1 00:00:02,279 --> 00:00:08,200 Speaker 1: This is America's Truncking Network with Kevin Gordon. Welcome aboard, 2 00:00:08,400 --> 00:00:11,799 Speaker 1: Thanks for tuning in on this Friday morning. We've got 3 00:00:11,800 --> 00:00:14,040 Speaker 1: to start off with a little bit of a weather alert, 4 00:00:14,400 --> 00:00:17,120 Speaker 1: give you a heads up. We'll have the full forecast 5 00:00:17,160 --> 00:00:20,720 Speaker 1: at the bottom of the hour. Significant and catastrophic flooding 6 00:00:20,800 --> 00:00:25,920 Speaker 1: in the Pacific Northwest, very cold temperatures in the northern plains. 7 00:00:26,600 --> 00:00:31,920 Speaker 1: Lingering rainfall from yesterday's atmospheric river over the Pacific Northwest 8 00:00:32,080 --> 00:00:38,920 Speaker 1: exacerbates ongoing catastrophic major river flooding and landslides, which will 9 00:00:38,920 --> 00:00:44,159 Speaker 1: continue across portions of western Washington and northwest Oregon for 10 00:00:44,240 --> 00:00:50,080 Speaker 1: several days. Arctic air will plummet southward into the northern plains, 11 00:00:50,120 --> 00:00:55,400 Speaker 1: bringing temperatures in the single digits to the region today. Now, 12 00:00:55,480 --> 00:00:58,440 Speaker 1: in the Greater Cincinni Northern Kentucky area, we are expecting, 13 00:00:58,520 --> 00:01:02,440 Speaker 1: or they're been telling us that buy later on this morning, 14 00:01:02,880 --> 00:01:05,080 Speaker 1: we should well. The people will be waking up at 15 00:01:05,280 --> 00:01:08,240 Speaker 1: five six o'clock in the morning, they'll be seeing anywhere 16 00:01:08,280 --> 00:01:11,120 Speaker 1: from three to five inches of snow. So it's going 17 00:01:11,160 --> 00:01:14,440 Speaker 1: to be interesting as far as what's going on there. 18 00:01:14,480 --> 00:01:16,200 Speaker 1: Of course, the morning commute might be a little bit 19 00:01:16,200 --> 00:01:19,119 Speaker 1: difficult in the Greater Sinsaye Northern Kentucky area. But again, 20 00:01:19,520 --> 00:01:21,920 Speaker 1: stay tuned to your weather alerts. Make sure that you're 21 00:01:22,000 --> 00:01:24,080 Speaker 1: up to date on that. If you're going through an 22 00:01:24,080 --> 00:01:27,000 Speaker 1: area you're not familiar with, make sure you're tuning into that. 23 00:01:27,280 --> 00:01:29,360 Speaker 1: If you see something that is not part of the 24 00:01:29,600 --> 00:01:32,400 Speaker 1: weather report, let the people behind you know what's going on, 25 00:01:32,480 --> 00:01:34,640 Speaker 1: and hopefully the people in front of you will let 26 00:01:34,760 --> 00:01:38,600 Speaker 1: you know what's going on. Because, as I've said numerous times, 27 00:01:38,920 --> 00:01:42,200 Speaker 1: job one is getting home safe. So let's have a 28 00:01:42,240 --> 00:01:46,039 Speaker 1: safe trip out there. We got initial job as claims. 29 00:01:46,080 --> 00:01:50,960 Speaker 1: Every Thursday, initial jobless claims comes out. Okay, Now, again 30 00:01:51,160 --> 00:01:55,280 Speaker 1: this affects the trucking industry because you know, if people 31 00:01:55,320 --> 00:01:58,280 Speaker 1: are unemployed, they're not going to be buying as much 32 00:01:58,360 --> 00:02:00,800 Speaker 1: and then therefore there's not going to be the need 33 00:02:00,880 --> 00:02:03,920 Speaker 1: to deliver stuff to the stores, which then would cut 34 00:02:03,960 --> 00:02:05,480 Speaker 1: down on the number of trips that you have to 35 00:02:05,480 --> 00:02:09,280 Speaker 1: make and affect the trucking industry. And ever since Liberation 36 00:02:09,440 --> 00:02:12,000 Speaker 1: Day on April to second, they kept talking about, well, 37 00:02:12,040 --> 00:02:13,960 Speaker 1: you know, we're gonna see a recession. We're gonna see 38 00:02:14,000 --> 00:02:17,040 Speaker 1: you you know, the inflation's going to go out of 39 00:02:17,040 --> 00:02:19,520 Speaker 1: control because these tariffs are going to go. And oh, 40 00:02:19,560 --> 00:02:24,239 Speaker 1: by the way, there is a show where these two 41 00:02:24,280 --> 00:02:28,680 Speaker 1: guys are talking about tariffs, and I got to. 42 00:02:28,639 --> 00:02:32,399 Speaker 2: Tell you that two of them have no clue what 43 00:02:32,440 --> 00:02:33,760 Speaker 2: the hell they're talking about. 44 00:02:33,840 --> 00:02:36,960 Speaker 1: I won't mention their names, but it was I was 45 00:02:37,040 --> 00:02:40,680 Speaker 1: listening to it the other day and I just it 46 00:02:40,760 --> 00:02:43,200 Speaker 1: was one of those things where when you hear something, 47 00:02:43,280 --> 00:02:46,280 Speaker 1: you just you want to jump through the phone and say, 48 00:02:46,320 --> 00:02:49,320 Speaker 1: are you guys even know what the hell you're talking about? 49 00:02:50,600 --> 00:02:51,600 Speaker 2: The stuff that you're. 50 00:02:51,440 --> 00:02:55,440 Speaker 1: Saying just doesn't make any sense, and you really obviously 51 00:02:55,520 --> 00:02:58,840 Speaker 1: don't know anything about economics. So do yourself a favor, 52 00:02:59,000 --> 00:03:00,880 Speaker 1: don't embarrass yourself, and just shut up. 53 00:03:00,880 --> 00:03:02,799 Speaker 2: But anyway, they were talking about how. 54 00:03:02,720 --> 00:03:06,880 Speaker 1: Terrifts said, oh, terriffs will always every time, there's no 55 00:03:07,120 --> 00:03:10,320 Speaker 1: way that it won't lead to inflation. We'll look at 56 00:03:10,320 --> 00:03:12,960 Speaker 1: an economics book once in a while. You bose those 57 00:03:13,040 --> 00:03:16,840 Speaker 1: because if you look at the tariffs over time, terraffs, 58 00:03:16,960 --> 00:03:19,040 Speaker 1: especially in the way they're being used now, is a 59 00:03:19,080 --> 00:03:22,200 Speaker 1: negotiating tool to get the teriffs lowered. On the other 60 00:03:22,400 --> 00:03:24,800 Speaker 1: end of the countries that have been taking advantage of 61 00:03:24,880 --> 00:03:28,320 Speaker 1: us in some instances, these tariffs will go up, and 62 00:03:28,360 --> 00:03:31,320 Speaker 1: of course yes there will raise prices in certain areas, 63 00:03:31,400 --> 00:03:34,920 Speaker 1: but they will lower prices in other areas, so the 64 00:03:35,160 --> 00:03:40,640 Speaker 1: overall balance will be a net effect of less inflation. 65 00:03:41,040 --> 00:03:44,200 Speaker 1: But yet apparently these guys don't understand that, and just 66 00:03:44,320 --> 00:03:47,400 Speaker 1: infuriated me to hear that somebody was actually out there 67 00:03:47,440 --> 00:03:50,520 Speaker 1: talking about that and have and so wrong. But anyway, 68 00:03:50,520 --> 00:03:54,120 Speaker 1: the initial job as claims comes out every Thursday, and again, 69 00:03:54,360 --> 00:03:57,520 Speaker 1: if you know people are unemployed, and going back to 70 00:03:57,560 --> 00:04:00,600 Speaker 1: Liberation Day, you know there's gonna be tremendous employment. 71 00:04:01,040 --> 00:04:01,600 Speaker 2: We're going to be. 72 00:04:01,720 --> 00:04:05,040 Speaker 1: You know, they were forecasting and claiming, wringing their hands 73 00:04:05,040 --> 00:04:07,280 Speaker 1: that there's going to be a recession, and as you recall, 74 00:04:07,680 --> 00:04:10,680 Speaker 1: the stock market on that day took a big plunge. 75 00:04:11,080 --> 00:04:14,360 Speaker 1: Well you know, from that day forward, not only have 76 00:04:14,440 --> 00:04:17,960 Speaker 1: they recouped those losses, but they have increased since the 77 00:04:18,040 --> 00:04:20,839 Speaker 1: first of the year thirty six percent. 78 00:04:21,000 --> 00:04:22,040 Speaker 2: As far as the stock. 79 00:04:21,839 --> 00:04:24,960 Speaker 1: Market even more than that, I believe, and day after 80 00:04:25,080 --> 00:04:28,480 Speaker 1: day from time to time, there have been record numbers 81 00:04:28,560 --> 00:04:30,560 Speaker 1: in the stock market. So anybody that's got a four 82 00:04:30,640 --> 00:04:33,279 Speaker 1: oh one K plan, or anybody that's invested in the 83 00:04:33,320 --> 00:04:37,000 Speaker 1: stock market, you are doing well, and you're if you've 84 00:04:37,040 --> 00:04:40,880 Speaker 1: got your retirement money in there, you're doing pretty well 85 00:04:40,920 --> 00:04:44,279 Speaker 1: at this point as far as you know the stock 86 00:04:44,320 --> 00:04:47,039 Speaker 1: market and what people were talking about. Then the stock 87 00:04:47,120 --> 00:04:50,880 Speaker 1: market had gone down tremendously and the people panicked, and 88 00:04:51,200 --> 00:04:52,880 Speaker 1: whether they were talking about, you know, we're going to 89 00:04:52,960 --> 00:04:55,480 Speaker 1: go into a recession and there's going to be rampid inflation, 90 00:04:55,560 --> 00:04:57,320 Speaker 1: and they're going to be unemployment and all this sort of. 91 00:04:57,279 --> 00:04:59,159 Speaker 2: Stuff, well, none of that is materialized. 