Eurodollar University BREAKING: New Jobs Data Is Worse Than ANYONE Expected
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Dec 18, 2025 The latest jobs data reveals a troubling trend in the US labor market, confirming flat Beveridge territory. This shift has significant implications for credit markets, with rising concerns about hidden risks. Retail sales are down, driven by tariff-induced price hikes, while game console sales plummet due to price-driven volume drops. The Fed's response is also evolving as unemployment rises and underemployment surges. Join a detailed webinar for a comprehensive analysis of these trends and their potential fallout.
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Payrolls Confirm Flat Beveridge
- Jeff Snider argues the payroll reports confirm a flat part of the Beveridge curve in the U.S. labor market.
- He links this to weakening demand, falling volumes, and consumers unable to pay higher prices.
Sales Drop Undermines Tariff Inflation
- Snider shows declining retail and console sales as evidence prices rose but volumes collapsed, undermining tariff inflation claims.
- He concludes price increases are not sustained because consumers lack income, reinforcing the flat Beveridge diagnosis.
Join The Webinar On Credit Risks
- Snider invites listeners to a webinar to analyze credit-market smoke and private-credit risks.
- He encourages attending to assess how big any private-credit fire might be and its macro implications.