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Job Growth Stalls Despite New Low Unemployment Rate | NBC News Now


THAT’S ALL VERY IMPORTANT TO NOTE. NOTE.>>THE SEPTEMBER JOBS REPORT OUT>>THE SEPTEMBER JOBS REPORT OUT TODAY PUSHED THE MARKETS NEARLY TODAY PUSHED THE MARKETS NEARLY 400 POINTS HIGHER. 400 POINTS HIGHER. IT WASN’T ALL GOOD NEWS. IT WASN’T ALL GOOD NEWS. WE WILL RUN THROUGH THE NUMBERS. WE WILL RUN THROUGH THE NUMBERS. THE HEADLINE NUMBER, 3.5% THE HEADLINE NUMBER, 3.5% UNEMPLOYMENT. UNEMPLOYMENT. THAT’S A 50-YEAR LOW. THAT’S A 50-YEAR LOW. WOULD YOU RUN US THROUGH ALL THE WOULD YOU RUN US THROUGH ALL THE NUMBERS WE GOT THERE THIS REPORT NUMBERS WE GOT THERE THIS REPORT TODAY THAT MATTER? TODAY THAT MATTER?>>SURE.>>SURE. THAT’S THE COMPLICATION WITH THE THAT’S THE COMPLICATION WITH THE JOBS REPORT. JOBS REPORT. YOU HAVE A LOT OF FIGURES. YOU HAVE A LOT OF FIGURES. THAT’S BECAUSE THERE’S DIFFERENT THAT’S BECAUSE THERE’S DIFFERENT SURVEYS THAT THEY USE TO SURVEYS THAT THEY USE TO CALCULATE IT. CALCULATE IT. THE TWO NUMBERS — THE THREE THE TWO NUMBERS — THE THREE NUMBERS TO PAY ATTENTION TO. NUMBERS TO PAY ATTENTION TO. FIRST ONE IS OVERALL JOB FIRST ONE IS OVERALL JOB CREATION, 136,000. CREATION, 136,000. THAT’S PRETTY CLOSE TO WHAT THE THAT’S PRETTY CLOSE TO WHAT THE MARKET WAS LOOKING FOR, WHAT WE MARKET WAS LOOKING FOR, WHAT WE WERE FORECASTING AS WELL. WERE FORECASTING AS WELL. IT SHOWED THAT JOB CREATION HAS IT SHOWED THAT JOB CREATION HAS SLOWED FROM WHERE WE WERE THIS SLOWED FROM WHERE WE WERE THIS TIME LAST YEAR, WHERE WE WERE TIME LAST YEAR, WHERE WE WERE SEEING MORE THAN 200,000 JOBS SEEING MORE THAN 200,000 JOBS BEING CREATED EACH MONTH. BEING CREATED EACH MONTH. IT’S A DECENT PACE. IT’S A DECENT PACE. THE SECOND NUMBER CAME IN AT THE SECOND NUMBER CAME IN AT 3.5%, WHICH WAS A DECLINE FROM 3.5%, WHICH WAS A DECLINE FROM WHAT WE HAD SEEN LAST MONTH AND WHAT WE HAD SEEN LAST MONTH AND A 50-YEAR LOW. A 50-YEAR LOW. THAT IS GOOD NEWS. THAT IS GOOD NEWS. THAT CAME FROM A DIFFERENT THAT CAME FROM A DIFFERENT SURVEY. SURVEY. DESPITE THE DROBP, WE DIDN’T SEE DESPITE THE DROBP, WE DIDN’T SEE WAGES RISE. WAGES RISE. THAT’S THE THIRD NUMBER. THAT’S THE THIRD NUMBER. WHEN YOU HAVE A DROP, A WHEN YOU HAVE A DROP, A TIGHTNESS IN THE LABOR MARKET IT TIGHTNESS IN THE LABOR MARKET IT WOULD PUSH UP WAGE GROWTH. WOULD PUSH UP WAGE GROWTH. YOU DIDN’T SEE THAT. YOU DIDN’T SEE THAT. WAGES SLIPPED A BIT. WAGES SLIPPED A BIT.>>IF SOMEONE IS SAYING, WHAT>>IF SOMEONE IS SAYING, WHAT SHOULD I TAKE AWAY FROM THIS? SHOULD I TAKE AWAY FROM THIS? WAS THIS A GOOD REPORT? WAS THIS A GOOD REPORT? WAS THIS A BAD REPORT? WAS THIS A BAD REPORT?>>IT WAS KIND OF BAD AND GOOD.>>IT WAS KIND OF BAD AND GOOD. IN A SENSE THAT IT SHOWED IN A SENSE THAT IT SHOWED SLOWING IN JOB CREATION, WAGES SLOWING IN JOB CREATION, WAGES WERE SOFT. WERE SOFT. WE HAVE A PRETTY DECENT LABOR WE HAVE A PRETTY DECENT LABOR MARKET. MARKET. THE UNEMPLOYMENT RATE IS LOW. THE UNEMPLOYMENT RATE IS LOW. PEOPLE ARE NOT GETTING FIRED. PEOPLE ARE NOT GETTING FIRED.