Bloomberg Talks

White House Director of the National Economic Council Kevin Hassett says that slower labor force growth was lowered the number of jobs needed to keep unemployment steady, with the breakeven hiring rate hovering around 40,000. Speaking to Dani Burger and Mike McKee on Bloomberg Open Interest, Hassett says that President Trump regularly speaks with Fed Chair Kevin Warsh and that it is natural for the two to discuss economic and labor market data.
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BlackRock CIO of Global Fixed Income Rick Rieder says that he sees a "productivity revolution" in US, calling it "an ethos around companies growing their business and seeing how you can operate without that much employment," while speaking exclusively with Bloomberg News' Dani Burger and Michael McKee on Open Interest. Rieder also cautioned against a potential rate hike by the Fed and said that all markets are reflecting large supply from the AI hyperscalers.
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Port of Los Angeles Executive Director Gene Seroka says that big box retailers are driving heavy volumes of clothes, electronics and furniture through Los Angeles and the neighboring Port of Long Beach this summer. He speaks with Bloomberg's Tom Keene and Damian Sassower
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US employers unexpectedly cut jobs in July and hiring in the prior two months was revised lower, suggesting the labor market is weaker than previously thought after surprising strength earlier this year.
Nonfarm payrolls decreased 23,000 last month following a combined 103,000 downward revision to the May and June figures, Bureau of Labor Statistics data showed Friday. The unemployment rate fell to 4.1% as labor force participation continued to slide, and wage growth slowed.
Bloomberg's Tom Keene and Damian Sassower break down the numbers with:
Claudia Sahm, Chief Economist at New Century Advisors
Constance Hunter, Chief Economist at EIU
Kristina Campmany, Senior Portfolio Manager at Invesco
Andrew Hollenhorst, Chief US Economist at Citi
Stephanie Roth, Wolfe Research Chief Economist
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Insurance Europe says the sector will be able to deal with the current levels of wildfires across the continent. Director General Thea Utoft Høj Jensen joins Bloomberg's Stephen Carroll and Caroline Hepker on Daybreak Europe to discuss how the insurance sector is responding to the increasing wildfire risks and whether pressure will grow on premiums.
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