Bloomberg Surveillance US Payrolls Rise Below Forecast
9 snips
Jan 9, 2026 
Claudia Sahm, Chief Economist at New Century Advisors, discusses disappointing US job numbers and the implications of potential Fed rate cuts. Christina Campmany from Invesco highlights global fixed income opportunities, pushing for a broader investment approach beyond U.S. borders. Carl Weinberg emphasizes the risks of full employment on GDP growth and the looming threat of inflation from tight labor markets. Lisa Mateo shares intriguing headlines, including the buzz around wearable health technology and the preservation debate of Jimmy Buffett's recording studio.
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Payrolls Understate Labor Weakness
- Payrolls show weak job creation and revisions will likely cut prior-year counts significantly.
- Claudia Sahm warns the labor data paints a riskier picture than the unemployment rate alone suggests.
Let Policy Lags Work Through
- The Fed front-loaded rate cuts last year and must wait to see their effects before easing further.
- Claudia Sahm suggests the Fed will carefully assess incoming data rather than rush more cuts in January.
Wage Growth Still Elevated But Stable
- Average hourly earnings rose 3.8% year-on-year, slightly above consensus and still elevated.
- Claudia Sahm sees wage growth moderating gradually and not currently posing a big spillover inflation risk.