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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: The single best idea is to have a good weekend.

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Speaker 2: It is a celebration of America with all the emotion.

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Speaker 2: It was really great to learn. Actually, I used AI

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Speaker 2: today to learn about I'd read it in Rick Atkinson's book.

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Speaker 2: My Book of the Summer is volume two of Rick

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Speaker 2: Atkinson's Wonderful American Revolution Trilogy, the third book to be written,

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Speaker 2: and I remember in the first volume the emotion of

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Speaker 2: a very sweltering Philadelphia as Thomas Jefferson wrote the Declaration

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Speaker 2: of Independence. So I used AI today to figure out

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Speaker 2: the graph house in Philadelphia was some nice background. This

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Speaker 2: whole AI thing is really jaw dropping, to say the least.

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Speaker 2: We use AI on Jobs Day, and part of that

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Speaker 2: is to try to look not at the immediate data,

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Speaker 2: but at the noise around it. There is no greater

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Speaker 2: noise now than immigration and the changes in immigration tied

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Speaker 2: into our American labor economy. Sarah Wolf Morgan Stanley.

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Speaker 1: I think you're getting the immigration story coming through in

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Speaker 1: the household report. If you look at the participation rate,

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Speaker 1: it's come down now for about two months, and that's

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Speaker 1: actually as expected, helping keep the labor market tight even

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Speaker 1: as we're seeing this slowing trend and payrolls. So the

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Speaker 1: unemployment rate, for example, last month would have been up

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Speaker 1: to four point six percent if the participation rate hadn't fallen. Yeah,

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Speaker 1: it's definitely taking out labor supply. Right now, we have

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Speaker 1: the participation rate sixty two point three percent that helped

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Speaker 1: bring the unemployment rate down to four point one even

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Speaker 1: though the number of unemployed in the household survey was

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Speaker 1: negative two hundred thousand. So of course we need to

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Speaker 1: smooth out the household survey data. But I do think

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Speaker 1: that's an important story.

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Speaker 2: Amazing what Sarah Wolf in our studio using the Bloomberg

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Speaker 2: terminal to look at the linkage of economics with finance

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Speaker 2: and investment in real time with a job report, particularly

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Speaker 2: looking at FED expectations changing in real time. I joined

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Speaker 2: to have Rebecca Patterson with us today or expertise on

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Speaker 2: foreign exchange or work with a console on foreign at relations.

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Speaker 2: Patterson always citing smart people brad sets are publishing in

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Speaker 2: the last twenty four hours at the Council on Foreign

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Speaker 2: Relations on Pacific rim dollar dynamics. Here is Rebecca Patterson

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Speaker 2: on that weeker dollar There's.

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Speaker 3: One story that I think would be good for people

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Speaker 3: to read with their lobster role this weekend. My colleague

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Speaker 3: at CFR, Brad sets Are, published a piece yesterday on

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Speaker 3: balands of payments, looking at the Asian currencies and what

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Speaker 3: he calls a reverse Asian financial crisis risk. I have

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Speaker 3: not had the chance yet to read this piece. I

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Speaker 3: just read the top of it. But the idea is

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Speaker 3: that a lot of these currents have become very un

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Speaker 3: a valued and if they have to revalue and everything

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Speaker 3: that comes with that, the owning of US treasuries by

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Speaker 3: Taiwan Life insurers, et cetera, you could have global ripple

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Speaker 3: effects across asset classes. So I think that would be

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Speaker 3: useful reading for anyone who's thinking about contagion.

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Speaker 2: Rebecca Patterson there the Council and Formulations also board member

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Speaker 2: at Vanguard. We are halfway through the year and one

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Speaker 2: of the benchmarks of this new digital experiment was in

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Speaker 2: November of last year saying where would we be on

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Speaker 2: the fourth of July. And it is absolutely stunning the

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Speaker 2: growth that we've seen in YouTube. It is new, We're

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Speaker 2: learning every day. It is absolutely humbling to look at

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Speaker 2: digital the different ways of digital, the consumption of digital,

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Speaker 2: what people care about, what we see. There's a thing

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Speaker 2: called time spent listening or time spent watching, and it's

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Speaker 2: absolutely humbling the amount of time that people generate each

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Speaker 2: and every morning to Bloomberg surveillance. That's of course on

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Speaker 2: radio and on YouTube. Subscribe to Bloomberg Podcasts at Apple,

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Speaker 2: at Spotify, at YouTube podcasts. This is a single best

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Speaker 2: idea