92 00:04:59,160 --> 00:05:02,320 Speaker 1: And as fat matter factor, have been numerous situations where 93 00:05:02,520 --> 00:05:06,280 Speaker 1: you know, we keep seeing these these headlines retail sales 94 00:05:06,560 --> 00:05:13,320 Speaker 1: unexpectedly higher, unemployment unexpectedly lower, job creation unexpectedly higher, and 95 00:05:13,440 --> 00:05:15,359 Speaker 1: all of the things that they said we're going to 96 00:05:15,440 --> 00:05:19,120 Speaker 1: happen haven't happened. And then we come into you know, 97 00:05:19,200 --> 00:05:22,240 Speaker 1: jobless claims on a weekly basis, and sometimes they're up 98 00:05:22,240 --> 00:05:24,880 Speaker 1: and sometimes they're down. Last week they were way down 99 00:05:25,560 --> 00:05:29,400 Speaker 1: to I think three year lows, and this week, if 100 00:05:29,440 --> 00:05:33,120 Speaker 1: this isn't a clear indication of what I have been 101 00:05:33,160 --> 00:05:36,280 Speaker 1: saying for a number, well for a long time, I 102 00:05:36,480 --> 00:05:40,159 Speaker 1: have said it on this program numerous times from the beginning. 103 00:05:40,440 --> 00:05:43,200 Speaker 1: I've been saying this over the last twenty years, as 104 00:05:43,240 --> 00:05:44,360 Speaker 1: a matter of fact. 105 00:05:44,200 --> 00:05:47,040 Speaker 2: That the spoon fed regurgitators. 106 00:05:46,240 --> 00:05:48,919 Speaker 1: In the mainstream media are not going to give you 107 00:05:49,080 --> 00:05:52,920 Speaker 1: the accurate information. It's been proven as a result of 108 00:05:52,920 --> 00:05:55,640 Speaker 1: what we heard about COVID. It's true what we heard 109 00:05:55,680 --> 00:05:59,680 Speaker 1: about Joe Biden's mental capabilities. It's true what we heard 110 00:05:59,680 --> 00:06:04,120 Speaker 1: in terms terms of any type of inflation numbers or 111 00:06:04,240 --> 00:06:07,560 Speaker 1: job numbers, as far as what's going on, as far 112 00:06:07,600 --> 00:06:10,640 Speaker 1: as the economy is concerned, as far as who is 113 00:06:10,720 --> 00:06:13,480 Speaker 1: ahead in the polls, of the polling that they take, 114 00:06:13,680 --> 00:06:17,520 Speaker 1: those are always wrong, and climate change, all the predictions 115 00:06:17,520 --> 00:06:20,560 Speaker 1: that they made about climate change. And again, the spoon 116 00:06:20,640 --> 00:06:24,560 Speaker 1: fed regurgitators in the mainstream media, as from the beginning 117 00:06:24,720 --> 00:06:27,840 Speaker 1: of the Trump administration, they have been trying to talk 118 00:06:27,880 --> 00:06:31,720 Speaker 1: down the economy and manufacture recession. Jobless claims came out 119 00:06:31,839 --> 00:06:36,800 Speaker 1: yesterday and the headlines, just looking at the individual headlines 120 00:06:36,839 --> 00:06:41,080 Speaker 1: from the individual companies of the different reporting sources, Reuters 121 00:06:41,480 --> 00:06:45,719 Speaker 1: US weekly job claims post the largest increase in nearly 122 00:06:45,839 --> 00:06:47,080 Speaker 1: four and a half years. 123 00:06:47,279 --> 00:06:49,480 Speaker 2: Bloomberg US jobless. 124 00:06:49,120 --> 00:06:52,280 Speaker 1: Claims jump by the most since twenty twenty or twenty 125 00:06:52,400 --> 00:06:57,600 Speaker 1: after holiday drop. Let's see seeking Alpha initial job as 126 00:06:57,640 --> 00:07:02,760 Speaker 1: claims jump past consensus in first week in December four 127 00:07:02,960 --> 00:07:06,919 Speaker 1: X factory US job was claims surge after Thanksgiving, but 128 00:07:07,040 --> 00:07:11,920 Speaker 1: low layoffs are still the prevailing trend. ABC News US 129 00:07:12,040 --> 00:07:16,040 Speaker 1: jobless benefit applications jumped to two hundred and thirty six thousand, 130 00:07:16,360 --> 00:07:21,000 Speaker 1: but continuing claims are falling. The best headline that described anything, 131 00:07:21,080 --> 00:07:24,520 Speaker 1: and again one of those situations where you start reading 132 00:07:24,560 --> 00:07:26,960 Speaker 1: the story and you wonder where the hell they came 133 00:07:27,040 --> 00:07:30,800 Speaker 1: up with the headline A group called Seeking Alpha jump 134 00:07:31,040 --> 00:07:38,160 Speaker 1: in initial claims signals holiday volatility rather than trouble. Now, 135 00:07:38,440 --> 00:07:42,600 Speaker 1: yesterday morning, I had a doctor's appointment, which was early 136 00:07:42,640 --> 00:07:43,200 Speaker 1: in the morning. 137 00:07:43,720 --> 00:07:44,720 Speaker 2: I wanted to get it out of. 138 00:07:44,720 --> 00:07:46,400 Speaker 1: The way because I had stuff I wanted to do. 139 00:07:46,680 --> 00:07:49,560 Speaker 1: And so at eight thirty in the morning, I'm pulling 140 00:07:49,640 --> 00:07:53,760 Speaker 1: up the jobles claims numbers and looking at what the 141 00:07:54,480 --> 00:07:58,680 Speaker 1: headlines were, and Reuters at eight thirty in the morning, 142 00:07:58,760 --> 00:08:01,160 Speaker 1: we're at about matter of fact, the date on the 143 00:08:01,160 --> 00:08:05,600 Speaker 1: here says eight forty six US weekly jobless claims surge 144 00:08:05,760 --> 00:08:08,480 Speaker 1: amid seasonal adjustment challenges. 145 00:08:08,720 --> 00:08:09,840 Speaker 2: Not a bad headline. 146 00:08:09,960 --> 00:08:12,240 Speaker 1: The number of and this is the first paragraph, the 147 00:08:12,360 --> 00:08:16,880 Speaker 1: number of Americans filing new applications for unemployment benefits surge 148 00:08:16,960 --> 00:08:21,320 Speaker 1: last week, but that likely reflected difficulties adjusting the data 149 00:08:21,360 --> 00:08:25,320 Speaker 1: for seasonal fluctuations around this time of the year, rather 150 00:08:25,480 --> 00:08:28,960 Speaker 1: than a material change in labor market conditions. 151 00:08:29,320 --> 00:08:31,240 Speaker 2: And then they go and talk about the number. 152 00:08:31,440 --> 00:08:35,760 Speaker 1: Two hours later, maybe three hours later, here's their new headline, 153 00:08:36,000 --> 00:08:40,640 Speaker 1: same company. US weekly jobless claims posts largest increase in 154 00:08:40,760 --> 00:08:45,480 Speaker 1: nearly four and a half years amid seasonal volatility. We'll 155 00:08:45,480 --> 00:08:49,320 Speaker 1: get into this. It's just infuriating me. And you tell 156 00:08:49,400 --> 00:08:51,920 Speaker 1: me when we get into this story, does the story 157 00:08:52,200 --> 00:08:55,319 Speaker 1: match the headline. I'm Kevin Gordon, America's truck in Network 158 00:08:55,559 --> 00:08:57,640 Speaker 1: seven hundred WLW. 159 00:08:59,320 --> 00:08:59,640 Speaker 2: Need this. 160 00:09:00,000 --> 00:09:03,000 Speaker 1: He is the racing report on America's Drugging Network on 161 00:09:03,120 --> 00:09:04,640 Speaker 1: seven hundred WLW. 162 00:09:05,440 --> 00:09:08,280 Speaker 3: NASCAR has reached an agreement with twenty three eleven Racing 163 00:09:08,320 --> 00:09:11,840 Speaker 3: in front Row Motor Sports on Thursday, ending NASCAR's anti 164 00:09:11,840 --> 00:09:15,960 Speaker 3: trust trial. On its ninth day, Teams attorney Jeffrey Kessler 165 00:09:16,040 --> 00:09:18,520 Speaker 3: told Judge Kenneth Bell that he is pleased to say 166 00:09:18,520 --> 00:09:21,520 Speaker 3: the parties have positively settled this matter in a way 167 00:09:21,520 --> 00:09:24,680 Speaker 3: that will benefit the industry going forward. A document with 168 00:09:24,760 --> 00:09:27,600 Speaker 3: the terms of the settlement was reviewed by Judge but 169 00:09:27,760 --> 00:09:30,679 Speaker 3: Kenneth Bell, marking the end of the lawsuit brought by 170 00:09:30,760 --> 00:09:34,080 Speaker 3: twenty three to eleven in front Row. NASCAR's anti trust 171 00:09:34,080 --> 00:09:37,400 Speaker 3: trial stem from a bitter dispute over negotiations for a 172 00:09:37,440 --> 00:09:40,880 Speaker 3: new agreement with the charter system that governs the relationship 173 00:09:40,920 --> 00:09:44,080 Speaker 3: between NASCAR and its premier teams. Twenty three to eleven 174 00:09:44,120 --> 00:09:46,840 Speaker 3: in front Row sued NASCAR Holdings for three hundred and 175 00:09:46,920 --> 00:09:51,360 Speaker 3: sixty five million dollars in combined damages. Michael Jordan and 176 00:09:51,520 --> 00:09:53,520 Speaker 3: Jim Franz commented on the settlement. 