>>THAT’S A GOOD THING.>>THAT’S A GOOD THING.>>THAT’S A GOOD THING, YEAH.>>THAT’S A GOOD THING, YEAH.>>AREAS THAT WERE WEAK?>>AREAS THAT WERE WEAK?>>WE DID SEE A CONTRACTION IN>>WE DID SEE A CONTRACTION IN MANUFACTURING JOBS, WHICH MAKES MANUFACTURING JOBS, WHICH MAKES SENSE GIVEN THAT’S AN AREA OF SENSE GIVEN THAT’S AN AREA OF THE ECONOMY THAT’S BEEN SLOWING THE ECONOMY THAT’S BEEN SLOWING THE MOST GIVEN THAT’S MOST THE MOST GIVEN THAT’S MOST VULNERABLE TO THE TRADE WAR AND VULNERABLE TO THE TRADE WAR AND THE GLOBAL SLOWDOWN. THE GLOBAL SLOWDOWN. RETAIL TRADE IS ANOTHER AREA RETAIL TRADE IS ANOTHER AREA THAT HAS BEEN CONTRACTING FOR A THAT HAS BEEN CONTRACTING FOR A WHILE. WHILE. THAT’S A STRUCTURAL CHANGE. THAT’S A STRUCTURAL CHANGE. CONSUMERS ARE NOT GOING TO BRICK CONSUMERS ARE NOT GOING TO BRICK AND MORTAR. AND MORTAR. RETAIL JOBS ARE NOT AS RETAIL JOBS ARE NOT AS PREVALENT. PREVALENT. SERVICES PRODUCING JOBS, JUST SERVICES PRODUCING JOBS, JUST OVER 100,000 CREATED. OVER 100,000 CREATED. HEALTH CARE, EDUCATION, THAT’S HEALTH CARE, EDUCATION, THAT’S VERY STEADY AND SOLID. VERY STEADY AND SOLID.>>I HAVE A SHORTER TERM>>I HAVE A SHORTER TERM QUESTION AND A LONGER TERM. QUESTION AND A LONGER TERM. THE FED MEETS AT THE END OF THE THE FED MEETS AT THE END OF THE MONTH. MONTH. HOW DOES THIS IMPACT WHETHER WE HOW DOES THIS IMPACT WHETHER WE THINK WE WILL GET A RATE CUT? THINK WE WILL GET A RATE CUT? WHAT IMPACT WILL THIS HAVE? WHAT IMPACT WILL THIS HAVE?>>THE FED IS GEARING UP TO CUT>>THE FED IS GEARING UP TO CUT RATES AGAIN. RATES AGAIN. THEY CUT TWICE IN THIS CYCLE. THEY CUT TWICE IN THIS CYCLE. THEY HAD CUT DURING THE THEY HAD CUT DURING THE RECESSION. RECESSION. THEY CUT RATES AND THEY STARTED THEY CUT RATES AND THEY STARTED TO NORMALIZE IN 2016, 2017 AND TO NORMALIZE IN 2016, 2017 AND 2018. 2018. NOW THEY STARTED CUTTING AGAIN. NOW THEY STARTED CUTTING AGAIN. I THINK IT WILL PROMPT THEM TO I THINK IT WILL PROMPT THEM TO DELIVER ONE MORE CUT IN THE DELIVER ONE MORE CUT IN THE OCTOBER MEETING. OCTOBER MEETING. PROPERTY MORE THAN THAT DOE PROPERTY MORE THAN THAT DOE PENDING HOW THE DATA PLAYS OUT. PENDING HOW THE DATA PLAYS OUT. MY BASELINE FORECAST IS WE WILL MY BASELINE FORECAST IS WE WILL SEE A CUT IN OCTOBER AND SEE A CUT IN OCTOBER AND DECEMBER. DECEMBER. THEN THE FED WILL SIT ON LOW FOR THEN THE FED WILL SIT ON LOW FOR 2020. 2020.>>WHEN YOU TALK ABOUT CUTS,>>WHEN YOU TALK ABOUT CUTS, PEOPLE WORRY ABOUT THE KEY. PEOPLE WORRY ABOUT THE KEY. WHAT DOES TODAY’S JOB REPORT WHAT DOES TODAY’S JOB REPORT MEAN IN TERMS OF A RECESSION? MEAN IN TERMS OF A RECESSION? DOES THIS ADD TO THE NOTION? DOES THIS ADD TO THE NOTION? DOES IT NOT? DOES IT NOT? WHAT DO YOU THINK? WHAT DO YOU THINK?