How the Jobs Report Changes Rate Cut Calculus

The Breakdown

Nathaniel Whittemore

Investing, Business

4.8 • 786 Ratings

🗓️ 8 October 2024

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On Friday, the nonfarm payrolls report came in much hotter than expected. On today's episode, NLW looks at the market reaction and specifically, what it means for the likely path of Federal Reserve interest rate cuts. Unlocking Bitcoin DeFi with ExSat The exSat Network aims to unlock and scale the Bitcoin ecosystem without compromising Bitcoins Ideology. The network has partnered with the largest mining pools in the world, major custodians and exchanges, Cefu, Cubolt, Matrixport, Copper, OKX and aims to have over $200M TVL at mainnet launch on the 23rd of October. Follow exSat’s Twitter to stay up to date @exsatnetwork or visit the testnet exsat.network Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

Click on a timestamp to play from that location

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, October 7th, and today we are talking about the jobs report
0:23.7	and what it means for October. Before we get into that, however, if you are enjoying the breakdown,
0:28.8	please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the
0:32.7	conversation, come join us on the breakers discord. You can find a link in the show notes or go to
0:36.5	bit.ly slash breakdown pod.
0:38.9	Hello, friends.
0:39.7	Happy Monday.
0:40.8	September's job report came out on Friday and showed a renewed burst of strength for the labor market.
0:45.7	The figures beat estimates across the board.
0:48.4	254,000 non-farm payroll were added, almost 70% above the consensus estimate.
0:56.1	Unemployment ticked down to 4.1% defying expectations it would continue to rise. Wage gains increased mildly, now running at 4% on an
1:01.7	annualized basis. Figures from August and July were also revised upwards with a 30% increase in
1:07.0	payrolls from the original numbers. Kathy Jones, chief fixed income strategist at Charles
1:11.3	Schwab said, it was wow across the board, much stronger than expected. The bottom line is that it was a
1:16.5	very good report. You get upward revisions and it tells you the job market continues to be healthy,
1:20.9	and that means the economy is healthy. The jobs report has been heavily criticized over the past
1:25.7	two years for a lack of accuracy and a
1:27.6	string of major revisions. Chair Powell even stated at the last Fed meeting that the committee
1:31.6	would be mentally adjusting the numbers down. While the accuracy of headline numbers have
1:35.7	been questionable, the reports have largely been accurate in identifying the trend. The issue was
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Nathaniel Whittemore, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Nathaniel Whittemore and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.