Bloomberg Audio Studios, podcasts, radio news, single best idea on a lazy Friday in the summer, Except it wasn't. It was really interesting conversations across a wide set of topics, and of course one of them is the politics of the morning. Thank you Margaret Brennan with Face the Nation on CBS, because we do a whole host of the Sunday talk shows. You hear that on Bloomberg Radio on Sunday at two pm in Washington and Boston and New
York as well. And all that's interesting about Washington, But as we slip into the summer, it is about a resilient stock market. It is about trying to get a measure of where we are in the continuum. For Wayley of Black Rock, it's an analog back to two thousand and seven.
If we think about the peerage after Mobal financial crisis, with the injection of Emmas pool of liquidity, companies that didn't have good fundamentals were rallying alongside companies with very good fundamentals. And this is what I meant by rising tight lifting all boats. But we're now in an environment of greater dispersion. We're in an environment of secular transformations like AI that is likely going to imply winners take hold. So this is an environment where being active and selective
pays off more. And this is not a hypothesis. Our study actually shows that in a period coming out of the pandemic, actually the additional alpha generated by good active managers is greater compared to the peerage when rising tight was lifting all boats.
Really they are are black rec and this is a side note, she writes brilliantly on LinkedIn. One of the reasons to be on LinkedIn. I'm on LinkedIn. Thank you Shaneli Bassk for pushing me that way is wayley. She just this great, great short chart driven work for Blackrock out on LinkedIn. Anna Wong. People say where is she? I get emails, live chat on YouTube. Where is she?
She was on the Pacific RIM. Bloomberg is a global country a company, I should say, And it's really important to understand that every once in a while, the US team has to go and sit on the Pacific RIM. That's what doctor Wong has been doing for weeks on any ear. She is back and she was spirited today about looking at the American labor economy.
Recall that last year. The July jobs report was what caused this flash crash in August. So what happens in this coming jobs report is that on a non seasonally adjusted basis, there should be over a million job losses from yes, from local sector, from local government, from education sector. So last month everybody was like, wow, the job of persurprise, of the upside, But it's entirely due to the facade
of a seasonal adjustment in the local government sector. So now that in July we're supposed to see this, you know, a million job losses in the sector, plus you have this rebound from the seasonal you overestimation in the last month, I think that that's the place to watch weather, because we do know that local government is not hiring.
Great damn annawe Back really can't say enough about it. She was brilliant today in freshwater versus saltwater economics. That's the East Coast, the ocean versus the Great Lakes of Carnegie, Mellon, and Rochester of years ago, over to Chicago and out to the Midwest. Thanks to John Farrell for a great conversation. Christopher Waller today a really important conversation with a gentleman from the Saint Louis FED now in Washington as a Governor of the FED. On our podcast, we're on Spotify,
were on Apple as well, and on YouTube podcasts. It's single best idea