Julia Pollak, Chief Economist at ZipRecruiter, shares insights on the labor market amidst recent jobless claims and President Trump’s looming auto tariffs. She discusses potential inflation impacts as Core PCE data is awaited. Wendy Schiller, a Brown University professor, offers analysis on the political ramifications of these tariffs and the international backlash, including from the EU and Canada. They explore the implications for U.S. manufacturing jobs and how investors are adjusting strategies in light of these economic uncertainties.
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insights INSIGHT
Government Workers in the Job Market
Government workers seeking new jobs are having more success than other job seekers.
Many are taking pay cuts, likely due to valuing benefits and job security over higher private sector salaries.
insights INSIGHT
Stable US Labor Market
The US labor market is stable overall, with low layoffs and steady unemployment.
Federal workers seeking new jobs are faring better than other job seekers.
insights INSIGHT
Declining Job Seeker Confidence
Job seeker confidence is declining due to economic uncertainty and a slowing labor market.
Hiring has slowed significantly in sectors like professional business services and tech.
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Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney March 27th, 2025 Featuring: 1) Julia Pollak, Chief Economist at ZipRecruiter, reacts to US jobless claims and President Trump's 25% auto tariffs announcement and looks ahead to PCE. The 25% auto tariffs will come into effect on April 3, initially targeting fully assembled vehicles, and will expand to include major automobile parts by May 3. Meanwhile, traders await February PCE data, with Bloomberg Economics writing that Core PCE is expected to show accelerated inflation. 2) Wendy Schiller, professor at Brown University, reacts to President Trump's auto tariffs announcement and how Washington will or will not push back, as well as the Signal text controversy. The EU, Canada, and other countries have criticized the 25% auto tariff implementation, coming April 3. President Trump and top allies are struggling to defend against criticism over the inclusion of a journalist in a Signal chat discussing military attacks in Yemen, after texts showed Defense Secretary Pete Hegseth revealing specific operational details. 3) Melissa Otto, Head of TMT Research at Visible Alpha, on recent Mag 7 slides and yesterday's NASDAQ drop, and discusses whether big tech is actually "tariff-proof" or if they'll feel their effects. Tesla inched higher on the news as the Elon Musk-led electric vehicle company could avoid some of the tariff costs due to its US production. 4) Leslie Palti-Guzman, senior non-resident fellow at CSIS and NY University SPS Center for global affairs, joins for a discussion on energy and Russian gas flows as the Trump administration negotiates an end to the war in Ukraine, as well as how Houthi shipping disruptions could change after the Signal text controversy. 5) Ben McMillan, CIO at IDX Advisors, on how equities are reacting this morning to yesterday's tariff announcement and "uncertainty paralysis" in markets. The S&P 500 and other major stock benchmarks fell yesterday as concerns about the impact of a trade war on the economy and inflation resurfaced, driven in part by President Trump's 25% tariff announcement on auto imports.
Bloomberg Surveillance