, study and keep up with daily updates.

Read more:

  • The original version of this interview was published on June 13th, 2019 on
    FashionUnited Italy. The text has been translated and slightly abbreviated
    for an international audience.

    Photos: Stefano Lora, CEO of Vicario Cinque

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    He's Virgil van Dijk! Story behind famous Liverpool chant & lyrics

    The Reds defender is one of his side’s most important & popular players, and has his own song that is now a staple in the Anfield songbook

    Virgil van Dijk has had a monumental impact on Liverpool ever since arriving from Southampton in December 2017 for a then-record fee, and he quickly lived up to his price tag on the pitch.

    He is a favourite amongst Red supporters, and had an instrumental role in Liverpool’s Champions League triumph in 2018-19.

    The Netherlands centre-back managed to transform Liverpool’s defence from one of the most vulnerable in Europe to one of the best, and now, the Anfield faithful have shown him their gratitude by way of his own catchy anthem.

    Liverpool supporters are famed for their songs and fan chants, so it wasn’t long before Van Dijk got his own.

    Sung to the tune of ‘Dirty Old Town’ made famous by British Celtic punk band The Pogues, Van Dijk’s song gained popularity on the Liverpool terraces a few months into the 2018-19 season. Supporters altered the lyrics – originally by Ewan MacColl – which were actually written about Salford, England, a borough in Greater Manchester not too far from Old Trafford, home of Liverpool’s great rival Manchester United.

    The new lyrics reference Van Dijk’s immense skills as a defender and the fans’ pride and appreciation for their No.4.

    Its catchiness has made it almost as popular a tune as Liverpool’s Champions League classic ‘Allez Allez Allez’, with the likes of players such as Alex Oxlade-Chamberlain even singing the chant in the dressing room after the Champions League victory in 2019.

    Below you can watch a rendition of the song performed by Jamie Webster in Madrid, hours before the UCL final against Tottenham.

    ‘He’s Virgil van Dijk’ lyrics

    He’s our centre-half
    He’s our number four
    Watch him defend
    And watch him score
    He’ll pass the ball
    Calm as you like
    He’s Virgil van Dijk
    He’s Virgil van Dijk

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    Trump admin to pay to take British journalists on 'chlorinated chicken' tours: report

    The Trump administration has reportedly offered to pay up to $92,000 for an organization to host British journalists in the U.S. and tour U.S. poultry farms in an attempt to dispel what the federal government says are myths about product standards.

    Citing a tender, BuzzFeed News reported Friday that the administration is seeking organizers that can plan a trip to chicken farms in the U.S., including both organic and convention farming methods. 

    The tours would be an attempt to persuade the British public that concerns about “chlorinated chicken” and other worries about antibiotics and animal welfare standards are unfounded, according to BuzzFeed.

    ADVERTISEMENT

    The trip is meant to smooth out issues that have arisen as a result of the U.S. and United Kingdom seeking to strike a trade deal following the Britain’s 2017 decision to leave the European Union, which is set to occur at the end of next month but has yet to be approved by Parliament.

    British consumers are thought to be resistant to purchasing U.S. meat products because of wariness of American safety standards. In particular, concerns have arisen around chickens washed in chlorine, a standard practice in the U.S. that is banned in the U.K.

    “Almost half of the poll responders (48%) are unaware of the USDA or its food safety programs,” reads a report released by the U.S. Embassy in London, according to BuzzFeed. “Just 1% of British consumers would buy American meat over British.”

    New British Prime Minister Boris Johnson also quipped about the issue during a meeting with Vice President Pence this week, telling Pence that Britons were “not keen on that chlorinated chicken, either.”

    The White House did not immediately return a request for comment from The Hill on the issue Friday.

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    On The Money: Slowing job growth raises 2020 stakes for Trump | Economy adds 130k jobs in lackluster August | Trump knocks media after jobs report

    Happy Friday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

    See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

    Write us with tips, suggestions and news: slane@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

     

    THE BIG DEAL–Slowing job growth raises 2020 stakes for Trump: An underwhelming August jobs report is adding to fears of an economic slowdown, raising the stakes for President TrumpDonald John TrumpPompeo pressed on possible Senate run by Kansas media The Hill’s 12:30 Report: Trump digs in on Hurricane Dorian projection Trump’s mental decline is perfectly clear for those with eyes to see and ears to hear MORE‘s reelection bid.

    ADVERTISEMENT

    The U.S. added roughly 130,000 jobs in August, according to federal data released Friday, undershooting economists’ expectations as the labor market continues to slow. 

    The resilient job market has been one of Trump’s top selling points as he attempts to win re-election on the strength of the U.S. economy. But the disappointing August jobs report threatens to undercut Trump’s message ahead of a critical stretch for the economy.

    • The report comes as the Trump administration and China try to revive trade talks after more than a year of tit-for-tat tariffs between the world’s two largest economies.
    • With just 14 months until the 2020 election, Trump faces a narrowing window to strike a truce with China that could steer the U.S. away from the edge of a recession.
    • Failure to do so could derail not only the U.S. economy, but Trump’s shot at another White House term.

    “Today’s employment data, coupled with earlier revisions to 2018, suggest that we have hit a tipping point,” wrote Diane Swonk, chief economist at Grant Thornton, in a Friday research note.

