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Now to the top analysis of today's markets.

What's happening in the labor market? And why does it matter? Welcome to Real Vision Daily Briefing.

It's Friday July 7, 2023. I'm Ash Bennington. I'm joined today by Peter Bookvart,

CIO, a bleakly financial group and editor of the book report. Peter, it's always great to have

you with us, especially great to have you with us today. Lots of data, lots of information coming out

on labor markets in the last 24 hours we've got Joltz. We've got ADP. And today, of course, we have

NFPD help us cut through all the noise to the signal. Peter, what's going on?

Well, it's interesting because we were sort of thrown around, so to speak, by the economic data,

with ADP telling us that almost 500,000 jobs were created, and then sort of a reality check with

the BLS. Now, I think there's one lesson we've learned is that you can't really draw a connection

to ADP and BLS in any particular month, but over a six to 12-month time frame, those numbers

should converge. And interestingly, ADP in a way was really just playing catch-up after lagging BLS

for many months. So you're to date the two surveys aren't that far off on an average monthly basis.

I think with the BLS number, there was the possibility of a higher number just based on ADP,

but not only was it weaker than expected, it was also downward revisions. And interestingly,

the all-encompassing unemployment rate did take up to the highest level we've seen in a bit,

which is worth noting. I'm of the belief that while the pace of fireings has been

taking up based on what we've seen in jobless plans, I think there's no doubt that what precedes

that is a slowdown in hiring, and obviously, depending on what industry you're in right now,

we are seeing some moderation, I believe, in hiring.

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