>>IT’S NOT A RECESSION REPORT.>>IT’S NOT A RECESSION REPORT. THE FED ISN’T CUTTING BECAUSE A THE FED ISN’T CUTTING BECAUSE A RECESSION IS HERE. RECESSION IS HERE. THEY’RE CUTTING BECAUSE THEY THEY’RE CUTTING BECAUSE THEY WANT TO PREVENT THE RECESSION. WANT TO PREVENT THE RECESSION. WHAT THEY ARE SEEING IS AN WHAT THEY ARE SEEING IS AN ENVIRONMENT WHERE THERE’S ENVIRONMENT WHERE THERE’S DOWNSIDE RISK, GROWTH IS DOWNSIDE RISK, GROWTH IS MODERATING. MODERATING. THEY WANT TO GET AHEAD OF IT. THEY WANT TO GET AHEAD OF IT. THEY WANT TO BE EARLY. THEY WANT TO BE EARLY. THEY WANT TO PREVENT THE THEY WANT TO PREVENT THE RECESSION FROM KICKING IN. RECESSION FROM KICKING IN. I THINK WE’RE SEEING A SLOWING I THINK WE’RE SEEING A SLOWING IN GROWTH. IN GROWTH. BUT WE’RE NOT SEEING A BUT WE’RE NOT SEEING A RECESSION. RECESSION. THAT’S AN IMPORTANT DISTINCTION. THAT’S AN IMPORTANT DISTINCTION.>>PEOPLE HEAR THOSE WORDS AND>>PEOPLE HEAR THOSE WORDS AND THEY THINK, DO I NEED TO WORRY. THEY THINK, DO I NEED TO WORRY. NOT SOMETHING YOU EXPECT TO S NOT SOMETHING YOU EXPECT TO S IN THE SHORT TERM? IN THE SHORT TERM?>>YOU KNOW, LOOK, WE ARE MORE>>YOU KNOW, LOOK, WE ARE MORE VULNERABLE TO RECESSION. VULNERABLE TO RECESSION. WHEN YOU HAVE A SLOWING DOWN IN WHEN YOU HAVE A SLOWING DOWN IN THE ECONOMY, WE ARE IN LATER THE ECONOMY, WE ARE IN LATER STAGES, VULNERABILITIES ARE STAGES, VULNERABILITIES ARE HIGHER. HIGHER. I THINK WHAT’S BEEN CLEAR FROM I THINK WHAT’S BEEN CLEAR FROM THE DATA IS WE’RE NOT AT A POINT THE DATA IS WE’RE NOT AT A POINT WHERE CONSUMERS ARE CUTTING BACK WHERE CONSUMERS ARE CUTTING BACK OR BUSINESSES ARE FIRING. OR BUSINESSES ARE FIRING. THE FED IS NOT CUTTING BECAUSE THE FED IS NOT CUTTING BECAUSE THEY SEE A RECESSION. THEY SEE A RECESSION. THEY ARE CUTTING BECAUSE THEY THEY ARE CUTTING BECAUSE THEY WANT TO PREVENT IT. WANT TO PREVENT IT.>>THAT’S WHAT IT IS THERE FOR.>>THAT’S WHAT IT IS THERE FOR.>>THAT’S IMPORTANT.>>THAT’S IMPORTANT. IT’S A REFLECTION OF MARKETS. IT’S A REFLECTION OF MARKETS. THE STOCK MARKET UP TODAY. THE STOCK MARKET UP TODAY. THEY SAW THE SLOWDOWN IN JOB THEY SAW THE SLOWDOWN IN JOB CREATION. CREATION.>>SO, TELL ME IF I’M>>SO, TELL ME IF I’M CHARACTERIZING THIS CORRECTLY. CHARACTERIZING THIS CORRECTLY. SOMETHING TO MAYBE BE AWARE OF SOMETHING TO MAYBE BE AWARE OF BUT NOT TO WORRY ABOUT JUST YET? BUT NOT TO WORRY ABOUT JUST YET?>>YEAH.>>YEAH. I THINK THAT’S EXACTLY RIGHT. I THINK THAT’S EXACTLY RIGHT. BE AWARE OF, HAVE YOUR EYES BE AWARE OF, HAVE YOUR EYES OPEN, TO MONITOR WHAT’S OPEN, TO MONITOR WHAT’S HAPPENING GLOBALLY, TO THINK HAPPENING GLOBALLY, TO THINK ABOUT WHAT’S HAPPENING IN TERMS ABOUT WHAT’S HAPPENING IN TERMS OF BUSINESS BEHAVIOR. OF BUSINESS BEHAVIOR. AT THIS POINT, INCOME IS STILL AT THIS POINT, INCOME IS STILL FLOWING. FLOWING. JOBS ARE STILL BEING CREATED. JOBS ARE STILL BEING CREATED.>>THANKS SO MUCH FOR BEING WITH

