Odd Lots Lots More on the Worsening State of the US Labor Market
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Nov 7, 2025 
Conor Sen, a Bloomberg Opinion columnist specializing in labor market issues, dives into the confusing state of the U.S. job market. He discusses the lack of recent employment data due to a government shutdown and its implications for the Federal Reserve. Conor reveals how job growth is stalling outside of healthcare and examines the effects of AI on hiring trends. He also addresses the influences of reduced immigration, consumer spending shifts, and potential risks of rising unemployment, painting a complex picture of the economic landscape.
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Odd Lots' 10-Year Banter
- Joe and Tracy celebrate Odd Lots' 10-year anniversary with joking banter and host memories.
- The hosts use the milestone as a light opener before the labor-market discussion.
Conflicting Jobs Signals
- The jobs data mix is noisy: some alternative indicators look strong while others show large announced cuts and softness in select sectors.
- Conor Sen argues corporate layoffs announcements and ADP revisions obscure a broader weakening in hiring momentum.
Contracted Versus Spot Labor Gap
- Sen describes a 'contracted vs spot' labor market where firms keep higher-paid incumbents while spot-market hires are cheaper.
- This mismatch can lock firms into higher payrolls and stall reallocation, worsening demand for new hires.