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Moody's Talks - Inside Economics
Economic Potpourri
Aug 23, 2024
Brendan LaCerda joins economic experts Mark Zandi, Cris deRitis, and Marisa DiNatale for a wide-ranging discussion. They tackle the Canadian railroad workers strike and key insights from Jerome Powell's Jackson Hole speech. The hosts share intriguing findings on U.S. employment revisions potentially overestimating job numbers. They also explore urban housing market dynamics, the significance of personal savings rates, and the implications of recent economic trends on homeownership and consumer behavior.
01:11:03
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Quick takeaways
- The Canadian railroad workers' strike underlines the critical role of rail transport in the economy, potentially costing $250 million USD daily.
- Revisions to employment data by the U.S. Bureau of Labor Statistics reveal substantial overstated job growth, impacting projections of payroll trends.
Deep dives
Canadian Rail Dispute Impact
The potential disruption in Canada's freight rail system highlights the economic significance of rail transport in the country. With two companies controlling 75% of the freight, a strike could result in significant economic damage, estimated at approximately $250 million USD per day. The main issues stemmed from scheduling conflicts rather than wages, as rail workers sought better work-life balance. Ultimately, the Canadian government intervened to prevent a lengthy shutdown, emphasizing its commitment to avoiding a resurgence of supply chain crises.
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