Bloomberg Surveillance

Bloomberg Surveillance TV: September 4, 2024

Sep 4, 2024

Stephanie Roth, Chief Economist at Wolfe Research, shares her insights on the upcoming jobs report and the US economy's outlook. Amanda Lynam, from BlackRock, discusses the resilient corporate credit market amid slowing growth. Kate McShane of Goldman Sachs analyzes evolving consumer spending patterns and retail strategies, emphasizing inflation's impact. Lorenzo Simonelli, CEO of Baker Hughes, highlights growth opportunities in the energy sector for the latter half of 2024, focusing on market dynamics and production efficiency.

27:17

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Quick takeaways

The U.S. job market may add about 165,000 jobs, but concerns about rising unemployment could reflect external disruptions like hurricanes.

The energy sector is witnessing contrasting growth, with international demand for drilling services increasing while domestic markets remain cautious and disciplined.

Deep dives

Job Market Dynamics and Predictions

Recent analysis predicts that approximately 165,000 jobs were added in the last month, with concerns that a further deterioration in the job market may trigger a rise in the unemployment rate to around 4.4%. While signs of softness and potential weak payrolls have emerged, some experts believe this is largely a reaction to specific events such as hurricanes impacting job loss figures. The anticipated rebound may be reflected in a more favorable outcome from Texas where a recovery of around 37,000 jobs is expected. Ultimately, if payrolls come in closer to 150,000, it would be a validation of the economy’s steady performance despite the noise in recent revisions.

Intro

2min

Economic Projections and Manufacturing Concerns

3min

Navigating the Credit Market Amid Growth Predictions

2min

Navigating Corporate Credit and Energy Markets

14min

Analyzing Consumer Spending Resilience

2min

Consumer Spending and Retail Strategies

3min

Navigating Post-COVID Consumer Behavior and Retail Dynamics

3min

-Stephanie Roth, Wolfe Research Chief Economist
-Amanda Lynam, BlackRock Head of Macro Credit Research
-Kate McShane, Goldman Sachs US Retailing/Broadlines and Hardlines Analyst
-Lorenzo Simonelli, Baker Hughes CEO

Stephanie Roth of Wolfe Research looks ahead to Friday's jobs report and shares her outlook on the US economy. Amanda Lynam of BlackRock walks through the corporate credit landscape, saying slowing growth has created a resilient environment for investors. Kate McShane of Goldman Sachs joins Surveillance from the bank's Annual Global Retailing Conference and details the outlook for the retail sector heading into 4Q. Baker Hughes CEO Lorenzo Simonelli discusses growth opportunities in the energy sector for the 2H of 2024.

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