177 00:09:53,640 --> 00:09:55,839 Speaker 4: I mean, like two competitors, obviously we try to get 178 00:09:56,000 --> 00:09:58,920 Speaker 4: as much done in each other's favorite but I think 179 00:09:59,080 --> 00:10:02,320 Speaker 4: you'll collect and I don't think Jim was any opposite 180 00:10:02,320 --> 00:10:04,760 Speaker 4: of me. Was the fans has always been the best, 181 00:10:04,840 --> 00:10:06,960 Speaker 4: you know, solution to this old proceed and to the 182 00:10:06,960 --> 00:10:09,200 Speaker 4: support itself. The only way they and I've said this 183 00:10:09,240 --> 00:10:11,400 Speaker 4: from d Ones, the only way this sport's going to 184 00:10:11,480 --> 00:10:14,079 Speaker 4: grow is we have to find some synergy between the 185 00:10:14,120 --> 00:10:15,920 Speaker 4: two minutes of each and I think we've gotten to 186 00:10:16,000 --> 00:10:19,560 Speaker 4: that point. Unfortunately, it took sixteen months to get to here, 187 00:10:19,600 --> 00:10:22,240 Speaker 4: but I think you know, level heads that got us 188 00:10:22,240 --> 00:10:24,559 Speaker 4: to this point to where we can actually work together 189 00:10:24,600 --> 00:10:26,680 Speaker 4: and grow this sport. I'm very proud about that, and 190 00:10:26,760 --> 00:10:28,839 Speaker 4: I think Jim Jim feels a stream and I. 191 00:10:28,760 --> 00:10:31,679 Speaker 5: Do feel the same. But you can get back to 192 00:10:31,840 --> 00:10:34,920 Speaker 5: focusing and what we really love, and that's racing. And 193 00:10:35,760 --> 00:10:40,400 Speaker 5: we spent a lot of time and I've then, ah, 194 00:10:42,400 --> 00:10:45,520 Speaker 5: not really focused on that so much as we need 195 00:10:45,520 --> 00:10:48,160 Speaker 5: the things. I feel like that we've made a very 196 00:10:48,200 --> 00:10:49,680 Speaker 5: good decision here together. 197 00:10:51,240 --> 00:10:51,600 Speaker 2: I love. 198 00:10:51,679 --> 00:10:55,040 Speaker 3: This is the raething repard on America's Drugging Network on 199 00:10:55,200 --> 00:10:57,280 Speaker 3: seven hundred WLW. 200 00:10:57,559 --> 00:11:02,120 Speaker 6: Sake Denis and reporting for a t en It's former 201 00:11:02,160 --> 00:11:04,680 Speaker 6: Bengal and Pro Football Hall of Fame or Anthony Munos. 202 00:11:04,880 --> 00:11:06,959 Speaker 6: Did you know that ninety five percent of the Anthony 203 00:11:07,040 --> 00:11:09,400 Speaker 6: Munhas Foundations funding goes to Revue. 204 00:11:09,480 --> 00:11:13,000 Speaker 1: In the previous segment, I talked about this initial jobless claims. 205 00:11:13,080 --> 00:11:19,000 Speaker 1: The same reporting Reuters, the same group comes out with 206 00:11:19,080 --> 00:11:23,840 Speaker 1: the headlines and it is amazing how at eight thirty 207 00:11:23,880 --> 00:11:26,439 Speaker 1: in the morning they can come up with one headline 208 00:11:26,800 --> 00:11:29,400 Speaker 1: and then two hours later come up with a completely 209 00:11:29,440 --> 00:11:31,080 Speaker 1: different just to reset the stage. 210 00:11:31,320 --> 00:11:32,040 Speaker 2: Eight thirty in. 211 00:11:32,000 --> 00:11:36,000 Speaker 1: The morning, US job as claims claims, US jobless claims 212 00:11:36,040 --> 00:11:41,120 Speaker 1: surge amid seasonal adjustment changes. So nothing too terrible there, 213 00:11:41,400 --> 00:11:44,000 Speaker 1: But then two hours later, three hours later, US Weekly 214 00:11:44,080 --> 00:11:47,400 Speaker 1: Job is claims posts largest increase in nearly four and 215 00:11:47,440 --> 00:11:50,640 Speaker 1: a half years amid seasonal volatility. 216 00:11:50,840 --> 00:11:52,400 Speaker 2: Again, yes, that is. 217 00:11:52,520 --> 00:11:57,960 Speaker 1: Probably a line in this story, but is it the story? 218 00:11:58,000 --> 00:12:00,560 Speaker 1: If you're just scrolling through the headlines, which a lot 219 00:12:00,559 --> 00:12:03,000 Speaker 1: of people are doing now, they just look at the 220 00:12:03,000 --> 00:12:05,360 Speaker 1: headline and that's how they get their information. 221 00:12:05,760 --> 00:12:07,640 Speaker 2: So if they see the thing it says. 222 00:12:07,720 --> 00:12:10,559 Speaker 1: Increases in nearly the largest increase in nearly four and 223 00:12:10,559 --> 00:12:13,160 Speaker 1: a half years, people are gonna think the job market 224 00:12:13,200 --> 00:12:14,280 Speaker 1: is extremely weak. 225 00:12:14,559 --> 00:12:17,640 Speaker 2: So listen to the first the first paragraph of this 226 00:12:18,000 --> 00:12:18,640 Speaker 2: The number. 227 00:12:18,400 --> 00:12:21,959 Speaker 1: Of Americans filing new applications for unemployment benefits increased by 228 00:12:21,960 --> 00:12:25,720 Speaker 1: the most in nearly four and a half years last week. Okay, yeah, 229 00:12:25,800 --> 00:12:30,560 Speaker 1: that sounds horrible, but the search likely does not support 230 00:12:30,600 --> 00:12:35,000 Speaker 1: a material weakening in the labor market conditions, as the 231 00:12:35,120 --> 00:12:40,280 Speaker 1: claims data are volatile around this time of year, does 232 00:12:40,320 --> 00:12:43,959 Speaker 1: that justify the headline that they put out there. It's 233 00:12:44,080 --> 00:12:47,559 Speaker 1: kind of like if it leads, if it bleeds, it leads. 234 00:12:47,320 --> 00:12:50,160 Speaker 2: Type of thing. Again, in my opinion. 235 00:12:50,000 --> 00:12:53,880 Speaker 1: These spoon fed regurgitators in the mainstream media are trying 236 00:12:53,920 --> 00:12:59,560 Speaker 1: to manufacture a recession, talk down the economy, and quite honestly, 237 00:12:59,800 --> 00:13:02,680 Speaker 1: I don't know how much way to say this, but 238 00:13:03,040 --> 00:13:07,320 Speaker 1: the headlines that we're seeing from the spoon fed regurgitators 239 00:13:07,320 --> 00:13:10,000 Speaker 1: in the mainstream media and what they are talking about 240 00:13:10,040 --> 00:13:13,000 Speaker 1: as far as the economy, which is in my opinion, 241 00:13:13,080 --> 00:13:17,199 Speaker 1: putting the idea in people's head about the economy versus 242 00:13:17,200 --> 00:13:20,199 Speaker 1: what the numbers are saying, and what the job growth 243 00:13:20,280 --> 00:13:24,079 Speaker 1: and what the job layoffs and the picture. And as 244 00:13:24,080 --> 00:13:28,080 Speaker 1: far as the inflation versus what the inflation was for 245 00:13:28,120 --> 00:13:29,320 Speaker 1: the last four years. 246 00:13:29,679 --> 00:13:30,559 Speaker 2: It's like a. 247 00:13:30,559 --> 00:13:34,560 Speaker 1: Reversal of what should have been reported back during the 248 00:13:34,600 --> 00:13:37,840 Speaker 1: Biden years when you had in one month you had 249 00:13:37,840 --> 00:13:41,160 Speaker 1: the inflation jump up to nine point one percent, and 250 00:13:41,200 --> 00:13:43,160 Speaker 1: they talked about, well, you know, it's just a temporary 251 00:13:43,200 --> 00:13:45,760 Speaker 1: blip on the radar screen. Things will be back to normal. 252 00:13:45,800 --> 00:13:48,920 Speaker 1: It's just, you know, it's transitory. You know, everything's everything's cool, 253 00:13:48,960 --> 00:13:53,080 Speaker 1: don't worry about it. It wasn't okay because the massive 254 00:13:53,160 --> 00:13:57,600 Speaker 1: increases that we've seen in items up to the up 255 00:13:57,600 --> 00:14:00,800 Speaker 1: to the beginning of this year was caused buy them 256 00:14:01,120 --> 00:14:05,439 Speaker 1: and nobody in the media talked about it. Now all 257 00:14:05,480 --> 00:14:08,240 Speaker 1: of a sudden, things are turning around. Oil prices are 258 00:14:08,280 --> 00:14:10,880 Speaker 1: way down, up to twenty five percent lower than what. 259 00:14:10,880 --> 00:14:12,120 Speaker 2: They were at the first of the year. 260 00:14:12,559 --> 00:14:14,920 Speaker 1: Gas prices are now below a doll There are a 261 00:14:14,920 --> 00:14:17,400 Speaker 1: couple of states in this country right now that have 262 00:14:17,520 --> 00:14:21,600 Speaker 1: actually their gas prices are below two dollars a gallon. 263 00:14:21,840 --> 00:14:25,000 Speaker 1: And when you start lowering gasoline prices to the point 264 00:14:25,040 --> 00:14:27,560 Speaker 1: where people have more money in their pocket, they have 265 00:14:27,680 --> 00:14:29,760 Speaker 1: more you know, they're not spending as much money on 266 00:14:29,840 --> 00:14:33,400 Speaker 1: gasoline and on crude oil and heating oil, and that 267 00:14:33,520 --> 00:14:35,560 Speaker 1: for their homes. They're going to have more money in 268 00:14:35,600 --> 00:14:37,560 Speaker 1: their pockets. They're going to have more money to spend, 269 00:14:37,960 --> 00:14:40,560 Speaker 1: and the economy will grow if we could get lion 270 00:14:40,680 --> 00:14:44,160 Speaker 1: Jerry Powell to lower interest rates. And I was listening 271 00:14:44,240 --> 00:14:48,240 Speaker 1: to somebody the other just yesterday morning talking about, well, 272 00:14:48,400 --> 00:14:51,320 Speaker 1: lower interest rates from the Fed, that really doesn't affect 273 00:14:51,360 --> 00:14:52,120 Speaker 1: mortgage rates. 274 00:14:52,440 --> 00:14:54,160 Speaker 2: And this person was a real estate person. 