First Friday: We Were Wrong About 258,000 Jobs (This Changes Everything)

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 1 August 2025

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

#630: Interesting observations about the current housing market, meme stocks (again), GDP, Fed Meeting, Stock Market, and the latest Jobs Report updates. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. 00:00 Introduction to Economic Turmoil 01:21 Jobs Report According to the BLS 09:23 Impact of Tariff Negotiations 12:36 The Broader Trade Landscape 16:04 Stock Market Reactions 24:11 GDP and Inflation Insights 31:52 The Fed’s Steady Hand (Interest Rates) 39:55 Housing Market Dynamics 39:40 Affordability Crisis in Real Estate 50:23 The Return of Meme Stocks Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Today's Friday, August 1st. It's the deadline to set trade deals for tariffs and the markets are in turmoil.
0:06.2	On top of that, we have a new jobs report and the Fed met earlier this week two days ago. And we have new GDP report numbers. Plus, we have the latest inflation data from the PCE index, the personal consumption expenditures index. We've got a lot to cover. By the way, everything that I've just named happened in the last 48 hours. Everything. The PCE numbers, the GDP numbers, the jobs report. Today, the tariffs went out. Today, the Labor Department put out the jobs report. Significant amount of it is happening literally today. Woo, buckle up. We got a lot to cover.
0:38.3	Welcome to the Afford Anything podcast,
0:39.9	the show that knows you can afford anything, not everything.
0:43.8	We are a twice a week show.
0:45.9	Typically on Tuesdays, I answer questions from you.
0:48.8	And on Fridays, we normally interview a guest.
0:51.5	But there's one exception, and that is the first Friday of the month.
0:55.5	Every month on the first Friday, we pause our typical Q&A interview cadence,
1:01.3	and instead take a look at the big, broader macroeconomic sphere.
1:06.2	What's happening in our economy?
1:07.9	What is the data show?
1:09.0	Where are we headed?
1:10.2	Those are the questions we
1:11.4	answer on the first Friday of every month. And so welcome to the August 2025, first Friday
1:19.1	economic update. Let's start with a jobs report. In the month of July, the U.S. gained
1:25.2	73,000 new jobs. According to the BLS, quote, employment changed little in July.
1:33.2	Again, with a gain of only 73,000 new jobs, and, quote, has shown little change since April.
1:40.5	So jobs are holding steady, according to BLS data. The unemployment rate is also holding steady at 4.2%.
1:47.1	It's been very stable at that rate for years now.
1:50.7	The thing that's shocking about the jobs report are the revised jobs numbers.
1:55.3	So it isn't the jobs numbers from July that are particularly noteworthy.
	...

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