Bloomberg Surveillance Friday's Jobs Report and the US Economy
Jan 10, 2025
Claudia Sahm, Chief Economist at New Century Advisors, discusses the latest jobs report and its implications for the U.S. economy. Ellen Zentner, Chief Economic Strategist at Morgan Stanley, analyzes consumer behavior and the effects of economic policies. Rebecca Patterson, former Chief Investment Strategist at Bridgewater, shares insights on market trends and investment strategies. The conversation covers wage growth, inflation concerns, the impact of interest rate decisions, and the role of immigration in addressing labor shortages.
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Strong Labor Market
- The American labor market remains resilient, with good job creation numbers.
- A three-month moving average provides a clearer picture of labor market trends.
Benign Wage Growth
- Wage growth remains benign, posing minimal inflationary risk.
- Wage growth is near pre-pandemic levels, easing Fed concerns.
Consumer Spending Trends
- American consumers continue to prioritize spending on services over goods, particularly wealthy consumers.
- This trend is reflected in the job sector, with services gaining share at the expense of goods.