Speaker 1: Bloomberg Audio Studios, podcasts, radio news. A single best idea,
Speaker 1: which is Jobs Day even greater. September may give us
Speaker 1: two jobs days. There's a jobs Day today and on
Speaker 1: September ninth, next week. This huge revision. Some people say
Speaker 1: it's not a big deal. Many others shout out Stephen Englander,
Speaker 1: Stephanie Roth, Anna Wong. They say it's a big deal.
Speaker 1: We'll see we have two jobs days in September, and
Speaker 1: we'll give you as good a coverage as we can.
Speaker 1: Today we are in Fanish. Rebecca Patterson joined us here
Speaker 1: and we talked about investment as well as jobs. Here's
Speaker 1: Rebecca Patterson on retail out front of the Street.
Speaker 2: Stocks are near all time highs now. I think a
Speaker 2: lot of that is retail investors. I think a lot
Speaker 2: of that still is investors who want exposure to the
Speaker 2: more structural trade themes like AI beneficiaries, global defense, and infrastructure.
Speaker 2: But that is still creating wealth for consumers which allows
Speaker 2: them to keep spending. So I think the risk appetite
Speaker 2: is there. But I think gold is sending us a
Speaker 2: signal up thirty five percent year to date. You know,
Speaker 2: I worry that we're going to have a Brexit moment
Speaker 2: that everything is fine, fine, fine, and then suddenly it's not.
Speaker 2: And that's what we saw in twenty sixteen when the
Speaker 2: referendum was announced in February till the vote in June,
Speaker 2: UK markets were commcom com and then June twenty third
Speaker 2: we got the vote and suddenly people said, oh, this
Speaker 2: is actually real, and everything collapsed.
Speaker 1: So Rebecca Patterson there were the Council on Foreign Relations,
Speaker 1: look for her essays. You'll see him in the FT
Speaker 1: and at Bloomberg. W really look for Rebecca Patterson on
Speaker 1: that important Brexit idea at the Council on Foreign Relations
Speaker 1: where she holds court. Claudia sam with us is always
Speaker 1: on job, says what a value add not of the
Speaker 1: sum rule, but Claudius on the idea of what part
Speaker 1: of America is struggling.
Speaker 3: There are demographic groups that have unemployment rates in the
Speaker 3: best of times that look like recessions for other demographic groups.
Speaker 3: I mean, we have some real structural problems and differences
Speaker 3: in our economy. The fence tool with interest rates is
Speaker 3: a really weak tool. So the best thing they can do,
Speaker 3: and it helps everybody and particular those on the margins,
Speaker 3: is to keep the economy as stable as possible, keep
Speaker 3: inflation low, keep unemployment low, and that is their mandate.
Speaker 3: But that's a bigger mandate that goes beyond the Fed.
Speaker 1: Claudia sam They are providing assistance before a jobs report
Speaker 1: that confirm the caution of so many a twenty two
Speaker 1: thousand statistics some revisions that were challenging as well. The
Speaker 1: unemployment rate ticks up from four point two to four
Speaker 1: point five percent. One observation I want to mention that
Speaker 1: was published today. It's not a single best idea, but
Speaker 1: we'll take it. We'll steal from Peter Bearson. He's a
Speaker 1: bank credit analyst, which is a hugely prestigious shop out
Speaker 1: of Montreal, a wonderful multi decade tradition and Barrison Health
Speaker 1: Court at Gold and Sachs for years, and he says,
Speaker 1: look at the people seeking a job who aren't in
Speaker 1: the labor force. It's growing each and every day. Michael
Speaker 1: Gabin suggests we may see seventy five basis points of
Speaker 1: cuts here in this new job economy on podcasts where
Speaker 1: at Apple or at Spotify YouTube podcasts as well, it's
Speaker 1: single best idea