Single best idea after the idea of a five day week that was absolutely extraordinary. We knew going in this would be the busiest week of the summer, all sorts of economic data, earnings, market reaction, international relations, which was ever more surprising than we ever could have expected. It has been an extraordinary week and none more so. And the quality of the guests that we've delivered. The team has just done an absolutely superb job of giving you voices.
One of the highlights, just a little vignette, is Jamie Diamond of JP Morgan came out with a Washington Post essay today laying out what this nation needs to do to move on to the next administration, whomever will be president, and he harkened back to Doris Carnes Goodwin and he said, we need a team of rivals arguing collegially in the White House. We started with that. Thank you Zach Cohen of Bloomberg News for giving his perspective on and I
like the busted chops on Secretary Diamond. I'm sure he doesn't want to hear that right now, but that's how we started Friday today. One of the high points here along with Richard Clared, Bill Dudley and others was a great privilege of having Claudia sm as the jobs report came out. I don't want to go into a lot of time here, a lot of detail, but to needless to say she is the most acclaimed economist in America today,
no question about that. Claudia Sam out of the Fed, out of Michigan, I should say, out of the Fed, Brooks's institution, and now a new century. Claudia Sam in her Palm rule. Here she is after that grim jobs report at eight thirty one this morning.
This has seen way too much momentum in the unemployment rate in recent months, I mean four point three percent. This is not so whether we are at that moment of a recession or not. This is your build into substantial weakening in the labor market. All is not lost, we are you know, the bottle's offing out. We should never panic. There are policy tools, there are levers, and you know again I don't overread one data point, but this isn't one data point.
Claudia. Some on the sum rule, and with great great collegiality, Michael McKee and others will say, well, the two or three digits this or that or the other thing, all I know is we thank doctor Some for sitting with us for this jobs report and her adjusting her view of the American economy. Now we saw that later on with Ethan Harris, a Bank of America would join us, and it was something to see doctor Harris just say flat out I was wrong about the speed of the
deterioration of the American labor economy. We go back to doctor Sam Claudia Some on the New America.
We have had a lot of disruptions in the labor force, so the supply of workers even go back to the beginning of the pandemic, millions of people dropping out, and then we had labor shortages, and then we had larger immigration coming in. Like this has just been a lot and we all know personally, and then also in the economy, adjustments can be hard if they are big and sunny, and we've had a lot of that. And so this is absolutely in there in these increases in nounemployment rate,
we are still working through disruptions. And yet underneath that is also a much more typical, pernicious, not good increase in the unemployment rate of just there's less demand for workers.
Claudia Sam of New Century Advisors. Joining us after doctor sim was Neil Dudda of Renmeack. Neil Dudda was my Economist of the Year for two twenty three, shocking optimism while others are gloomy. It's not that he's lost the optimism. He believes in a resilient American economic experiment. But at the same time he looks at the facts and the facts have changed. For Bill Dudda in his Bloomberg opinion
piece earlier this week, and also for Neil Dutta. For Neil Dutta, the facts have changed after that job report, looking at the FED, linking the Labor Economic Report and the tough revisions over to the FED. Neil Dutta of Renmack.
I mean, the problem with the economy is that monetary policy is too tight, and that means the looser monetary policy can help resolve the problem. And so you know, from my perspective, the FED can just keep cutting until the economy turns, and there's a lot of room for them to do so. So I think that would be the optimistic sort of spin on things, is that you know, the Feed has plenty of ammunition to kind of you know, course correct here I think they'll use it. And you know,
this isn't about household balance sheet deflation. This isn't about corporate balance sheet recessions like oh one, This isn't about an asset bubble bursting. This is just about monetary policy being too tight.
Neil dudda of Renmack, We thank him for his support of all that we do. Again an extraordinary week. We staggered forward to Chicago to Jackson Hole, and I can say, as of eight thirty this morning, this is a different Jackson Hole that we will attend here fourth week of August. We are out on Apple car Play, on Android Auto, and on YouTube. I can't say enough about the YouTube experiment I watched last night on YouTube Premium. I'm a big fan of YouTube at premium. The Olympics, and boyd
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