    I explain why here.

     

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    Four main points:

    • The private sector added just 96,000 of the 130,000 jobs gained in August, and 25,000 of the new workers added last month were short-term hires to conduct the 2020 census.
    • That drags down the total number of jobs added in August to roughly 100,000, well below the gain of 195,000 private sector hires projected Thursday by the ADP Research Institute. 
    • Job growth in July was also revised lower by 5,000 jobs to a gain of 159,000 workers, and June’s gain of 193,000 jobs was cut to 178,000 new workers. 
    • The revisions drove the average monthly jobs gain in 2019 down to 158,000, well below the 223,000 average monthly gain in 2018.

     

    The counter:

    While the U.S. faces higher odds of a recession, the country still enjoys a strong labor market, steady consumer spending, and solid wage growth. Roughly 571,000 people joined the workforce in August, pushing the labor force participation rate higher and keeping unemployment steady at 3.7 percent.

    “The stories in the paper have generated a psychology that is vastly worse than the reality,” National Economic Council Director Larry KudlowLawrence (Larry) Alan KudlowMORE told reporters at the White House on Friday.

     

    Trump responds by bashing the press: We’ve written quite a bit over the past few months about how Trump’s fate in 2020 is largely tied to the state of the economy. 

    Trump’s primary response to economic adversity has been blaming the media and the Federal Reserve, which he did Friday before and after the jobs report was released.

    “The Economy is great. The only thing adding to ‘uncertainty’ is the Fake News!” Trump tweeted Friday.

    Trump has also stepped up his attacks on the Fed, ripping the central bank for not matching the negative interest rates of European countries, even as the U.S. economy grows.

    “The Fed should lower rates. They were WAY too early to raise, and Way too late to cut — and big dose quantitative tightening didn’t exactly help either,” Trump tweeted Friday.

     “Where did I find this guy Jerome? Oh well, you can’t win them all!” Trump added, referring to Fed Chairman Jerome Powell, whom the president nominated to lead the central bank in 2017.

     

    ON TAP NEXT WEEK

    Tuesday:

    • Treasury Secretary Steven MnuchinSteven Terner MnuchinTreasury unveils plan to release Fannie, Freddie from government control On The Money: Stocks rally as US, China agree to trade talks | House to vote on stopgap spending measure | Treasury unveils plan to overhaul Fannie, Freddie | Economists make case for wealth tax China, US agree to meet in October for trade talks MORE, Housing and Urban Development Secretary Ben CarsonBenjamin (Ben) Solomon CarsonHomelessness and the high cost of living More hurricanes loom, but Puerto Rico and Virgin Islands are still waiting on disaster funding Trump reignites Puerto Rico feud amid Hurricane Dorian MORE, and Federal Housing Finance Agency Director Mark Calabria testify before the Senate Banking Committee on the Trump administration’s housing finance reform plan, 10 a.m.
    • The House Financial Services Committee holds a hearing on student loans and student loan servicing, 10 a.m.

     

    Wednesday:

    • A House Financial Services subcommittee holds a hearing on private market exemptions and initial public offerings, 10 a.m.
    • A House Financial Services subcommittee holds a hearing on the macroeconomic impacts of climate change, 2 p.m.

     

    Thursday:

    • The House Judiciary Committee holds a hearing entitled “Online Platforms and Market Power, Part 3: The Role of Data and Privacy in Competition,” 9 a.m.
    • The House Financial Services Committee Task Force on Artificial Intelligence holds a hearing on data security in the financial services industry,  9:30 a.m.
    • The Senate Banking Committee holds a hearing entitled “Developments in Global Insurance Regulatory and Supervisory Forums,” 10 a.m.

     

    GOOD TO KNOW

    • The Treasury Department and IRS on Friday issued proposed rules to reduce donor disclosure requirements for certain tax-exempt groups after a federal judge struck down guidance the agencies had previously released.
    • Investigators with the House Financial Services Committee have reportedly found possible failures by Deutsche Bank in its money laundering controls concerning the bank’s dealings with Russian oligarchs, according to Reuters.
    • A coalition of eight attorneys general has launched an investigation into Facebook over potential antitrust violations, New York Attorney General Letitia James announced Friday.

     

    ODDS AND ENDS

    • Newly released data shows that attendance at SoulCycle classes has continued to drop a month after the exercise chain wandered into a political firestorm.
    • Apple says that the iPhone vulnerabilities disclosed by Google last week were targeted at the Uighur ethnic group, an oppressed minority in China, and were not as widespread as the internet search giant had claimed.

     

    RECAP THE WEEK WITH ON THE MONEY:

    • Tuesday: Stocks decline as Trump digs in on trade war | New tariffs on Chinese goods take effect | Deutsche Bank throws curveball in Trump tax return fight
    • Wednesday: China poses high-risk test for Trump | White House wish list includes border wall funds | Greenspan sees negative rates on horizon | Google to pay $170 million fine to FTC over kids’ privacy on YouTube
    • Thursday: Stocks rally as US, China agree to trade talks | House to vote on stopgap spending measure | Treasury unveils plan to overhaul Fannie, Freddie | Economists make case for wealth tax