Stocks Sink on Solid September Jobs Report

Real Vision: Finance & Investing

Real Vision

Business News, News, Investing, Business

4.1 • 1.1K Ratings

🗓️ 8 October 2022

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Nonfarm payroll growth slowed to 263,000 in September, in line with expectations, even as the U.S. unemployment rate ticked down to 3.5% from 3.7%. Combined with the relatively slow pace of firings, the Federal Reserve has all the data it needs to proceed with another 75-basis-point rate hike in November. But, as Peter Boockvar notes, the unemployment rate and initial jobless claims are lagging indicators. “My issue with the Fed,” notes Boockvar, “remains that after over-medicating us over the past few years that now shock therapy is overkill.” Boockvar joins Maggie Lake for today’s Daily Briefing to talk about how far the Fed will go to get what it wants. We also share a sneak preview of a conversation between Julia Pollak, the chief economist at ZipRecruiter, and Maggie Lake about how the U.S. labor market has changed in the aftermath of the COVID-19 pandemic. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	The monopoly game is back at McDonald's, and guess what? It's still twice as nice, because
0:04.6	with double peel, you can peel on pack. Then peel again on the McDonald's app, to when
0:08.8	prizes like, brand new mini-electrics, lovely McDonald's food, HP-ONMEN gaming laptops,
0:14.4	to be holiday vouchers, a thousand pounds in cash, plus tons of other incredible prizes.
0:19.3	18 plus UK only selected items, subjects of serving times and availability, and 17th
0:26.0	October. Game play and prize claims may require McDonald's app, seemingly rules.co.uk.
0:37.2	Is the labor market too strong for the Fed? Hi, everyone. Welcome to the Real Vision deli briefing.
0:42.0	Here with me, this jobs Friday is Peter Bookvar, CIO, bleakly advisory group in the author of
0:47.7	the book report. Hi, Peter. Hey, Maggie, how you doing? I'm doing okay. Well, it certainly seems
0:52.8	like the stock market's answer to that question is a resounding yes, it is too tight.
0:57.7	We saw a really sharp sell-off that kind of accelerated into the close, although it looks like we
1:03.3	just picked up a little bit off the lows as we settle here. The NASA cabin down 4% looks like
1:09.5	it's going to be around 3.8%. S&P 500 looks like it recovered a little bit too from down from
1:16.8	over 3% to maybe something around 2.8%. But it was still a tough day for equities. The 10-year yield
1:23.5	not as much as a response there, maybe 3.89%. It looks like it's settling out. What did you make of
1:30.8	the monthly jobs number? Well, the jobs number itself was pretty much in line. It was the drop
1:38.0	in the unemployment rate that sent the futures down at the second it hit the tape. 3.5% because
1:46.0	of an increase in the household survey at the same time that the size of the labor market,
1:51.2	oh, I'm sorry, the size of the labor force actually shrunk because people were anticipating
1:57.1	at best a flat unemployment rate or maybe even a tick-up. But to keep in mind the psychology of
2:02.3	the markets the last couple weeks, it's been sort of this desperate hope that there would be some
2:08.8	central bank that would see the slightest knees buckle or an economic data point that would be
	...

Please login to see the full transcript.

Previous episode | Next episode

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

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