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Single bust idea into a jobs report. This was the adverb Jobs Report. And then it came out and I saw market economists just simply staring at a boom American labor economy. There's no other way to put it. I don't have the data in front of me, but in the twenty thirty forty market economists reports, we get from say eighth forty out to nine o'clock, maybe nine to ten.
It was extraordinary to see, astonishing the headline from Bloomberg, a roaring roar, the economy's roaring, the labor economy's roaring. And yet so much of the pushback I got, and particularly out on live chat, on YouTube search, Bloomberg Podcasts, live chat, people are saying, maybe not leading away Torsten Slock and Apollo this morning showing a difference in labor growth of foreign employees versus native employees, and just plain and simple, it's a stark contrast. My answer is to
speak to different people. And yes, there's there's market economists and Wall Street economists and all that, and then if you go to somebody like Zip recruiter and they're doing it differently, they're digitally looking incredibly granular digital trends. And Julia Pollock's there. She's a legit economist at ZIP recruiter, and she summarized a report saying it was more than constructive. Let's listen.
Well, I think the fed orser will be pretty happy to see this data. I mean, their dual mandate, after all, is to keep the labor market strong and prices under control. And this report seems to say we can do both. We can walk and show them we can create lots and lots of jobs and have a healthy economy without wage growth causing a wage price spiral. So I think three cuts are not off the table after this report.
Boy, there's some heated opinions on that. I would really look, you know, the look ahead if you will, through the weekend and into April, towards the May one meeting. I think you're going to see massive rewriting of people's views here on the rate cuts. Three rate cuts, maybe more. City group by no looking for a lot of rate cuts. Torsten Slock was heated off of this reported Apollo. He does not see a rate cut in the cards, and there's fourteen flavors in between that you get to pick
from as well. We digressed within wonderful coverage. Thank you Lindsey Piigs of Stifl, Neil dudda it Renaissance, Macro really trumpeting a better than good American economy, and any number of other guests. Today, I'm Bloomberg Surveillance, and I really said to our team, I said to Bob and Eric and the team, I said, we got to get on somebody who wrote the essay of the week. The essay of the week was in Bloomberg Opinion and it was Claudia sum out of Michigan and the course with all
work at the FED. You know her from the acclaimed Psalm rule of trying to figure out when the recession's are going to show up. Recession shows up when the Red Sox play under five hundred baseball. We're not there yet. But Claudia Sam wrote an essay on something I get a ton of mail on, and that's part time versus full time employment. She's really heated that part time employment can be constructive. It is not something that we should
cast negatively. She was very good on that. And then we turn to what's immediate right now politically and economically in the nation, which is immigration and migration.
Immigrants are one of the heroes in this labor market recovery. You don't see the headlines anymore about the labor shortages. We got more labor, not fewer customers. That's what the FED does. Immigrants are not the only group, but they have come in big time and taken jobs that were open. We have not seen the unemployment rates for US born individuals rising. It's more for the no and more it cakind. It takes a little while to get all the papers or find the job. So really they solved a big
problem and are taking pressure off of employment. So when we think about them in the labor market and they're doing some real good.
Claudiss'm in a granularity of the political economics of our labor economy. Single best idea. We're really thrilled with this podcast. Thank you so much for the response. What are we doing here? There's a lot of podcasts out there that
are twelve twenty twenty five minutes long. Take a look at Big Take, David Gerra, Strong Week, Eric shatsker On Hertz and David Gurra featuring the work of our John Michelthwaite and Buenos Aires with the leadership of Argentina, but we're trying to do something shorter here to fit into your podcast listening out on Apple, you're going to see a podcast to six or seven minutes, which we think fits into a busy day of trying to get a few voices. In our case, we're doing two voices off
of the show across three hours. The show is on Apple car Play, search the Blue Blloomberg Business app. It's free and also on YouTube. You search on YouTube Bloomberg Podcasts, and as a white screen it says Bloomberg Surveillance and that gets you to us seven to ten am. We are working on a feed of the show that will be on afterwards. A lot of other projects we're working on right now, but we are just really pleased with the new digital distribution we have of Bloomberg Surveillance and
something new we're doing. Thank you for listening, and please subscribe to Single Best Idea