Squawk on the Street SOTS 2nd Hour: Goldman's Chief U.S. Equity Strategist, Plus: Airbus, Starbucks, PNC CEOs 9/9/25
Sep 9, 2025
David Kostin, Chief U.S. Equity Strategist at Goldman Sachs, shares his insights on market trends and investment strategies, particularly in light of recent payroll growth data. Bill Demchak, CEO of PNC, discusses the bank's strategic acquisition of First Bank and its implications for consumer credit trends, interest rates, and economic outlook. Together, they explore the impact of geopolitical tensions, the aerospace industry's production challenges, and the future of banking mergers, offering a comprehensive view of the financial landscape.
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Huge Job Revision Lowers Monthly Growth
- Annual payroll benchmark revisions show 911,000 fewer jobs from April 2024–March 2025 than previously reported.
- Steve Liesman warns this materially lowers monthly job growth and signals broader labor-market weakness.
Revisions Suggest Data Problems
- Steve Liesman flags the revision rate at 0.6% of payrolls, double the historical average.
- He suggests data collection issues at state or federal levels need fixing to restore confidence.
Goldman’s Three Playbook Themes
- Goldman expects modest equity gains and highlights three strategies: alternative asset managers, gold miners, and firms benefiting from Fed cuts.
- David Kostin ties potential upside to capex and rate-driven earnings revisions.