14 Replies to “Job Growth Stalls Despite New Low Unemployment Rate | NBC News Now”

  • IMAGINE THE EDUCATION REAL LEGAL AMERICANS COULD'VE HAD IF OBAMA DIDNT SELL US OUT TO CHINA
    WE HAD AN INFLUX OF STUDENTS FROM CHINA , IRAN , RUSSIA
    HOLLYWEIRD ELITE STUDENT LIE TO TAKE HARD EARNING SPOTS
    BY JUST GIVING MONEY !
    THE JOBS IN SILICON VALLEY THAT COULD'VE BEEN YOUNG AMERICANS AFTER GRADUATION
    IF OBAMA , CLINTON , BIDEN HADN'T SOLD US OUT TO FOREIGN ENEMIES LIKE IRAN , CHINA AND RUSSIA
    JUST TO LINE THEIR FAMILY BANK ACCOUNTS TO BECOME A DYNASTY !
    VOTE OUT EVERY DEMONRAT SOCIALIST CRIME FAMILY IN 2020 ! FROM EVERY OFFICE IN AMERICA !

  • It's all good news left wing media lies!!! Not enough workers to fill the positions TRUMP 2020 all his stats are solid gold no POTUS has EVER done more for this country and everyone I know is voting for him I have no more friends who are diseased democrats all have left that criminal party! MAGA !!

  • How many of those jobs are minimum wage jobs, Part time jobs, contract jobs with no benefits, add to that… How many jobless have stopped hunting for a job, another factor ignored mostly. Ignoring facts are common for cultists

  • Something doesn't smell right with these job numbers. I am unemployed and have been banging out resumes and applications for close to 2 months and I can't even buy a job at a Home Depot store or at a grocery store. My UI has been exhausted too, so I am not part of those numbers. I can't even get my resume around the ATS software at many companies. This doesn't feel like a booming job economy when a healthy, fit man can't land a retail job stocking shelves.

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