Bloomberg Audio Studios, podcasts, radio news.
The single best idea is to have a good weekend. It is a celebration of America with all the emotion. It was really great to learn. Actually, I used AI today to learn about I'd read it in Rick Atkinson's book. My Book of the Summer is volume two of Rick Atkinson's Wonderful American Revolution Trilogy, the third book to be written, and I remember in the first volume the emotion of a very sweltering Philadelphia as Thomas Jefferson wrote the Declaration
of Independence. So I used AI today to figure out the graph house in Philadelphia was some nice background. This whole AI thing is really jaw dropping, to say the least. We use AI on Jobs Day, and part of that is to try to look not at the immediate data, but at the noise around it. There is no greater noise now than immigration and the changes in immigration tied into our American labor economy. Sarah Wolf Morgan Stanley.
I think you're getting the immigration story coming through in the household report. If you look at the participation rate, it's come down now for about two months, and that's actually as expected, helping keep the labor market tight even as we're seeing this slowing trend and payrolls. So the unemployment rate, for example, last month would have been up to four point six percent if the participation rate hadn't fallen. Yeah,
it's definitely taking out labor supply. Right now, we have the participation rate sixty two point three percent that helped bring the unemployment rate down to four point one even though the number of unemployed in the household survey was negative two hundred thousand. So of course we need to smooth out the household survey data. But I do think that's an important story.
Amazing what Sarah Wolf in our studio using the Bloomberg terminal to look at the linkage of economics with finance and investment in real time with a job report, particularly looking at FED expectations changing in real time. I joined to have Rebecca Patterson with us today or expertise on foreign exchange or work with a console on foreign at relations. Patterson always citing smart people brad sets are publishing in the last twenty four hours at the Council on Foreign
Relations on Pacific rim dollar dynamics. Here is Rebecca Patterson on that weeker dollar There's.
One story that I think would be good for people to read with their lobster role this weekend. My colleague at CFR, Brad sets Are, published a piece yesterday on balands of payments, looking at the Asian currencies and what he calls a reverse Asian financial crisis risk. I have not had the chance yet to read this piece. I
just read the top of it. But the idea is that a lot of these currents have become very un a valued and if they have to revalue and everything that comes with that, the owning of US treasuries by Taiwan Life insurers, et cetera, you could have global ripple effects across asset classes. So I think that would be useful reading for anyone who's thinking about contagion.
Rebecca Patterson there the Council and Formulations also board member at Vanguard. We are halfway through the year and one of the benchmarks of this new digital experiment was in November of last year saying where would we be on the fourth of July. And it is absolutely stunning the growth that we've seen in YouTube. It is new, We're learning every day. It is absolutely humbling to look at digital the different ways of digital, the consumption of digital,
what people care about, what we see. There's a thing called time spent listening or time spent watching, and it's absolutely humbling the amount of time that people generate each and every morning to Bloomberg surveillance. That's of course on radio and on YouTube. Subscribe to Bloomberg Podcasts at Apple, at Spotify, at YouTube podcasts. This is a single best idea