275 00:14:54,720 --> 00:14:59,560 Speaker 1: Well, it doesn't directly affect mortgage rates. However, that is 276 00:14:59,600 --> 00:15:04,600 Speaker 1: the bend smart number tied to that becomes lower credit 277 00:15:04,640 --> 00:15:09,000 Speaker 1: card interest rates tied to that then becomes lower prices 278 00:15:10,760 --> 00:15:14,880 Speaker 1: interest rates on car loans, and then eventually, because the 279 00:15:14,920 --> 00:15:18,160 Speaker 1: housing market is tied to the banks and tied to 280 00:15:18,240 --> 00:15:21,560 Speaker 1: the profitability these banks, the banks can then charge less 281 00:15:21,600 --> 00:15:24,320 Speaker 1: as far as our home loans are concerned, because interest 282 00:15:24,400 --> 00:15:27,360 Speaker 1: rates along the other way are lower for them in 283 00:15:27,440 --> 00:15:30,880 Speaker 1: terms of their operating costs in order to borrow money 284 00:15:30,880 --> 00:15:35,080 Speaker 1: from other banks. So again this eventually does filter through 285 00:15:35,360 --> 00:15:39,080 Speaker 1: to the mortgage rates. And the person talking about this 286 00:15:39,200 --> 00:15:43,800 Speaker 1: that didn't see the correlation unbelievable because when you look 287 00:15:43,840 --> 00:15:47,560 Speaker 1: back prior to the plandemic during the Trump administration in 288 00:15:47,640 --> 00:15:52,920 Speaker 1: twenty nineteen, we had basically the interest rates the overnight 289 00:15:53,000 --> 00:15:56,800 Speaker 1: rate was around zero and the mortgage rates were about 290 00:15:57,720 --> 00:16:00,520 Speaker 1: two and a half to three percent. Well, when Biden 291 00:16:00,560 --> 00:16:04,000 Speaker 1: took office and that number for the overnight interest rate 292 00:16:04,160 --> 00:16:08,480 Speaker 1: went up to five percent and above mortgage rates went 293 00:16:08,560 --> 00:16:09,520 Speaker 1: up to seven percent. 294 00:16:10,040 --> 00:16:12,520 Speaker 2: So is there a direct correlation or is it. 295 00:16:12,480 --> 00:16:15,840 Speaker 1: Just you know, filter through the economy and filter through 296 00:16:15,920 --> 00:16:19,480 Speaker 1: to those numbers eventually. But again it is an effect 297 00:16:19,560 --> 00:16:23,000 Speaker 1: on that. So looking at this again getting into this 298 00:16:23,680 --> 00:16:28,440 Speaker 1: first paragraph, but the surge likely does not suggest a 299 00:16:28,520 --> 00:16:32,040 Speaker 1: material weakening in the labor market conditions as the claims 300 00:16:32,120 --> 00:16:36,600 Speaker 1: data are volatile around this time of the year, so again, 301 00:16:36,880 --> 00:16:39,560 Speaker 1: no big deal, but why make a big deal about it? 302 00:16:39,560 --> 00:16:41,240 Speaker 2: As far as the headline is concerned. 303 00:16:41,600 --> 00:16:45,200 Speaker 1: The larger than expected rise of initial jobless claims reported 304 00:16:45,200 --> 00:16:48,560 Speaker 1: by the Labor Department on Thursday reversed the sharp drop 305 00:16:48,680 --> 00:16:52,200 Speaker 1: the prior week, which had pushed filings to a three 306 00:16:52,880 --> 00:16:54,560 Speaker 1: year low. 307 00:16:54,680 --> 00:16:55,640 Speaker 2: Just a week ago. 308 00:16:56,040 --> 00:16:59,680 Speaker 1: The unemployment numbers the initial jobless claims worked to a 309 00:16:59,760 --> 00:17:04,399 Speaker 1: three three year low. Economists said that adjusting the data 310 00:17:04,440 --> 00:17:08,199 Speaker 1: for seasonal fluctuations is always is always challenging during the 311 00:17:08,200 --> 00:17:11,880 Speaker 1: start of the holiday season, and recommended focusing on the 312 00:17:11,920 --> 00:17:15,439 Speaker 1: four week moving average to get a better read of 313 00:17:15,440 --> 00:17:19,400 Speaker 1: the labor market. The four week average of claims suggest 314 00:17:19,440 --> 00:17:25,320 Speaker 1: that the labor market conditions remain stable. According to Stephen Stanley, 315 00:17:25,520 --> 00:17:29,960 Speaker 1: Chief US Economists, it's Santander. 316 00:17:29,880 --> 00:17:31,240 Speaker 2: US Capital Markets. 317 00:17:31,480 --> 00:17:35,880 Speaker 1: The bulk of this week to week volunteer volatility. 318 00:17:35,560 --> 00:17:40,199 Speaker 2: Is seasonal noise. On an underlying. 319 00:17:39,680 --> 00:17:43,600 Speaker 1: Basis, nothing has changed, but if anything, we would have 320 00:17:43,720 --> 00:17:47,040 Speaker 1: to say that initial claims are running slightly below the 321 00:17:47,200 --> 00:17:52,560 Speaker 1: long established trend. One of several data points that refute 322 00:17:52,920 --> 00:17:58,639 Speaker 1: Federal Reserve Chairman Jerome Powell's characterization of a shaky labor 323 00:17:58,680 --> 00:18:03,040 Speaker 1: market I have I've not heard anybody in any of 324 00:18:03,040 --> 00:18:06,080 Speaker 1: these quotes, in any of these stories up to this 325 00:18:06,160 --> 00:18:12,000 Speaker 1: point making a comment refuting what Lion Jerry Powell said. 326 00:18:12,080 --> 00:18:16,440 Speaker 1: Let me repeat this on an underlying basis. Nothing has changed, 327 00:18:16,680 --> 00:18:19,320 Speaker 1: but if anything, we would have to say that the 328 00:18:19,359 --> 00:18:24,439 Speaker 1: initial claims are running slightly below the long established trend, 329 00:18:25,040 --> 00:18:29,240 Speaker 1: one of the several data points that refutes Federal Reserve 330 00:18:29,359 --> 00:18:34,320 Speaker 1: Chairman Jerome Powell's characterization of a shaky labor market. Again, 331 00:18:34,960 --> 00:18:39,720 Speaker 1: I've not seen many economists disagreeing with Jerome Powell, and 332 00:18:39,760 --> 00:18:41,560 Speaker 1: this is one of the first times I've ever seen 333 00:18:41,600 --> 00:18:46,760 Speaker 1: that initial claims for state unemployment benefits jumped forty four thousand, 334 00:18:46,800 --> 00:18:49,920 Speaker 1: to the biggest increase since mid July of twenty twenty one, 335 00:18:50,200 --> 00:18:53,040 Speaker 1: to a seasonally adjusted two hundred and thirty six thousand 336 00:18:53,080 --> 00:18:55,959 Speaker 1: for the week end in December sixth the labor market, 337 00:18:56,160 --> 00:18:59,560 Speaker 1: the Labor Department said economists pulled by Royers had forecast 338 00:18:59,560 --> 00:19:03,320 Speaker 1: two hundred twenty Now, when we've been talking about these 339 00:19:03,400 --> 00:19:06,719 Speaker 1: numbers over the last year, they have talked about that 340 00:19:06,920 --> 00:19:11,200 Speaker 1: unemployment initial job as claims are generally ranging between two 341 00:19:11,320 --> 00:19:14,160 Speaker 1: hundred and ten thousand and two hundred and fifty thousand 342 00:19:14,520 --> 00:19:17,919 Speaker 1: at two hundred and thirty six thousand, jumping from a 343 00:19:18,080 --> 00:19:21,600 Speaker 1: three year low the previous week up forty four thousand. 344 00:19:21,880 --> 00:19:26,080 Speaker 1: It's still within those parameters of the low end at 345 00:19:26,119 --> 00:19:29,160 Speaker 1: two hundred and ten thousand or two hundred and fifty 346 00:19:29,240 --> 00:19:30,720 Speaker 1: thousand on the high end. 347 00:19:30,880 --> 00:19:32,840 Speaker 2: So rather than pointing that out, they. 348 00:19:32,680 --> 00:19:35,080 Speaker 1: Just try to, I guess, muddy the waters and make 349 00:19:35,119 --> 00:19:38,160 Speaker 1: things seem worse than they are talking about. The better 350 00:19:38,240 --> 00:19:41,800 Speaker 1: way to gauge this the four week moving average of claims, 351 00:19:41,880 --> 00:19:47,880 Speaker 1: which irons out seasonal fluctuations, rose two thousand to two 352 00:19:48,040 --> 00:19:51,960 Speaker 1: hundred and sixteen thousand, seven hundred and fifty last week, 353 00:19:52,440 --> 00:19:55,240 Speaker 1: So at two hundred and sixteen, you know, a four 354 00:19:55,320 --> 00:19:59,120 Speaker 1: week average, it only went up two thousand at two 355 00:19:59,240 --> 00:20:02,560 Speaker 1: hundred and sixteen that's at the lower end of that 356 00:20:02,960 --> 00:20:05,880 Speaker 1: two hundred and ten to two hundred and fifty thousand 357 00:20:06,200 --> 00:20:10,479 Speaker 1: jo initial jobless claims unbelievable, and there's more data in here. 358 00:20:10,560 --> 00:20:11,160 Speaker 2: We'll get to it. 359 00:20:11,280 --> 00:20:23,720 Speaker 1: I'm Kevin Gordon, America's truck at Network seven hundred WLW. 360 00:20:23,960 --> 00:20:26,199 Speaker 7: Here's your trucking forecast for the Try State and the 361 00:20:26,200 --> 00:20:28,600 Speaker 7: rest of the country. In the Try State overnight snow 362 00:20:28,640 --> 00:20:30,720 Speaker 7: with two to four inches expected for most of us 363 00:20:30,800 --> 00:20:33,120 Speaker 7: who are under a winter weather advisory. Three to five 364 00:20:33,160 --> 00:20:36,640 Speaker 7: inches possible further south in Kentucky and southern Indiana as 365 00:20:36,640 --> 00:20:38,679 Speaker 7: they are under a winter storm warning, so we'll come 366 00:20:38,720 --> 00:20:40,400 Speaker 7: to an MD by mid morning Friday, a