October Jobs Report Beats Expectations with Unemployment Dropping to New Pandemic Low

Real Vision: Finance & Investing

Real Vision

Investing, Business News, News, Business

4.1 • 1.1K Ratings

🗓️ 6 November 2021

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

DB-Nov 05,2021: We’re ringing in the holiday season with some good news: U.S. non-farm payrolls increased by 531,000 in October, beating the estimate of 450,000. Spreading more cheer, unemployment fell to 4.6%, a new pandemic low. As more people head back outside and hit the gym, a jewel of the pandemic, Peloton, suffers major blows to its stock today, falling nearly 35%. Jim Bianco, president of Bianco Research, joins to give his analysis of the Fed’s taper, the Bank Of England’s announcement to hold rates steady, the latest on inflation, the labor market, and today’s price action. Interviewed by Ash Bennington. Want to submit questions? Drop them right here on the Exchange: https://rvtv.io/3BMVfj5 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:26.8	Based on customer numbers for verification email, advertising at Mailchimp.com.
0:30.4	Welcome to the Real Vision Podcast Network.
0:44.2	Welcome to the Real Vision Daily Briefing.
0:46.0	It's Friday, November 5th, 2021.
0:49.0	Happy Guy Fox Day, everyone.
0:50.6	I'm Ash Bennington, joined here today by Jim Bianco, President of Bianco Research.
0:56.6	A lot to talk about.
0:58.2	Let's highlight some of the key stories right now.
1:01.2	It's Jobs Day, 531,000 new jobs added in the month of October.
1:06.4	It's a beat on consensus, which was plagued at 450,000.
1:10.4	It's the largest gain in three months, unemployment rate falling from 4.8% to 4.6%.
1:18.4	But we can take a look at the overall chart on jobs.
1:22.0	It's still down by 4.2 million payrolls since the pandemic.
1:27.2	By the way, that doesn't account for trend growth, which would be higher than we are today.
1:33.0	Much to talk about.
1:34.4	A lot to cover on macro, obviously a few days out from the taper announcement.
	...

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