What the Weak Jobs Report Means For Markets

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Sep 5, 2025

Rich Privorotsky, the Head of European One Delta trading at Goldman Sachs, joins to dissect the recent disappointing jobs report and its implications. He discusses how this data influences Federal Reserve policies and market volatility, examining the risks for retail investors. Rich also shares insights on identifying quality investments amidst market fluctuations and the impact of rate cuts and a weakening dollar on emerging opportunities. Tune in for a deep dive into navigating today's complex financial landscape!

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INSIGHT

Payrolls Show A Pattern Of Weakness

The July payrolls print was underwhelming and continues a trend of disappointing reports.
Revisions and underemployment metrics deepen the concern about labor-market softness.

INSIGHT

Labor Market Is A Slow, Unusual Turning Ship

Labor is moving slowly and the market is in a 'not hiring, not firing' state that can persist.
Falling labor supply and demand make the economy's break-even hiring rate unclear, tilting risks slightly down.

INSIGHT

Payrolls Raise Odds Of Sequential Fed Cuts

Rich expects the Fed to be set for a 25bp cut in September, with 50bp unlikely based on this report alone.
The weak payrolls increase the chance of sequential cuts, but CPI will be decisive for a larger move.

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What does Friday’s disappointing jobs number mean for the Fed – and where are the opportunities for investors today? Rich Privorotsky, head of European One Delta trading in Goldman Sachs Global Banking & Markets, discusses with Chris Hussey.

Recorded on September 5, 2025.

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