Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Single bust idea into a jobs report. This was the
Speaker 2: adverb Jobs Report. And then it came out and I
Speaker 2: saw market economists just simply staring at a boom American
Speaker 2: labor economy. There's no other way to put it. I
Speaker 2: don't have the data in front of me, but in
Speaker 2: the twenty thirty forty market economists reports, we get from
Speaker 2: say eighth forty out to nine o'clock, maybe nine to ten.
Speaker 2: It was extraordinary to see, astonishing the headline from Bloomberg,
Speaker 2: a roaring roar, the economy's roaring, the labor economy's roaring.
Speaker 2: And yet so much of the pushback I got, and
Speaker 2: particularly out on live chat, on YouTube search, Bloomberg Podcasts,
Speaker 2: live chat, people are saying, maybe not leading away Torsten
Speaker 2: Slock and Apollo this morning showing a difference in labor
Speaker 2: growth of foreign employees versus native employees, and just plain
Speaker 2: and simple, it's a stark contrast. My answer is to
Speaker 2: speak to different people. And yes, there's there's market economists
Speaker 2: and Wall Street economists and all that, and then if
Speaker 2: you go to somebody like Zip recruiter and they're doing
Speaker 2: it differently, they're digitally looking incredibly granular digital trends. And
Speaker 2: Julia Pollock's there. She's a legit economist at ZIP recruiter,
Speaker 2: and she summarized a report saying it was more than constructive.
Speaker 2: Let's listen.
Speaker 1: Well, I think the fed orser will be pretty happy
Speaker 1: to see this data. I mean, their dual mandate, after all,
Speaker 1: is to keep the labor market strong and prices under control.
Speaker 1: And this report seems to say we can do both.
Speaker 1: We can walk and show them we can create lots
Speaker 1: and lots of jobs and have a healthy economy without
Speaker 1: wage growth causing a wage price spiral. So I think
Speaker 1: three cuts are not off the table after this report.
Speaker 2: Boy, there's some heated opinions on that. I would really look,
Speaker 2: you know, the look ahead if you will, through the
Speaker 2: weekend and into April, towards the May one meeting. I
Speaker 2: think you're going to see massive rewriting of people's views
Speaker 2: here on the rate cuts. Three rate cuts, maybe more.
Speaker 2: City group by no looking for a lot of rate cuts.
Speaker 2: Torsten Slock was heated off of this reported Apollo. He
Speaker 2: does not see a rate cut in the cards, and
Speaker 2: there's fourteen flavors in between that you get to pick
Speaker 2: from as well. We digressed within wonderful coverage. Thank you
Speaker 2: Lindsey Piigs of Stifl, Neil dudda it Renaissance, Macro really
Speaker 2: trumpeting a better than good American economy, and any number
Speaker 2: of other guests. Today, I'm Bloomberg Surveillance, and I really
Speaker 2: said to our team, I said to Bob and Eric
Speaker 2: and the team, I said, we got to get on
Speaker 2: somebody who wrote the essay of the week. The essay
Speaker 2: of the week was in Bloomberg Opinion and it was
Speaker 2: Claudia sum out of Michigan and the course with all
Speaker 2: work at the FED. You know her from the acclaimed
Speaker 2: Psalm rule of trying to figure out when the recession's
Speaker 2: are going to show up. Recession shows up when the
Speaker 2: Red Sox play under five hundred baseball. We're not there yet.
Speaker 2: But Claudia Sam wrote an essay on something I get
Speaker 2: a ton of mail on, and that's part time versus
Speaker 2: full time employment. She's really heated that part time employment
Speaker 2: can be constructive. It is not something that we should
Speaker 2: cast negatively. She was very good on that. And then
Speaker 2: we turn to what's immediate right now politically and economically
Speaker 2: in the nation, which is immigration and migration.
Speaker 3: Immigrants are one of the heroes in this labor market recovery.
Speaker 3: You don't see the headlines anymore about the labor shortages.
Speaker 3: We got more labor, not fewer customers. That's what the
Speaker 3: FED does. Immigrants are not the only group, but they
Speaker 3: have come in big time and taken jobs that were open.
Speaker 3: We have not seen the unemployment rates for US born
Speaker 3: individuals rising. It's more for the no and more it cakind.
Speaker 3: It takes a little while to get all the papers
Speaker 3: or find the job. So really they solved a big
Speaker 3: problem and are taking pressure off of employment. So when
Speaker 3: we think about them in the labor market and they're
Speaker 3: doing some real good.
Speaker 2: Claudiss'm in a granularity of the political economics of our
Speaker 2: labor economy. Single best idea. We're really thrilled with this podcast.
Speaker 2: Thank you so much for the response. What are we
Speaker 2: doing here? There's a lot of podcasts out there that
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Speaker 2: at Big Take, David Gerra, Strong Week, Eric shatsker On
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Speaker 2: be on afterwards. A lot of other projects we're working
Speaker 2: on right now, but we are just really pleased with
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