Bloomberg Surveillance
Surveillance: US adds 187,000 jobs
Sep 1, 2023
Julie Su, US Acting Labor Secretary gives the Biden Administrations reaction to the August payrolls report. Randall Kroszner says we're seeing the kind of goldilocks scenario the Fed wants. Jeff Rosenberg says the main message from the August jobs report is that the labor market is normalizing. Sarah Hunt says the August jobs data was what the Fed was looking for.
21:26
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Quick takeaways
- The US labor market is transitioning to a more consistent and stable growth, which is crucial for achieving long-term economic stability.
- Workers' demands and strikes, especially in sectors like Hollywood, auto, and trains, highlight the increasing power of workers in reshaping working conditions and wages.
Deep dives
Labor Market Normalization
The podcast episode discusses the labor market's transition from the fast recovery at the beginning of President Biden's term to a more consistent and stable growth. With an average of 150,000 jobs created each month, the episode emphasizes the importance of this transition for achieving long-term economic stability.
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