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Bloomberg Surveillance
Looking Ahead to the Election & Jobs Report
Oct 29, 2024
Stephanie Roth, Chief Economist at Wolfe Research, shares her insights on the American economy, especially the impending jobs report and tariff implications. David Malpass, former head of the World Bank, discusses global economic health and election impacts. Tech analysts Anurag Rana and Mandeep Singh cover the latest tech earnings and AI's shifting expansion. Mike Shepard evaluates the 2024 election landscape, highlighting the contrasting strategies of Trump and Harris and their potential effects on congressional dynamics.
33:53
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Quick takeaways
- The U.S. labor market is demonstrating mixed signals, with a recent drop in job growth countered by underlying trends suggesting more stability and consistent growth.
- Tariff policies are raising concerns about potential inflation and economic growth, indicating that their implementation could impose burdens on consumers rather than protect domestic industries.
Deep dives
Current State of the U.S. Labor Market
The U.S. labor market displays a complex picture, with a recent payroll increase of only 70,000 jobs raising concerns about economic strength. Despite this lower-than-expected figure, experts suggest the underlying trend is healthier, potentially reflecting more consistent growth of around 150,000 jobs per month. The unemployment rate stands at 4.1%, showing relative stability, but potential upward pressure exists due to various economic factors including immigration policies. Overall, while noise surrounds current employment statistics, the economy is still perceived as generally stable.
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