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The single best idea and the single best idea is a terrific lineup of conversation on this job's day and of course some election coverage. Major shout out to David Gurra. It sounds romantic, but it's not. He's in Wisconsin interviewing Senate candidates, and then he's got to take a plane. He's got to wait here, it's twenty minutes late, it's an hour late, the car's stuck in traffic because of Yankee Game five, baseball whatever. And then he gets home and then he's got to go on a plane again.
And he's leaving on a jet plane out to Pennsylvania where he'll really get the pulse of Pennsylvania over the weekend. And David Gurrel will be part of our election night coverage. That's five PM. Joe Matthew Cayley lines in at seven. John Farrell Amah's joined as well with David Gurr's wonderful perspective from at Pennsylvania. Wrapped around that as a job's day and what the American economy means for the election. We started strong with Claudia some New Century advisors.
So having spent a lot of time in the last year, so thinking about what is this disconnect between what we see in the data, which largely looks pretty good, and what we see coming out of people's mouths, which is largely not good. I think there's a residual effect of what we have gone through with the pandemic the last four and a half years. I had a couple tell me, you know, you're right. We look better on paper than we did four years ago, but we don't feel like it,
and we're worried that tomorrow we might not be. So I think we've come out of a period that's very confusing things. There have been lots of twists and turns, most of them have not been for the good. So I can understand why people are not comfortable in like even if they've made progress in really embracing it. So I think that I think coming out of the pandemic, we do have some scars emotionally, even if we don't want to admit it. And I think also legitimate uncertainties
about what comes next. So I think that's an extra factor that's weighing on the country. In the cinema this year.
Cloone Simon the basic tone off the jobs report, and this was led by the great work of Annawoi. We were thrilled joined us with Bloomberg Economics. Is it's not just the hurricanes. That's the message I got today. There's something else going on, and that's got to be part of the discussion of the Fed. Two days after the election, we'll do the Fed decides November at seven. What we decided is Ellen Zenner Morgan Stanley Investment does great analysis. Here is Ellen Zenner on your wage.
Look average early earnings in this report. It's a tiny sample and it can be distorted from month to month depending on what hours worked do so it's a calculation thing. And so four percent average Dolly earnings on you over your basis, you would say, gosh, that's a little bit higher than what would be consistent with the Fed's two percent goal. You look at the Employment Cost Index, which came out this week. That was Yellen's favorite measure. It
continues to be the Fed's favorite measure moment. That's a much more comprehensive measure of wages and labor costs, and that is absolutely right now consistent with the Fed's two per single which means that yes it is. It is healthy, so you're right, it's healthy, but it's not too.
Not too fast, Ellen Zender, there, we were looking at the same thing at the same time. Let me explain this. It's important. In the jobs report, there are two jobs reports, and they've got average ally this weekly that there's lots
of earnings numbers. Most pros don't look at them. What they look at is the ECI, the Employment cost Index is mis Zentner mentions there, and it's a measurement of wages and benefits, which is a big deal because benefits is way more part of your paycheck than you ever think about if you're fortunate enough to have a benefit package.
And the answer is, and I don't have the numbers in front of me, but we were up at a lofty five percent and we've come down, but we haven't got the ECI back to where it was in twenty nineteen. And that's what a lot of people are watching as well. We'll watch that with anawog on Bloomberg Economics, Ellen's Entner, Morgan Stanley, and Claudius Som of New Century Advisors. As we go to the FED meeting next week, we're out on YouTube subscribe to Bloomberg Podcasts on your commute, Android Auto,
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