Bloomberg Talks Apollo Chief Economist Torsten Slok Talks "Wait and See" Economy
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Mar 14, 2025 
Torsten Slok, Apollo's chief economist, dives into the current economic landscape, highlighting the effects of DOGE layoffs on the labor market and the implications of tariffs on consumers. He discusses the challenges of navigating stagflation with rising inflation and slowing growth, and expresses concern over the 'wait and see' mentality gripping consumers and businesses. Slok also emphasizes the importance of upcoming Federal Reserve policies as economic indicators shift from soft to hard data, impacting job creation and overall market stability.
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Wait-and-See Economy
- Consumers and businesses are readjusting, creating a "wait-and-see" economy.
- Weakening soft data, like movie theater attendance and TSA data, suggests an eventual slowdown in hard data.
Economic Resilience and Shocks
- The economy's resilience to shocks depends on the nature of the shocks.
- Current shocks include DOGE layoffs and tariffs, impacting a significant percentage of households.
Government Spending and Job Growth
- Government spending propped up the US economy, potentially creating a sugar high.
- A significant portion of job growth in recent years came from the government sector.