Is the Jobs Report Hiding Economic Weakness?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 10 August 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis, FTX US and NEAR. Last week, the Bureau of Labor Statistics reported that 528,000 U.S. jobs were added in July. This was nearly double economists’ estimates. The Biden administration used the report as evidence that there is no recession. On today’s episode, NLW digs into why that headline number may be as obfuscating as it is revealing. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - NEAR is a simple, revolutionary Web3 platform for decentralized apps, created by developers for developers. More than 700 projects are now building on NEAR’s fast, secure and infinitely scalable protocol, from DeFi apps to play-and-earn games, NFT marketplaces and more. Start your developer journey now by visiting NEAR at near.org. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore, aka NLW, with editing by Rob Mitchell and Eleanor Pahl. Research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: belterz/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	I'm not bringing up what seems to be clearly more structural weaknesses in the jobs numbers for
0:04.1	the fashion of it.
0:05.2	It's because the story when you look at it is a lot more nuance than the average headline
0:08.7	was suggesting.
0:10.0	When it comes to policy decisions, we need to be making them on the basis of real data.
0:14.1	Now, the good news is, whatever one thinks of the Fed, they're certainly sophisticated enough
0:17.4	to not just blithely look at the headline numbers.
0:20.1	And I think even more than that,
0:21.4	inflation is in the driver's seat. Welcome back to The Breakdown with me, NLW. It's a daily podcast on
0:31.2	macro, Bitcoin, and the big picture power shifts remaking our world. The breakdown is sponsored
0:36.1	by nexo.io, chain aliasis, and FtX, and produced and
0:39.9	produced and distributed by CoinDesk. What's going on, guys? It is Tuesday, August 9th, and today
0:46.9	we are discussing the jobs report from last week, but specifically how I think it might have
0:52.7	actually been hiding economic weakness, despite it seeming
0:56.6	on the surface, to suggest a very strong labor market.
1:01.1	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,
1:05.3	give it a rating, give it a review, or if you want to dig deeper into the conversation,
1:09.0	come join us in the Breakers Discord.
1:14.4	You can find a link in the show notes or go to bit.ly slash breakdown pod.
1:19.0	Also a disclosure as always. In addition to them being a sponsor of the show, I also work with FTX. And finally, this week I am thrilled to have NIR as an additional sponsor.
1:24.8	NIR is a revolutionary yet simple Web3 platform for building decentralized
1:28.4	apps. Designed by developers for developers, over 700 projects are now building on NIR's fast,
	...

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