Bitcoin Bull Bukele Cruises to Second Term in El Salvador
The Breakdown
Blockworks
4.8 • 806 Ratings
🗓️ 6 February 2024
⏱️ 16 minutes
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.3 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:18.4 | What's going on, guys? It is Monday, February 5th, and today we are catching up on the macro and then looking at El Salvador. |
| 0:26.3 | Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation. |
| 0:33.7 | Come join us on the breakers discord. You can find a link in the show notes or go to bit.ly slash |
| 0:37.9 | breakdown pod. Okay, friends, so like I said, we're starting off with a little bit of everything this |
| 0:42.2 | week, but we are going to kick it to the macro side first. On Friday, the Bureau of Labor Statistics |
| 0:47.9 | released a scorching hot jobs report for January. 353,000 non-farm payrolls were added for the month, |
| 0:53.9 | which was almost double the Dow Jones |
| 0:55.6 | estimate. Unemployment held steady at 3.7%, defying predictions of a slight uptick. Wage growth |
| 1:01.8 | showed hourly earnings increasing at a 0.6% pace, which was twice the forecasted rate. The one |
| 1:07.3 | disappointing statistic among the headline figures was average weekly hours worked, |
| 1:11.4 | which declined slightly to 34.1. Across all of this, job gains were broad-based, led by the |
| 1:16.6 | professional services sector with strong contributions from health care, retail trade, government, |
| 1:21.3 | social assistance, and manufacturing. Daniel Zhao, lead economist at Glassdoor said, |
| 1:25.7 | this just reaffirms that the jobs market is entering 2024 on solid ground. |
| 1:30.3 | The fact that job growth was so widespread across industries is a healthy sign. |
| 1:34.2 | Coming into today's report, we were concerned about how concentrated jobs were in really just three sectors, |
| 1:39.0 | healthcare, education, and government. |
| 1:40.7 | While it is great to see those sectors drive job gains, there was no guarantee that would |
| 1:44.3 | be enough to support a healthy labor market. Now, at last week's Fed meeting, Jerome Powell was very |
| 1:49.8 | clear that he wanted to see more data before committing to the first rate cut. He took the March |
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