Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The single best idea is to have a good weekend.
Speaker 2: It is a celebration of America with all the emotion.
Speaker 2: It was really great to learn. Actually, I used AI
Speaker 2: today to learn about I'd read it in Rick Atkinson's book.
Speaker 2: My Book of the Summer is volume two of Rick
Speaker 2: Atkinson's Wonderful American Revolution Trilogy, the third book to be written,
Speaker 2: and I remember in the first volume the emotion of
Speaker 2: a very sweltering Philadelphia as Thomas Jefferson wrote the Declaration
Speaker 2: of Independence. So I used AI today to figure out
Speaker 2: the graph house in Philadelphia was some nice background. This
Speaker 2: whole AI thing is really jaw dropping, to say the least.
Speaker 2: We use AI on Jobs Day, and part of that
Speaker 2: is to try to look not at the immediate data,
Speaker 2: but at the noise around it. There is no greater
Speaker 2: noise now than immigration and the changes in immigration tied
Speaker 2: into our American labor economy. Sarah Wolf Morgan Stanley.
Speaker 1: I think you're getting the immigration story coming through in
Speaker 1: the household report. If you look at the participation rate,
Speaker 1: it's come down now for about two months, and that's
Speaker 1: actually as expected, helping keep the labor market tight even
Speaker 1: as we're seeing this slowing trend and payrolls. So the
Speaker 1: unemployment rate, for example, last month would have been up
Speaker 1: to four point six percent if the participation rate hadn't fallen. Yeah,
Speaker 1: it's definitely taking out labor supply. Right now, we have
Speaker 1: the participation rate sixty two point three percent that helped
Speaker 1: bring the unemployment rate down to four point one even
Speaker 1: though the number of unemployed in the household survey was
Speaker 1: negative two hundred thousand. So of course we need to
Speaker 1: smooth out the household survey data. But I do think
Speaker 1: that's an important story.
Speaker 2: Amazing what Sarah Wolf in our studio using the Bloomberg
Speaker 2: terminal to look at the linkage of economics with finance
Speaker 2: and investment in real time with a job report, particularly
Speaker 2: looking at FED expectations changing in real time. I joined
Speaker 2: to have Rebecca Patterson with us today or expertise on
Speaker 2: foreign exchange or work with a console on foreign at relations.
Speaker 2: Patterson always citing smart people brad sets are publishing in
Speaker 2: the last twenty four hours at the Council on Foreign
Speaker 2: Relations on Pacific rim dollar dynamics. Here is Rebecca Patterson
Speaker 2: on that weeker dollar There's.
Speaker 3: One story that I think would be good for people
Speaker 3: to read with their lobster role this weekend. My colleague
Speaker 3: at CFR, Brad sets Are, published a piece yesterday on
Speaker 3: balands of payments, looking at the Asian currencies and what
Speaker 3: he calls a reverse Asian financial crisis risk. I have
Speaker 3: not had the chance yet to read this piece. I
Speaker 3: just read the top of it. But the idea is
Speaker 3: that a lot of these currents have become very un
Speaker 3: a valued and if they have to revalue and everything
Speaker 3: that comes with that, the owning of US treasuries by
Speaker 3: Taiwan Life insurers, et cetera, you could have global ripple
Speaker 3: effects across asset classes. So I think that would be
Speaker 3: useful reading for anyone who's thinking about contagion.
Speaker 2: Rebecca Patterson there the Council and Formulations also board member
Speaker 2: at Vanguard. We are halfway through the year and one
Speaker 2: of the benchmarks of this new digital experiment was in
Speaker 2: November of last year saying where would we be on
Speaker 2: the fourth of July. And it is absolutely stunning the
Speaker 2: growth that we've seen in YouTube. It is new, We're
Speaker 2: learning every day. It is absolutely humbling to look at
Speaker 2: digital the different ways of digital, the consumption of digital,
Speaker 2: what people care about, what we see. There's a thing
Speaker 2: called time spent listening or time spent watching, and it's
Speaker 2: absolutely humbling the amount of time that people generate each
Speaker 2: and every morning to Bloomberg surveillance. That's of course on
Speaker 2: radio and on YouTube. Subscribe to Bloomberg Podcasts at Apple,
Speaker 2: at Spotify, at YouTube podcasts. This is a single best
Speaker 2: idea