Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single best idea on
Speaker 1: Apple podcasts to get the week started, a busy economic week.
Speaker 1: PPI tomorrow. That's the business inflation. It's not the same
Speaker 1: as my youth. They've reformulated it, but it's become very
Speaker 1: important and then critically important. The CPI report on Wednesday,
Speaker 1: All including Chairman Paul, will be looking at that, and
Speaker 1: then retail sales pro tip. Remember that retail sales dynamics
Speaker 1: in the actual series is reported nominally. It's not inflation adjusted,
Speaker 1: so it's more noisy. There's more dynamic there. I do
Speaker 1: look at what's called the control group, and sort of
Speaker 1: that's where I focus on as Michael McKee looks at
Speaker 1: thirty forty sixty line items of retail sales. We'll do
Speaker 1: that on a Thursday this week on the jobs front,
Speaker 1: and unfortunately we can be talking any economic theme, but
Speaker 1: when Tom Parcelli's on with PGUM, I have to go
Speaker 1: back to his competency that brought him to my attention
Speaker 1: and all of financial media years ago, which is this
Speaker 1: careful study of the job market wage growth, wage dynamics,
Speaker 1: if you will, and then inflation adjusted wage growth, the
Speaker 1: real wage here from Pgium Tom Parcelli on the fragility
Speaker 1: of the market.
Speaker 2: I think it's very fragile. I think, and again everyone
Speaker 2: should prove this to themselves. Just look at real spending
Speaker 2: year a year, and then look at the change in
Speaker 2: the unemployment rate year on year, and look at that relationship.
Speaker 2: The consumption tends not to respond well when the unemployment
Speaker 2: rate is rising, and I think that's the real challenge
Speaker 2: for the economic backdrop. I mean, I see slower growth
Speaker 2: in the months to come. I still think that we
Speaker 2: can avoid a recession, but the fit has to get
Speaker 2: on with it to basically help in that regard. But
Speaker 2: it's going to be a close one.
Speaker 1: Tom Perscelli of PGUM there, and we'll get much more
Speaker 1: on this as we get closer to dare I say,
Speaker 1: the CPI report Wednesday and then onto that critical jobs report.
Speaker 1: I don't even know what date it is sometime, you know,
Speaker 1: labor day gets in there, school school goes back September
Speaker 1: fourth for one of the cherubs. I was sort of shocked.
Speaker 1: That's like southern or Midwest, that's appallingly early. But the anyway,
Speaker 1: you know, we get to September and we'll get a
Speaker 1: Jobs report as well. We never know who's going to
Speaker 1: come in the door in a home run. Today we
Speaker 1: have different phrases we used to judge people. And she
Speaker 1: was lights out. Steph Guild is with Robinhood and she's
Speaker 1: doing strategy for robin Hood. It's just a fascinating conversation.
Speaker 1: She comes from JP Morgan small Bank and she's come
Speaker 1: over to Robinhood, which is the biggest adjustment of anybody
Speaker 1: in the history of Bloomberg surveyals. There's no question about that.
Speaker 1: And she was riveting, riveting on all that's going on
Speaker 1: with a younger dynamic. She said, average agent Robinhood is
Speaker 1: thirty three years old. I thought it was like fifteen
Speaker 1: or sixteen. Shows you what I know. But here is
Speaker 1: Steph Guild on teaching people that are doing meme stocks
Speaker 1: how to be diversified stuff. Guild of Robinhood.
Speaker 3: You have to, you know, stay diversified. I always say,
Speaker 3: like everyone's money is kind of like a pyramid. You
Speaker 3: need to have an emergency cash, you know, just so
Speaker 3: you lose your job whatever happens. Like you've got that
Speaker 3: for at least six months, then the next layer. Make
Speaker 3: sure you have some diversification and our customer base, like
Speaker 3: we were seeing it this past you know week of volatility.
Speaker 3: They weren't just buying the names that are in our
Speaker 3: Robinhood Investor in next they were also buying broad based
Speaker 3: index funds. Is using is a way to add to it.
Speaker 3: And then after that, you know, yes, like invest in
Speaker 3: your aspirational things because I think if you always just
Speaker 3: ever say fully diversified, you're never gonna see it. You
Speaker 3: have to take risk to get returned. That always comes
Speaker 3: with it.
Speaker 1: Stuff Guild really successful with Robinhood. We'll have her back again.
Speaker 1: So it writes, are you ready for this? She writes
Speaker 1: a blog for robin Hood Stephanie Guild and it's called
Speaker 1: Investors Guild, Investment Guild something like that. How cute it works.
Speaker 1: It's single best idea on a Monday before a very
Speaker 1: busy week. Let me tell you about a burgeoning social
Speaker 1: because we're making some changes. I think they're constructive and
Speaker 1: they're particularly addressed to a market. We knew it existed,
Speaker 1: but we did not understand the size, and that is
Speaker 1: our international market. We're out on Apple car Play that's
Speaker 1: worldwide at least twenty nations. Android Auto same thing Android
Speaker 1: Auto doing very well. Both of them are coming out
Speaker 1: with revamps if you will, of their software. We're out
Speaker 1: on YouTube and subscribe to Bloomberg Podcast. It's by far
Speaker 1: and away the best place to help us. And of
Speaker 1: course we're doing this podcast and we're thinking of launching
Speaker 1: if I can figure it out, Instagram and we're going
Speaker 1: to be doing Bloomberg surveillance on YouTube Instagram with a
Speaker 1: huge thrust to our international audience. We're getting it out
Speaker 1: of the coming days. If that Bill can teach me
Speaker 1: how to do Instagram, because I failed. I took TikTok
Speaker 1: one on one and failed, so we're tried Instagram. This
Speaker 1: is on Apple Podcasts. Single best idea.