About That Blockbuster Jobs Report ...

Real Vision: Finance & Investing

Real Vision

Business News, News, Investing, Business

4.1 • 1.1K Ratings

🗓️ 5 August 2022

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Equity futures tanked and Treasury yields spiked this morning after the Bureau of Labor Statistics reported the U.S. economy added 528,000 jobs in July, as investors priced in another 75-basis-point rate hike when the Federal Reserve meets in September. The major U.S. stock indexes rallied, rolled over, and rallied again into the afternoon, reflecting what remains the murkiest macro environment in recent memory. Meanwhile, on the increasingly fraught geopolitical front, China stepped up its military activity around Taiwan, sanctioned Nancy Pelosi, and cut off military and climate talks with the U.S. Maggie Lake welcomes Jeffrey Schulze, a director and an investment strategist at ClearBridge Investments, to the Daily Briefing to talk about today’s jobs report and what it means for the Fed, markets, and investors. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:42.4	Enjoy the show.
0:53.0	How can the U.S. be in recession when the labor market is expanding so rapidly?
0:57.8	Hey everyone, welcome to the daily briefing Jeff Schultz from Clear Bridges here with us
1:01.4	today to help break down the U.S. payroll report and what it means for the Fed and interest
1:05.9	rates.
1:06.9	Hi Jeff.
1:07.9	So, yeah, jobs Friday and boy, this was a bit of a shocker.
1:14.0	The U.S. economy added 528,000 jobs in July, unemployment, down to 3.5%.
1:21.2	What do you think this number is telling us?
1:23.6	Well, I think this number is telling us what we've seen throughout the course of the
1:27.1	first half of this year that the U.S. economy is clearly not in a recession quite yet.
	...

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