How Policy is Impacting the February Jobs Report
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 7 March 2025
⏱️ 50 minutes
🧾️ Download transcript
Summary
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMarch 7th, 2025
Featuring:
1) Claudia Sahm, Chief Economist at New Century Advisors, Ellen Zenter, Chief Economic Strategist at Morgan Stanley, Rebecca Patterson, former Chief Investment Strategist at Bridgewater, and Kristina Campmany, Senior Portfolio Manager at Invesco, offer their reaction to the February US Jobs Report. Concerns over US growth, rising inflation, and uncertain tariff policy from the Trump administration have made this month's jobs report a critical data point for traders. All of the uncertainty has put the S&P 500 on track for its worst drop since September.
2) Gina Martin Adams, Chief US Equity Strategist with Bloomberg Intelligence, discusses the equity reaction to the February jobs figures. The rapid tariff rollout has been driven by Trump administration and President Donald Trump himself has led to market volatility, with US equities taking a beating and consumer confidence eroding, posing political risks for the president and increasing overall market risks.
3) Anna Wong, Chief US economist at Bloomberg Economics, on her lower-than-consensus jobs call and why the labor market might be weakening or strengthening. Today's report offers clues on whether the Trump administration-led trade war and government job cuts are hitting jobs and making a case for the Federal Reserve to resume interest-rate cuts.
4) Lisa Mateo joins with the latest headlines in newspapers across the US, including the US scouring the globe for egg supplies, NCAA March Madness, and Meghan Markle's one pot pasta technique.
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Transcript
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| 1:13.6 | Right now, Claudia Somm joins as chief economist at New Century Advisors or PhD at Michigan |
| 1:19.2 | with the giant of inflation analysis, Matthew D. Shapiro. |
| 1:23.7 | Claudia, I got to get this out of the way before we go to jobs. |
| 1:26.7 | You are a claim for the SOM rule. |
| 1:28.9 | There seems to be a bet of slowing GDP. |
| 1:31.9 | Are you in any way on a recession, not an NBER recession, but are you with the SOM rule in any way looking at a new analysis of slowdown? |
| 1:44.3 | So absolutely looking at the labor market, any signs of slowdown? |
| 1:48.4 | We are not at a place where we're close to kind of that historical trigger for the SOM rule. |
| 1:53.7 | I mean, we would need to, you know, see the unemployment rate probably rise this year up to |
... |
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