Bloomberg Surveillance The June Jobs Report and President's Tax Bill
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Jul 3, 2025 Patrick McHenry, former House Speaker pro tempore, offers insights into the contentious debate surrounding President Trump's tax bill, revealing resistance from within the Republican Party due to concerns over Medicaid cuts. Meanwhile, Rebecca Patterson, former Chief Investment Strategist at Bridgewater, analyzes the June jobs report, discussing its implications for the markets and the broader economic outlook. The conversation touches on the labor market's resilience, the political dynamics at play, and the importance of fiscal strategies in uncertain times.
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Labor Market Near Maximum Employment
- The US labor market is currently close to maximum employment with low unemployment rates.
- Inflation and labor supply shifts, especially immigration, are key variables the Federal Reserve monitors.
June Jobs Report Surprises
- The June jobs report showed stronger than expected job creation and a lower unemployment rate.
- There is complexity due to policy changes in immigration affecting labor supply, making the data mixed.
Trump's Legislative Push Explained
- President Trump used his power to push a tax and spending bill through Congress with few changes.
- The bill combines extension of tax cuts with politically sensitive Medicaid adjustments and new spending.