high at 367 00:20:40,400 --> 00:20:43,679 Speaker 7: thirty seven, so moving back into the area Saturday afternoon, 368 00:20:43,880 --> 00:20:46,160 Speaker 7: one to three inches of snow expected the high year 369 00:20:46,200 --> 00:20:48,040 Speaker 7: thirty as a winter storm watch. We'll start at ten 370 00:20:48,080 --> 00:20:50,760 Speaker 7: o'clock in the morning and end at seven o'clock Sunday morning, 371 00:20:50,920 --> 00:20:53,120 Speaker 7: with an additional one to three inches of snow possible 372 00:20:53,160 --> 00:20:56,560 Speaker 7: Saturday night. Mostly sunny Sunday, but very cold, a high 373 00:20:56,600 --> 00:20:59,399 Speaker 7: have only thirteen Nationally, a narrow band of monit to 374 00:20:59,400 --> 00:21:02,119 Speaker 7: heavy snow likely from the midwest, upper Ohio Valley and 375 00:21:02,160 --> 00:21:04,879 Speaker 7: into the central Appalachians overnight, with the second round of 376 00:21:04,880 --> 00:21:08,720 Speaker 7: accumulating snow Friday from the northern Plains moving southeast into 377 00:21:08,720 --> 00:21:11,720 Speaker 7: the middle of Mississippi Valley. Like affect snow winding down 378 00:21:11,760 --> 00:21:14,960 Speaker 7: but will return late Saturday into Sunday. Dryer wha they're 379 00:21:14,960 --> 00:21:18,399 Speaker 7: seen in the Pacific Northwest with flooding impacts continue. Record 380 00:21:18,400 --> 00:21:20,800 Speaker 7: warm tempest you're seen across the west, while arctic gaere 381 00:21:20,880 --> 00:21:23,840 Speaker 7: will move into the northern plains and upper Mississippi Valley 382 00:21:23,840 --> 00:21:25,320 Speaker 7: Friday and Saturday. 383 00:21:28,160 --> 00:21:32,440 Speaker 1: Seven hundred wlw IM Kevin Gordon is as America Struck 384 00:21:32,520 --> 00:21:33,280 Speaker 1: in network now. 385 00:21:33,280 --> 00:21:35,400 Speaker 2: I'm focusing on these jobless. 386 00:21:34,960 --> 00:21:37,320 Speaker 1: Claims because it's been in the news today and a 387 00:21:37,359 --> 00:21:40,240 Speaker 1: lot of people have made hay with it. And I've 388 00:21:40,240 --> 00:21:43,520 Speaker 1: said this before and it bears repeating. When I look 389 00:21:43,560 --> 00:21:46,440 Speaker 1: at the economic numbers, when I see what is going on, 390 00:21:47,080 --> 00:21:49,960 Speaker 1: I want to give the truth as far as what's 391 00:21:50,000 --> 00:21:52,760 Speaker 1: going on. I don't want to go into hyperbole. I 392 00:21:52,800 --> 00:21:56,439 Speaker 1: don't want to let something go out there that doesn't 393 00:21:56,440 --> 00:22:00,280 Speaker 1: go challenge, goes unchallenged. And as I've said before, I 394 00:22:00,320 --> 00:22:03,520 Speaker 1: think the one thing holding back this economy is high 395 00:22:03,600 --> 00:22:07,200 Speaker 1: interest rates. We keep hearing a little bit of inklings 396 00:22:07,240 --> 00:22:10,040 Speaker 1: of that in terms of when they're looking at new 397 00:22:10,040 --> 00:22:13,919 Speaker 1: home sales. Homes being pulled off the market, as we 398 00:22:14,000 --> 00:22:17,320 Speaker 1: covered earlier in the week. So these reports where people 399 00:22:17,320 --> 00:22:19,800 Speaker 1: are saying, you know what, my house is on the market, 400 00:22:20,080 --> 00:22:23,560 Speaker 1: it's going into the winner that generally allows you time 401 00:22:23,600 --> 00:22:25,720 Speaker 1: for people to search for homes. I'm just not going 402 00:22:25,760 --> 00:22:28,199 Speaker 1: to go through the nonsense of keeping that house on 403 00:22:28,240 --> 00:22:31,560 Speaker 1: the list on the market, so they delist them. That 404 00:22:31,840 --> 00:22:35,600 Speaker 1: is directly affected because if the houses are selling and 405 00:22:35,640 --> 00:22:38,320 Speaker 1: the interest rates are low, people can afford to buy 406 00:22:38,359 --> 00:22:38,959 Speaker 1: those homes. 407 00:22:39,280 --> 00:22:40,800 Speaker 2: On the flip side, there's. 408 00:22:40,600 --> 00:22:43,199 Speaker 1: A number of people and record numbers of people that 409 00:22:43,240 --> 00:22:48,080 Speaker 1: are actually canceling contracts. They actually establish a contract, say 410 00:22:48,080 --> 00:22:50,160 Speaker 1: that there's going to be a closing date, and then 411 00:22:50,320 --> 00:22:55,120 Speaker 1: back out of that contract again because of interest rates, 412 00:22:55,160 --> 00:23:00,159 Speaker 1: because of the cost of getting a new house and 413 00:23:00,200 --> 00:23:03,439 Speaker 1: all the stuff that comes along with that. So I 414 00:23:03,520 --> 00:23:07,320 Speaker 1: focus on this because again, if we're talking about whether 415 00:23:07,400 --> 00:23:09,840 Speaker 1: or not the economy is strong, whether or not they 416 00:23:09,880 --> 00:23:11,800 Speaker 1: are going to be purchases we're looking at. 417 00:23:11,800 --> 00:23:12,880 Speaker 2: I mean, we just. 418 00:23:12,960 --> 00:23:17,280 Speaker 1: Had numbers from Black Friday and Cyber Monday, which were 419 00:23:17,680 --> 00:23:22,280 Speaker 1: record numbers. So if people are out of work, if 420 00:23:22,320 --> 00:23:26,520 Speaker 1: the economy is crashing the way these spoon fed regurgitators 421 00:23:26,520 --> 00:23:30,280 Speaker 1: in the mainstream media hope it does, it bothers me 422 00:23:30,440 --> 00:23:33,640 Speaker 1: that they would actually hope this, but apparently they are. 423 00:23:34,119 --> 00:23:37,040 Speaker 1: Then I want to make sure that we're getting the 424 00:23:37,119 --> 00:23:40,399 Speaker 1: correct information out here on this program, so that you 425 00:23:40,560 --> 00:23:44,520 Speaker 1: have ammunition to know that what you're feeling as far 426 00:23:44,600 --> 00:23:49,040 Speaker 1: as your economy is concerned, is good. And all this 427 00:23:49,280 --> 00:23:51,680 Speaker 1: noise about well, what's going on in the rest of 428 00:23:51,720 --> 00:23:54,560 Speaker 1: the economy, we dig into that to make sure that 429 00:23:54,760 --> 00:23:58,000 Speaker 1: are those numbers correct? Are they giving us the actual facts? 430 00:23:58,280 --> 00:24:01,199 Speaker 1: And when I read stories like this just bothers me 431 00:24:01,320 --> 00:24:04,720 Speaker 1: that they can't do a straight up reporting. They always 432 00:24:04,800 --> 00:24:08,359 Speaker 1: have to throw stuff in here again, the four week 433 00:24:08,560 --> 00:24:09,440 Speaker 1: moving average. 434 00:24:09,480 --> 00:24:10,000 Speaker 2: And if you. 435 00:24:10,000 --> 00:24:12,359 Speaker 1: Missed any of our segments or missed any of our 436 00:24:12,400 --> 00:24:15,440 Speaker 1: other shows, make sure you hit up that iHeartRadio app 437 00:24:16,160 --> 00:24:18,760 Speaker 1: because all of our shows are there brought to you 438 00:24:18,840 --> 00:24:22,920 Speaker 1: buy our friends at Rush Truck Centers Now. Quoting Nancy 439 00:24:23,200 --> 00:24:28,720 Speaker 1: Van den Houghton, lead US economists at Oxford Economics, it's 440 00:24:28,760 --> 00:24:33,680 Speaker 1: a little surprising that recent layoff announcements haven't translated into 441 00:24:33,720 --> 00:24:38,560 Speaker 1: a shift in higher initial claims. An announcement is not 442 00:24:38,920 --> 00:24:42,040 Speaker 1: a layoff. If you announce that there are going to 443 00:24:42,119 --> 00:24:46,040 Speaker 1: be layoffs that is in the future. Those will get 444 00:24:46,160 --> 00:24:50,320 Speaker 1: some indications that they have some of these announcements that 445 00:24:50,640 --> 00:24:53,879 Speaker 1: beginning in March, they're going to lay people off in 446 00:24:53,960 --> 00:24:58,399 Speaker 1: these companies. Now, whether that happens or not, whether things 447 00:24:58,440 --> 00:25:01,439 Speaker 1: turn around with that company and they back off from that. 448 00:25:01,920 --> 00:25:05,800 Speaker 1: We don't know, but the initial comment about that, and 449 00:25:05,880 --> 00:25:09,240 Speaker 1: so one of the things that she, I guess corrects 450 00:25:09,240 --> 00:25:12,920 Speaker 1: herself and says, it may be that some workers who 451 00:25:12,960 --> 00:25:16,679 Speaker 1: have lost their jobs have received generous severance packages or 452 00:25:16,720 --> 00:25:20,199 Speaker 1: have found other employment, although that is more difficult in 453 00:25:20,240 --> 00:25:23,400 Speaker 1: the current labor market with the press rate of hiring. 