The Fox News Rundown Evening Edition: A Look At The U.S. Economy Following The Shutdown
Nov 13, 2025
In this discussion, Gary Kaltbaum, President of Kaltbaum Capital Management and Fox Business Network contributor, dives into the nuances of the U.S. economy post-shutdown. He expresses concerns over the job market's fragility and the risks tied to consumer spending. Kaltbaum critiques overly optimistic AI projections and highlights historical patterns that echo the tech sell-off of 1999. He also advocates for regulatory measures in crypto and discusses the bullish outlook for gold amid rising government debt. Kaltbaum remains confident in America's economic resilience.
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Job Market Drives The Economy
- A weakening job market threatens consumer spending, which drives roughly 70% of U.S. GDP.
- If jobs falter, the economy could face significant trouble despite current GDP appearing okay.
Payroll Stocks As Early Warning
- Declines in payroll-processing and pay-related stocks can foreshadow broader weakness in the jobs market.
- Gary flags ADP and paycheck-related stocks falling sharply as an early warning sign.
Travel And Hospitality Softness
- Consumer-facing sectors like airlines, hotels, and restaurants are showing softness in Gary's samplings.
- He worries this could be more than cyclical and needs close monitoring.