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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

Podcast summary created with Snipd AI

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.

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