454 00:25:23,920 --> 00:25:27,440 Speaker 1: Not necessary, I mean, not necessarily, but again, at least 455 00:25:27,480 --> 00:25:31,920 Speaker 1: she's answering her own question. The Fed on Wednesday cut 456 00:25:31,760 --> 00:25:35,760 Speaker 1: in benchmarket overnight rate by twenty five basis points to 457 00:25:35,920 --> 00:25:39,000 Speaker 1: the three point fifty three point five zero to three 458 00:25:39,000 --> 00:25:42,280 Speaker 1: point seventy five range. US Central Bank has cut interest 459 00:25:42,320 --> 00:25:45,320 Speaker 1: rates three times this year. Palell told reporters that the 460 00:25:45,560 --> 00:25:51,160 Speaker 1: labor market seems to have significant downside risk, noting there 461 00:25:51,240 --> 00:25:55,800 Speaker 1: was an over counting of non farm payrolls, which policymakers 462 00:25:56,040 --> 00:26:00,320 Speaker 1: believe was still persisting. This is what I talked about 463 00:26:00,400 --> 00:26:03,200 Speaker 1: yesterday when we talk about the Bureau of Labor Statistics. 464 00:26:03,280 --> 00:26:07,560 Speaker 1: You remember the brew haha back in September or so, 465 00:26:07,680 --> 00:26:11,680 Speaker 1: when the head of that department got fired. When they 466 00:26:11,800 --> 00:26:16,359 Speaker 1: announced in September the Bureau of Labor Statistics estimated that 467 00:26:16,520 --> 00:26:20,720 Speaker 1: nine hundred and eleven fewer jobs were created in the 468 00:26:20,800 --> 00:26:25,359 Speaker 1: twelve months through March of twenty twenty five, So going 469 00:26:25,400 --> 00:26:28,560 Speaker 1: from April of twenty twenty four, during the last year 470 00:26:28,560 --> 00:26:32,359 Speaker 1: of the Biden administration, until March of twenty twenty five, 471 00:26:32,720 --> 00:26:36,080 Speaker 1: the job estimates, the job creations, the stuff that the 472 00:26:36,119 --> 00:26:40,239 Speaker 1: spoon fed regurgitators were telling us how strong the economy was, 473 00:26:40,480 --> 00:26:43,119 Speaker 1: that Biden is doing a great job, that he's on 474 00:26:43,200 --> 00:26:47,119 Speaker 1: top of everything, that he sharp runs rings around people 475 00:26:47,160 --> 00:26:49,800 Speaker 1: around the office, that he's the smartest guy in the room, 476 00:26:49,920 --> 00:26:55,120 Speaker 1: et cetera. That those job numbers were overestimated by nine 477 00:26:55,200 --> 00:26:59,320 Speaker 1: hundred and eleven thousand. That's on top of the eight 478 00:26:59,400 --> 00:27:03,280 Speaker 1: hundred and eight eighteen thousand that were overreported in the 479 00:27:03,400 --> 00:27:06,680 Speaker 1: prior twelve months. So the twelve month period of time 480 00:27:06,720 --> 00:27:09,919 Speaker 1: from April of twenty twenty three to April of twenty 481 00:27:10,000 --> 00:27:15,120 Speaker 1: twenty four, eight hundred and eighteen thousand jobs were overestimated, 482 00:27:15,440 --> 00:27:18,280 Speaker 1: and then from the next twelve months nine hundred and 483 00:27:18,520 --> 00:27:24,160 Speaker 1: eleven thousand, So just between those two years, more than 484 00:27:24,600 --> 00:27:29,520 Speaker 1: what is that one point seven million jobs were overreported, 485 00:27:30,560 --> 00:27:34,440 Speaker 1: and so all of the bragging about we have created 486 00:27:34,560 --> 00:27:38,639 Speaker 1: sixteen million new jobs during this administration, well maybe not 487 00:27:38,680 --> 00:27:41,720 Speaker 1: so much, because that's down about what fourteen to five now, 488 00:27:42,040 --> 00:27:45,040 Speaker 1: and then when you take into consideration that act during 489 00:27:45,040 --> 00:27:49,359 Speaker 1: the pandemic, there were twenty million people that lost their jobs. 490 00:27:49,760 --> 00:27:53,080 Speaker 1: So you are now looking at a situation with their 491 00:27:53,440 --> 00:27:56,920 Speaker 1: sixteen thousand that they were claiming. You're still talking about 492 00:27:56,920 --> 00:28:01,560 Speaker 1: a four million jobs gap. Tweet you and you can't 493 00:28:01,720 --> 00:28:07,439 Speaker 1: consider a replacement job backfilling something and saying that, oh 494 00:28:07,760 --> 00:28:12,120 Speaker 1: we have created this, you know, created nothing. All you've 495 00:28:12,160 --> 00:28:15,960 Speaker 1: done is ride the wave of these people rehiring the 496 00:28:16,000 --> 00:28:18,919 Speaker 1: people that got fired in the first place. It just 497 00:28:19,359 --> 00:28:23,120 Speaker 1: and of course, as I keep saying, the spoon federalgurgitators 498 00:28:23,119 --> 00:28:25,840 Speaker 1: of the mainStreet media kept misleading us, telling us that 499 00:28:25,920 --> 00:28:28,359 Speaker 1: the job market was strong, that all these jobs were 500 00:28:28,400 --> 00:28:29,000 Speaker 1: being created. 501 00:28:29,359 --> 00:28:31,399 Speaker 2: Nine hundred and eleven. 502 00:28:31,040 --> 00:28:36,200 Speaker 1: Thousand fewer jobs as of from March that was reported 503 00:28:36,240 --> 00:28:39,640 Speaker 1: in September, the equivalent of seventy six thousand fewer jobs 504 00:28:39,680 --> 00:28:43,200 Speaker 1: per month. The BLS will publish the final payroll benchmark 505 00:28:43,240 --> 00:28:48,320 Speaker 1: revision in February, along with January's employment numbers. The unemployment 506 00:28:48,320 --> 00:28:52,240 Speaker 1: of the employment report for November delayed by the Schumer 507 00:28:52,320 --> 00:28:56,080 Speaker 1: shutdown for forty three day government shutdown will be released 508 00:28:56,120 --> 00:29:00,360 Speaker 1: next Tuesday. It will incorporate October's nonfarm payroll data. The 509 00:29:00,440 --> 00:29:04,200 Speaker 1: unemployment rate for October, however, will not be available because 510 00:29:04,280 --> 00:29:07,640 Speaker 1: the shutdown prevented them from gathering all that information. So 511 00:29:08,120 --> 00:29:10,760 Speaker 1: it'll be interesting to see some of those numbers next week. 512 00:29:11,000 --> 00:29:15,080 Speaker 1: But if the as Jerome Powell is saying that, if 513 00:29:15,160 --> 00:29:18,880 Speaker 1: these numbers are not reliable and they have not corrected 514 00:29:18,920 --> 00:29:23,640 Speaker 1: the method by which they obtain those numbers, how do 515 00:29:23,680 --> 00:29:26,160 Speaker 1: we have the confidence that those numbers are going to 516 00:29:26,160 --> 00:29:29,600 Speaker 1: be accurate? And the fact that the head of that agency, 517 00:29:29,960 --> 00:29:33,760 Speaker 1: who they claim was doing a good job, blew it 518 00:29:33,880 --> 00:29:39,360 Speaker 1: by what one point seven million jobs? They'reabout maybe one 519 00:29:39,400 --> 00:29:44,480 Speaker 1: point eight million jobs, that that person should keep their job. Now, Okay, 520 00:29:45,000 --> 00:29:49,160 Speaker 1: I buy the part that Okay, she doesn't really she's 521 00:29:49,200 --> 00:29:53,160 Speaker 1: basically reporting or was reporting, the information that was provided 522 00:29:53,160 --> 00:29:57,280 Speaker 1: to her. But if you're embarrassed by the previous year's numbers, 523 00:29:57,480 --> 00:29:59,600 Speaker 1: wouldn't you say to those people that are collecting that 524 00:29:59,680 --> 00:30:02,720 Speaker 1: number for you to make you look bad, that you 525 00:30:02,920 --> 00:30:06,200 Speaker 1: correct the methods there, the methodology by which you're doing this. 526 00:30:06,680 --> 00:30:08,680 Speaker 1: Make sure that when you get these numbers to me 527 00:30:08,800 --> 00:30:12,120 Speaker 1: that they're accurate, so that the agency doesn't look bad, 528 00:30:12,280 --> 00:30:15,000 Speaker 1: but apparently not putting the pressure on them to give 529 00:30:15,040 --> 00:30:19,040 Speaker 1: the right information led to this again a second year 530 00:30:19,480 --> 00:30:23,880 Speaker 1: of where nine hundred and eleven thousand jobs were overestimated 531 00:30:24,720 --> 00:30:27,680 Speaker 1: on top of the eight hundred and eighteen million from 532 00:30:27,720 --> 00:30:31,200 Speaker 1: the eight hundred and eighteen thousand from the previous year. 533 00:30:31,440 --> 00:30:33,320 Speaker 2: We'll talk a little bit more about this coming up. 534 00:30:33,400 --> 00:30:38,960 Speaker 1: I'm Kevin Gordon, America's truck and Network seven hundred WLW 535 00:30:39,600 --> 00:30:45,760 Speaker 1: News Radio seven hundred WLW and iHeartRadio Station Guarantee Human 536 00:30:46,200 --> 00:30:48,680 Speaker 1: seven hundred WLW. 537 00:30:48,120 --> 00:30:49,560 Speaker 2: HI Hard Radio. 538 00:30:50,120 --> 00:30:52,280 Speaker 6: You know what your customers are doing right this second, 539 00:30:52,440 --> 00:30:55,760 Speaker 6: the exact same thing you are listening to me, which. 