Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Tuesday, September 9th, and I'm your host, Kim Khan. Our top story so far. The U.S. added 911,000 fewer jobs in the 12 months through March 2025. That's according to the Bureau of Labor Statistics, preliminary benchmark revision.

That's an average of 76,000 fewer jobs each month, with a total more than the 700,000

downward revision expected, although there were estimates up to 1 million.

The revision suggests the recent cooling in the labor market followed an even longer

string of moderate job growth

Potentially paving the way for interest rate cuts starting next week.

The 25 basis point Fed rate cut next week is already priced in, but even though the revision was bigger than expected,

the odds of a 50 basis point cut ticked up only slightly to 8% after the numbers hit.

Economist Ernie Tedeshi says, combined with two-month revisions,

recent total revisions are big, but hardly unprecedented, and smoothed over the business cycle,

the payroll survey has gotten more accurate over time. Joseph Bresuelas of RSM says the labor

market was far weaker through the end of the year. In one way, it vindicates the Fed's

100 basis points of rate cuts. Among active stock, it vindicates the Fed's 100 basis points of rate

cuts. Among active stock, shares of News Corp and Fox are under pressure after secondary offerings

for both companies. Those come in the wake of the resolution of the Murdoch family dispute.

Lachlan Murdoch will retain voting control over News Corp and Fox. Siblings Prudence McLeod,

Elizabeth Murdoch, and James Murdoch

receive a payment of $1.1 billion, funded by the proceeds from the public sale of about

14.2 million shares of News Corp Common Stock and 16.9 million shares of Fox previously held by

the Murdoch Family Trust. United Health is up after it said that, based on initial data,

roughly 78% of its membership

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