Instant Reaction: US Job Growth Falls Short, Sets Up Fed Pivot

Bloomberg Surveillance

Bloomberg

News, Investing, Business News, Business

4 • 1.1K Ratings

🗓️ 6 September 2024

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

The US hiring fell short of forecasts in August after downward revisions to the prior two months. The data are likely to fuel speculation that the Federal Reserve will deploy a big rate cut in September. Bloomberg's Tom Keene and Paul Sweeney get analysis on the numbers from Renaissance Macro Research Head of US Economic Research Neil Dutta, New Century Advisors Chief Economist Claudia Sahm, Moody's Analytics Chief Economist Mark Zandi, and Bradesco BBI Head of Equity Strategy Ben Laidler.

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0:29.0	This is breaking news from Bloomberg.
0:35.0	Last month was 114,000.
0:39.0	It is revised under 100,000, 89,000, positive 89,000.
0:46.6	So I've got 142,000 as a jobs report
0:50.4	and the two month revision is 86.
0:53.0	So Paul, do the math, it will be six takeaway.
0:55.3	One is 13-8 is 51,000.
0:58.6	Yep.
0:59.2	I think 56,000, excuse me, 56,000, is the summation with the revision.
1:06.7	We jawbone along here folks to give Neil Duda time to look at these statistics.
1:12.0	Neil, what does this signal for Chairman Powell?
1:15.0	Get going.
1:16.0	That's what it signals.
1:17.0	Go 50 with a promise to do as much as necessary
1:22.0	to stabilize labor market conditions.
	...

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