540 00:30:55,760 --> 00:30:58,560 Speaker 2: Can network seven hundred WLW. 541 00:30:58,680 --> 00:31:04,480 Speaker 1: I'm Kevin Gordon thought on this topic and again as 542 00:31:04,520 --> 00:31:07,240 Speaker 1: a recovering accountant, you know, I just I just can't 543 00:31:07,320 --> 00:31:11,880 Speaker 1: resist jumping into the numbers, looking at the numbers and saying, Okay, 544 00:31:11,920 --> 00:31:14,880 Speaker 1: this doesn't match this, Where is this coming from? 545 00:31:15,080 --> 00:31:17,680 Speaker 2: Does this make any sense? And take it on from 546 00:31:17,720 --> 00:31:18,880 Speaker 2: there now. 547 00:31:18,920 --> 00:31:22,080 Speaker 1: What was what's interesting is that when they're talking about 548 00:31:22,240 --> 00:31:25,720 Speaker 1: the unemployment claims, we also have the number of the 549 00:31:26,320 --> 00:31:31,040 Speaker 1: unemployment rate, which two months ago had gone down to 550 00:31:31,320 --> 00:31:33,400 Speaker 1: or three months ago had gone down to four point 551 00:31:33,440 --> 00:31:37,760 Speaker 1: two percent, then it jumped up to four point three, 552 00:31:37,840 --> 00:31:41,239 Speaker 1: and then the last unemployment number we got that it 553 00:31:41,320 --> 00:31:45,800 Speaker 1: was at four point four And yet we haven't seen 554 00:31:46,040 --> 00:31:51,160 Speaker 1: any major increases in unemployment. We haven't seen these job 555 00:31:51,280 --> 00:31:55,240 Speaker 1: numbers on a weekly basis spike and had been more 556 00:31:55,320 --> 00:31:59,440 Speaker 1: within more than what was in that acceptable normal range 557 00:31:59,640 --> 00:32:02,040 Speaker 1: of two hundred and ten thousand to two hundred and 558 00:32:02,080 --> 00:32:06,200 Speaker 1: fifty thousand. Then we have this number that's the continuing 559 00:32:06,240 --> 00:32:09,280 Speaker 1: people that have done their initial jobless claims and then 560 00:32:09,360 --> 00:32:11,160 Speaker 1: are on continued benefits. 561 00:32:11,520 --> 00:32:14,480 Speaker 2: They're on out And this is this struck. 562 00:32:14,200 --> 00:32:18,160 Speaker 1: Me in this the number of people receiving unemployment benefits 563 00:32:18,240 --> 00:32:22,120 Speaker 1: after an initial week of aid a proxy for hiring, 564 00:32:22,680 --> 00:32:28,120 Speaker 1: dropped ninety nine thousand to a seasonally adjusted one point 565 00:32:28,240 --> 00:32:33,200 Speaker 1: eight three eight million during the week ending November twenty ninth. Now, 566 00:32:33,440 --> 00:32:37,160 Speaker 1: the previous week, they talked about how that number was 567 00:32:37,240 --> 00:32:40,680 Speaker 1: now up to one point nine three seven, that it 568 00:32:40,840 --> 00:32:44,320 Speaker 1: was creeping up there and it was in a range 569 00:32:44,360 --> 00:32:47,360 Speaker 1: that was one of the highest in a couple of 570 00:32:47,440 --> 00:32:51,000 Speaker 1: years or something like that. But the difference between one 571 00:32:51,080 --> 00:32:55,880 Speaker 1: point eight and one point nine is a five percent drop. 572 00:32:56,080 --> 00:32:58,560 Speaker 1: They come in here, and then they say that some 573 00:32:58,720 --> 00:33:01,880 Speaker 1: of the decline in the so called continuing claims reflected 574 00:33:01,920 --> 00:33:06,320 Speaker 1: the difficulties of seasonally adjusting the data around Thanksgiving holiday 575 00:33:06,600 --> 00:33:10,240 Speaker 1: and also could be a result of people exhausting their 576 00:33:10,320 --> 00:33:14,200 Speaker 1: eligibility for benefits, which is limited to twenty six weeks 577 00:33:14,240 --> 00:33:15,200 Speaker 1: in some states. 578 00:33:16,000 --> 00:33:19,520 Speaker 2: But again, they should have that data. The states should 579 00:33:19,520 --> 00:33:20,000 Speaker 2: be able. 580 00:33:19,840 --> 00:33:22,520 Speaker 1: To come up with that number that, well, we had 581 00:33:22,680 --> 00:33:25,000 Speaker 1: x number of people that were on the unemployment and 582 00:33:25,080 --> 00:33:28,320 Speaker 1: after the twenty six how many people dropped off those roles? 583 00:33:28,440 --> 00:33:30,680 Speaker 1: They should be able to get that number very easily. 584 00:33:31,040 --> 00:33:35,720 Speaker 1: But when they talk about continuing claims are consistent consistent 585 00:33:35,760 --> 00:33:39,760 Speaker 1: with a gradual rise in the unemployment rate, which was 586 00:33:39,840 --> 00:33:43,400 Speaker 1: at a four year high of four point four in September, 587 00:33:43,880 --> 00:33:46,520 Speaker 1: and they're saying later on that they're expecting that to 588 00:33:46,520 --> 00:33:50,000 Speaker 1: go to four point five when they come up with 589 00:33:50,040 --> 00:33:53,200 Speaker 1: the unemployment numbers. Well, if the number of people that 590 00:33:53,240 --> 00:33:59,320 Speaker 1: are continuing on unemployment has dropped by five percent, wouldn't 591 00:33:59,360 --> 00:34:03,000 Speaker 1: you think that would reflect in the unemployment number in 592 00:34:03,120 --> 00:34:06,680 Speaker 1: total that maybe that four point five should be maybe 593 00:34:07,040 --> 00:34:12,120 Speaker 1: four point zero. It's amazing that you know that when 594 00:34:12,120 --> 00:34:15,359 Speaker 1: the numbers don't add up, and people don't, and these 595 00:34:15,440 --> 00:34:19,640 Speaker 1: reporters don't bother committing journalism and explaining it. 596 00:34:20,440 --> 00:34:21,839 Speaker 2: We're left to figure this out. 597 00:34:21,880 --> 00:34:25,400 Speaker 1: But I don't think, in my opinion, that that unemployment 598 00:34:25,520 --> 00:34:28,360 Speaker 1: number is going to be a lot higher than what 599 00:34:28,640 --> 00:34:29,960 Speaker 1: they had originally said. 600 00:34:30,080 --> 00:34:33,160 Speaker 2: So we'll see how that goes. I just don't know. 601 00:34:34,160 --> 00:34:36,600 Speaker 1: I think that the number is going to be lower 602 00:34:36,600 --> 00:34:40,800 Speaker 1: because we're not seeing any of these massive unemployment numbers 603 00:34:41,280 --> 00:34:44,480 Speaker 1: jump on a weekly basis. And you know, if that 604 00:34:44,600 --> 00:34:47,520 Speaker 1: doesn't go up, then how can the people You know, 605 00:34:47,760 --> 00:34:50,319 Speaker 1: if you have the initial claims, those are going to 606 00:34:50,320 --> 00:34:52,680 Speaker 1: be added to the people that have been on there 607 00:34:52,719 --> 00:34:55,560 Speaker 1: for a while. But if that number of people that 608 00:34:55,600 --> 00:34:58,640 Speaker 1: have been on there for a while drops by five percent, 609 00:34:59,080 --> 00:35:02,439 Speaker 1: then you would think overall that that number is coming down, 610 00:35:02,520 --> 00:35:06,400 Speaker 1: that they've either found new positions or have lost their benefits. 611 00:35:06,400 --> 00:35:09,040 Speaker 1: And I would imagine that somebody getting close to losing 612 00:35:09,080 --> 00:35:12,600 Speaker 1: their benefits would find something in order to make sure 613 00:35:12,600 --> 00:35:15,080 Speaker 1: that they're keeping bread on the table and keeping their 614 00:35:15,120 --> 00:35:18,719 Speaker 1: families well, keeping a roof over their head. Again, when 615 00:35:18,760 --> 00:35:21,719 Speaker 1: we're talking about affordability and we're talking about what's going 616 00:35:21,719 --> 00:35:24,480 Speaker 1: on as far as the economy is concerned one of 617 00:35:24,480 --> 00:35:26,560 Speaker 1: the things we keep hearing about, or people will started 618 00:35:26,600 --> 00:35:27,240 Speaker 1: talking about. 619 00:35:27,320 --> 00:35:29,760 Speaker 2: And isn't it interesting that when. 620 00:35:30,120 --> 00:35:34,320 Speaker 1: Something that people harp on and talk about and keep 621 00:35:35,640 --> 00:35:39,080 Speaker 1: flapping their gums about, especially at the first of the year, 622 00:35:39,360 --> 00:35:42,120 Speaker 1: you know, Trump was in office for a week, and 623 00:35:42,160 --> 00:35:45,320 Speaker 1: they said, I was hearing people saying, well, egg prices 624 00:35:45,320 --> 00:35:47,120 Speaker 1: are still high a week. 625 00:35:47,480 --> 00:35:50,560 Speaker 2: What kind of magic Wand do you think somebody can do? 626 00:35:51,080 --> 00:35:53,720 Speaker 1: If you've got the bird flu, if you've got people 627 00:35:53,800 --> 00:35:57,239 Speaker 1: killing having to kill off the flocks of chickens, they're 628 00:35:57,280 --> 00:35:59,160 Speaker 1: not going to be those dead chickens are not going 629 00:35:59,239 --> 00:36:01,760 Speaker 1: to be laying hey. And so if you've got fewer 630 00:36:01,800 --> 00:36:04,239 Speaker 1: eggs and you got the same demand, those prices are 631 00:36:04,239 --> 00:36:06,960 Speaker 1: going to go up. But egg prices just last week 632 00:36:07,000 --> 00:36:11,640 Speaker 1: at our local store, a large, a large large eggs 633 00:36:11,840 --> 00:36:15,879 Speaker 1: a dozen was a dollar forty nine. Beginning of the year, 634 00:36:15,960 --> 00:36:19,320 Speaker 1: I think that was close to two dollars and ten cents, 635 00:36:19,320 --> 00:36:22,680 Speaker 1: two dollars and thirty cents. Nobody's talking about egg prices 636 00:36:22,719 --> 00:36:25,680 Speaker 1: anymore now, you know. Then all of a sudden they 637 00:36:25,760 --> 00:36:29,480 Speaker 1: jumped on the bandwagon as far as meat prices, Well, 638 00:36:29,560 --> 00:36:32,239 Speaker 