

Daybreak Weekend: US Jobs, Power Conference, China PMIs
Sep 26, 2025
In this discussion, John Liu, Bloomberg's Greater China correspondent based in Beijing, sheds light on the mixed results from China's pro-growth policies and the country's alarming deflation risks. He predicts continued contraction in China's PMI and highlights the challenges of rising exports against overcapacity. Liu dives into the complexities of job market weaknesses and the psychological impacts of supply and demand dynamics. Additionally, he explores China's tech advancements in AI and semiconductors, emphasizing the energy demands of this new frontier.
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Profit Revision Signals Weaker Growth
- Corporate profits were sharply revised down, which likely weakens investment, hiring and growth prospects.
- Stuart Paul warns the labor market balance is tenuous as supply growth slows while demand eases.
Government Payroll Roll-Offs Slow Hiring
- Federal buyouts and roll-offs of government payrolls will subtract workers and slow reported hiring in coming months.
- Bloomberg Economics expects September payrolls growth to slow materially because of these public-sector effects.
Tariffs Haven't Rebooted Manufacturing
- Manufacturing, construction and energy are shedding jobs even as the economy becomes more services-oriented.
- Stuart Paul says tariffs and industrial policy haven't yet produced broad manufacturing gains and may be growth-negative via uncertainty.