Balance of Power White House Touts Job Gains
Nov 20, 2025
Anna Wong, Chief U.S. economist at Bloomberg Economics, dives into the September jobs report, revealing mixed signals as job growth exceeded expectations but unemployment rose. She discusses how AI is transforming productivity and its potential to reduce hiring, particularly in construction and specialty trades. With insights on the labor market's fragility, Wong highlights the pressing need for rate cuts as permanent job losses mount and more Americans enter the workforce, creating a complex economic landscape.
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Mixed Jobs Signal Labor Fragility
- September payrolls rose 119,000 while unemployment climbed, revealing labor-market fragility.
- Anna Wong sees permanent job losses near last year's levels despite small-business hiring gains.
Watch Jobs And Productivity For Fed Moves
- Expect the Fed to consider rate cuts if labor weakness continues into December.
- Monitor payroll fluctuations and productivity data when forecasting Fed moves.
AI Is Reshaping Job Demand
- AI is already shifting demand: specialty construction and data-center roles rose.
- Wong expects hiring weakness to persist as AI boosts productivity through 2026.