1: if you've got the you got the people that are 639 00:36:32,280 --> 00:36:36,320 Speaker 1: the climbingists that say that, you know, beef cattle or 640 00:36:36,360 --> 00:36:39,760 Speaker 1: you know, killing the planet not only with their cow farts, 641 00:36:40,000 --> 00:36:42,440 Speaker 1: but the fact that they're doing too much grazing and 642 00:36:42,520 --> 00:36:45,600 Speaker 1: that there's too much water that's being used by these 643 00:36:45,640 --> 00:36:49,320 Speaker 1: cows in order to this cattle in order to produce, 644 00:36:49,840 --> 00:36:53,640 Speaker 1: and farmers in drought areas or having to buy feedstock 645 00:36:53,760 --> 00:36:57,640 Speaker 1: and buy actual feed for those animals rather than letting 646 00:36:57,719 --> 00:37:00,440 Speaker 1: them go out on the range and graze. Then all 647 00:37:00,480 --> 00:37:03,800 Speaker 1: of a sudden they're having to reduce their flock, their 648 00:37:03,880 --> 00:37:06,920 Speaker 1: herds rather, and those herds are down around the nineteen 649 00:37:07,040 --> 00:37:10,799 Speaker 1: fifty levels. And if you've got twice the population, then 650 00:37:10,840 --> 00:37:14,120 Speaker 1: you're going to have a demand and not much of 651 00:37:14,120 --> 00:37:16,319 Speaker 1: a supply, So of course this price is going to 652 00:37:16,320 --> 00:37:21,840 Speaker 1: go up. USDA lowers cattle price forecast after Tyson plant closes, 653 00:37:21,880 --> 00:37:24,160 Speaker 1: which I thought was kind of a weird headline, but 654 00:37:24,239 --> 00:37:26,000 Speaker 1: when I read into it, it kind of makes a 655 00:37:26,040 --> 00:37:29,040 Speaker 1: little bit more sense. Cattle prices won't rise as much 656 00:37:29,120 --> 00:37:33,320 Speaker 1: as previously expected in twenty twenty six, as the closure 657 00:37:33,360 --> 00:37:38,040 Speaker 1: of a Tyson food plant is seen loosening competition for 658 00:37:38,120 --> 00:37:42,800 Speaker 1: scarce US supplies the Department of agriculture. On December the 659 00:37:42,880 --> 00:37:48,439 Speaker 1: ninth lowered its estimates estimates for cattle prices through twenty 660 00:37:48,520 --> 00:37:53,200 Speaker 1: twenty six, citing reduced slaughter plant capacity early next year 661 00:37:53,560 --> 00:37:57,319 Speaker 1: and recent pricing data. Tyson, the largest meat packers, said 662 00:37:57,320 --> 00:38:00,960 Speaker 1: in the late November statement, So the run in cost 663 00:38:01,080 --> 00:38:05,440 Speaker 1: of those cattle or the cattle being slaughtered are lower, 664 00:38:05,680 --> 00:38:09,400 Speaker 1: which will then be reflected later on in the prices. Also, 665 00:38:09,760 --> 00:38:14,480 Speaker 1: they're upping, and Trump has reduced the tariffs on meat 666 00:38:14,520 --> 00:38:16,640 Speaker 1: coming in from Argentina. 667 00:38:16,360 --> 00:38:17,560 Speaker 2: Brazil, et cetera. 668 00:38:18,040 --> 00:38:21,399 Speaker 1: So those prices should come in and start reducing those 669 00:38:21,440 --> 00:38:22,320 Speaker 1: prices as well. 670 00:38:22,520 --> 00:38:24,680 Speaker 2: But if you're. 671 00:38:24,520 --> 00:38:29,040 Speaker 1: Dealing with the same amount of cattle as nineteen fifty 672 00:38:29,640 --> 00:38:32,960 Speaker 1: and your population has doubled, your meat price is going 673 00:38:33,000 --> 00:38:33,480 Speaker 1: to go up. 674 00:38:33,680 --> 00:38:37,160 Speaker 2: And so the fact that this is being corrected. 675 00:38:36,880 --> 00:38:40,360 Speaker 1: And coming back down as a result of some of 676 00:38:40,400 --> 00:38:44,080 Speaker 1: these adjustments is a good thing. One of the things too, 677 00:38:44,160 --> 00:38:48,160 Speaker 1: that I've been talking about as far as inflation is concerned, 678 00:38:48,360 --> 00:38:53,840 Speaker 1: we're seeing numbers as far as inflation. However, those numbers 679 00:38:54,280 --> 00:38:56,520 Speaker 1: are not reflecting everything in there. 680 00:38:56,600 --> 00:38:57,560 Speaker 2: We're not seeing. 681 00:38:57,280 --> 00:39:00,200 Speaker 1: They keep talking about, well, tarifts are doing this for 682 00:39:00,320 --> 00:39:03,760 Speaker 1: doing that, But when you look behind some of the numbers. 683 00:39:03,800 --> 00:39:06,000 Speaker 1: A lot of that has to do with employment costs. 684 00:39:06,040 --> 00:39:10,280 Speaker 1: People working on the job getting higher pay. And again 685 00:39:10,400 --> 00:39:13,479 Speaker 1: I'm not opposed to people getting more pay. I'm all 686 00:39:13,520 --> 00:39:17,799 Speaker 1: for that, but if that is adding to inflation, then 687 00:39:17,840 --> 00:39:20,800 Speaker 1: people ought to be honest about it and talk about 688 00:39:20,800 --> 00:39:24,160 Speaker 1: it and bring it up and say, yes, inflation is up, 689 00:39:24,239 --> 00:39:27,400 Speaker 1: but also wages are up, which is making things a 690 00:39:27,520 --> 00:39:33,040 Speaker 1: bit more affordable. US employment costs rise at the slowest 691 00:39:33,080 --> 00:39:37,200 Speaker 1: pace since twenty twenty one. Annual growth of the US labor 692 00:39:37,520 --> 00:39:40,839 Speaker 1: costs accelerated in the third quarter to the slowest pace 693 00:39:40,920 --> 00:39:44,479 Speaker 1: in four years, adding to evidence that the softening job 694 00:39:44,560 --> 00:39:49,760 Speaker 1: market is helping limit inflationary pressure. The Employment cost Index 695 00:39:49,960 --> 00:39:53,640 Speaker 1: that are known as ECI, which tracks changes and wages 696 00:39:53,680 --> 00:39:56,760 Speaker 1: and benefits, increase three point five percent in the twelve 697 00:39:56,800 --> 00:40:01,360 Speaker 1: months end in September, according to Bureau of Labors out Wednesday. 698 00:40:01,440 --> 00:40:05,120 Speaker 1: On an adjusted basis, the gauge rows point eight percent 699 00:40:05,400 --> 00:40:06,600 Speaker 1: eight tens of one percent. 700 00:40:06,800 --> 00:40:08,960 Speaker 2: Latest figures highlight the job market. 701 00:40:08,719 --> 00:40:12,080 Speaker 1: And has lost momentum as many employers temper the pace 702 00:40:12,200 --> 00:40:14,720 Speaker 1: of hiring while some reduce head counts. 703 00:40:14,880 --> 00:40:17,120 Speaker 2: But again with the economy being. 704 00:40:16,960 --> 00:40:21,000 Speaker 1: In this no hire, no fire, policy because they don't 705 00:40:21,000 --> 00:40:24,319 Speaker 1: want to have to retrain their employees. Again, going back 706 00:40:24,360 --> 00:40:28,000 Speaker 1: to the pandemic, when people shut down their businesses, trying 707 00:40:28,000 --> 00:40:30,600 Speaker 1: to gear back up once the businesses were allowed to 708 00:40:31,600 --> 00:40:35,520 Speaker 1: open again, trying to find qualified employees, trying to find 709 00:40:35,520 --> 00:40:38,319 Speaker 1: people that were available to come in and fill those 710 00:40:38,360 --> 00:40:41,799 Speaker 1: positions was difficult. So rather than having to go through 711 00:40:41,840 --> 00:40:44,520 Speaker 1: that again, a lot of employers are hanging on to 712 00:40:44,640 --> 00:40:47,919 Speaker 1: the employees that they have and maybe not reducing those 713 00:40:48,239 --> 00:40:51,759 Speaker 1: even though with interest rates and the financing not being 714 00:40:51,800 --> 00:40:56,879 Speaker 1: able to increase the capacity or increase your business, that 715 00:40:57,040 --> 00:40:59,640 Speaker 1: your margins are being cut. 716 00:40:59,400 --> 00:40:59,799 Speaker 2: A little bit. 717 00:41:00,800 --> 00:41:03,640 Speaker 1: But as we've been seeing, there's been an uptick a 718 00:41:03,640 --> 00:41:06,600 Speaker 1: little bit in terms of the production, the amount of 719 00:41:06,640 --> 00:41:09,880 Speaker 1: people that are coming in, the amount of business that 720 00:41:09,960 --> 00:41:15,520 Speaker 1: is being beginning being handled by the current number of employees. 721 00:41:15,760 --> 00:41:19,560 Speaker 1: So when you have a bump in what business you're 722 00:41:19,600 --> 00:41:23,080 Speaker 1: getting an increase in sale, sometimes the amount of employees 723 00:41:23,120 --> 00:41:27,239 Speaker 1: you have can handle up that upward amount before you 724 00:41:27,280 --> 00:41:30,239 Speaker 1: have to begin to start hiring new employees. So a 725 00:41:30,239 --> 00:41:34,920 Speaker 1: lot of good news. Again, I start contrast between what 726 00:41:34,960 --> 00:41:38,440 Speaker 1: the headlines say and what the actual story says. Is 727 00:41:39,040 --> 00:41:43,560 Speaker 1: bringing more true today than in most situations. Well, folks, 728 00:41:43,600 --> 00:41:46,200 Speaker 1: we're up against clock here. Stay tuned for Retie Radio 729 00:41:46,200 --> 00:41:49,279 Speaker 1: at top the hour. I'm Kevin Gordon, America struck In 730 00:41:49,360 --> 00:41:52,240 Speaker 1: Network seven hundred WLW