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Speaker 1: Single best idea after the idea of a five day

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Speaker 1: week that was absolutely extraordinary. We knew going in this

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Speaker 1: would be the busiest week of the summer, all sorts

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Speaker 1: of economic data, earnings, market reaction, international relations, which was

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Speaker 1: ever more surprising than we ever could have expected. It

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Speaker 1: has been an extraordinary week and none more so. And

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Speaker 1: the quality of the guests that we've delivered. The team

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Speaker 1: has just done an absolutely superb job of giving you voices.

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Speaker 1: One of the highlights, just a little vignette, is Jamie

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Speaker 1: Diamond of JP Morgan came out with a Washington Post

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Speaker 1: essay today laying out what this nation needs to do

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Speaker 1: to move on to the next administration, whomever will be president,

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Speaker 1: and he harkened back to Doris Carnes Goodwin and he said,

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Speaker 1: we need a team of rivals arguing collegially in the

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Speaker 1: White House. We started with that. Thank you Zach Cohen

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Speaker 1: of Bloomberg News for giving his perspective on and I

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Speaker 1: like the busted chops on Secretary Diamond. I'm sure he

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Speaker 1: doesn't want to hear that right now, but that's how

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Speaker 1: we started Friday today. One of the high points here

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Speaker 1: along with Richard Clared, Bill Dudley and others was a

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Speaker 1: great privilege of having Claudia sm as the jobs report

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Speaker 1: came out. I don't want to go into a lot

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Speaker 1: of time here, a lot of detail, but to needless

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Speaker 1: to say she is the most acclaimed economist in America today,

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Speaker 1: no question about that. Claudia Sam out of the Fed,

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Speaker 1: out of Michigan, I should say, out of the Fed,

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Speaker 1: Brooks's institution, and now a new century. Claudia Sam in

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Speaker 1: her Palm rule. Here she is after that grim jobs

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Speaker 1: report at eight thirty one this morning.

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Speaker 2: This has seen way too much momentum in the unemployment

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Speaker 2: rate in recent months, I mean four point three percent.

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Speaker 2: This is not so whether we are at that moment

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Speaker 2: of a recession or not. This is your build into

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Speaker 2: substantial weakening in the labor market. All is not lost,

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Speaker 2: we are you know, the bottle's offing out. We should

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Speaker 2: never panic. There are policy tools, there are levers, and

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Speaker 2: you know again I don't overread one data point, but

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Speaker 2: this isn't one data point.

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Speaker 1: Claudia. Some on the sum rule, and with great great collegiality,

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Speaker 1: Michael McKee and others will say, well, the two or

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Speaker 1: three digits this or that or the other thing, all

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Speaker 1: I know is we thank doctor Some for sitting with

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Speaker 1: us for this jobs report and her adjusting her view

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Speaker 1: of the American economy. Now we saw that later on

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Speaker 1: with Ethan Harris, a Bank of America would join us,

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Speaker 1: and it was something to see doctor Harris just say

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Speaker 1: flat out I was wrong about the speed of the

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Speaker 1: deterioration of the American labor economy. We go back to

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Speaker 1: doctor Sam Claudia Some on the New America.

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Speaker 2: We have had a lot of disruptions in the labor force,

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Speaker 2: so the supply of workers even go back to the beginning

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Speaker 2: of the pandemic, millions of people dropping out, and then

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Speaker 2: we had labor shortages, and then we had larger immigration

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Speaker 2: coming in. Like this has just been a lot and

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Speaker 2: we all know personally, and then also in the economy,

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Speaker 2: adjustments can be hard if they are big and sunny,

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Speaker 2: and we've had a lot of that. And so this

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Speaker 2: is absolutely in there in these increases in nounemployment rate,

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Speaker 2: we are still working through disruptions. And yet underneath that

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Speaker 2: is also a much more typical, pernicious, not good increase

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Speaker 2: in the unemployment rate of just there's less demand for workers.

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Speaker 1: Claudia Sam of New Century Advisors. Joining us after doctor

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Speaker 1: sim was Neil Dudda of Renmeack. Neil Dudda was my

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Speaker 1: Economist of the Year for two twenty three, shocking optimism

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Speaker 1: while others are gloomy. It's not that he's lost the optimism.

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Speaker 1: He believes in a resilient American economic experiment. But at

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Speaker 1: the same time he looks at the facts and the

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Speaker 1: facts have changed. For Bill Dudda in his Bloomberg opinion

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Speaker 1: piece earlier this week, and also for Neil Dutta. For

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Speaker 1: Neil Dutta, the facts have changed after that job report,

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Speaker 1: looking at the FED, linking the Labor Economic Report and

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Speaker 1: the tough revisions over to the FED. Neil Dutta of Renmack.

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Speaker 3: I mean, the problem with the economy is that monetary

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Speaker 3: policy is too tight, and that means the looser monetary

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Speaker 3: policy can help resolve the problem. And so you know,

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Speaker 3: from my perspective, the FED can just keep cutting until

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Speaker 3: the economy turns, and there's a lot of room for

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Speaker 3: them to do so. So I think that would be

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Speaker 3: the optimistic sort of spin on things, is that you know,

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Speaker 3: the Feed has plenty of ammunition to kind of you know,

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Speaker 3: course correct here I think they'll use it. And you know,

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Speaker 3: this isn't about household balance sheet deflation. This isn't about

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Speaker 3: corporate balance sheet recessions like oh one, This isn't about

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Speaker 3: an asset bubble bursting. This is just about monetary policy

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Speaker 3: being too tight.

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Speaker 1: Neil dudda of Renmack, We thank him for his support

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Speaker 1: of all that we do. Again an extraordinary week. We

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Speaker 1: staggered forward to Chicago to Jackson Hole, and I can say,

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Speaker 1: as of eight thirty this morning, this is a different

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Speaker 1: Jackson Hole that we will attend here fourth week of August.

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Speaker 1: We are out on Apple car Play, on Android Auto,

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Speaker 1: and on YouTube. I can't say enough about the YouTube

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Speaker 1: experiment I watched last night on YouTube Premium. I'm a

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Speaker 1: big fan of YouTube at premium. The Olympics, and boyd

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Speaker 1: does it work on YouTube? No ads? On YouTube Premium

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Speaker 1: you get none of the back and forth and the

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Speaker 1: soap opera and all that. You just get the competition

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Speaker 1: of the Olympics and the great announcers from NBC telling

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Speaker 1: us what's going on. I loved watching the Olympics on YouTube.

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Speaker 1: I hope you like watching us on YouTube and listening

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Speaker 1: to us on YouTube at Bloomberg Podcasts. Subscribe to Bloomberg

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Speaker 1: Podcasts out at YouTube. That's an eventful and growing project

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Speaker 1: for us and on Apple podcasts. This is single best

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Speaker 1: idea