Marc Morial, former Mayor of New Orleans and National Urban League CEO, joins ‘Power Lunch’ to discuss the U.S. jobs report, the Federal Reserve, and the regional banking crisis. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
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Recession Calls ‘Appear to be Wrong’ after U.S. Jobs Report, says Former New Orleans Mayor Morial
The United States has recently experienced a surge in job growth, calling into question the validity of recession concerns that have been looming over the nation’s economy. Marc Morial, the former mayor of New Orleans and President of the National Urban League, argues that the latest jobs report indicates a strong and resilient economy, suggesting that recession calls may have been premature.
The U.S. jobs report released last week revealed that employers added a remarkable 266,000 jobs in November, far surpassing economists’ expectations. This robust figure, along with a downward revision to the previous two months’ reports, showcases a healthy and vibrant labor market.
Morial suggests that this impressive display of job growth debunks the notion of an impending recession. He argues that a recession is typically characterized by a loss of jobs and decreasing consumer spending, yet the recent report shows a significant uptick in employment and consumer confidence.
Furthermore, Morial believes that the current administration’s economic policies have played a crucial role in fostering this positive job growth. He credits tax cuts and deregulation as key drivers of the expanding labor market. This perspective aligns with the stance of many conservatives who argue that pro-growth policies stimulate business investment, leading to job creation and economic expansion.
However, skeptics caution against taking the jobs report as a foolproof indication of economic stability. They argue that one month’s strong figures cannot guarantee long-term growth, especially with ongoing international trade disputes and geopolitical uncertainties. The slowing manufacturing sector and stagnant wage growth are also concerning factors that could hinder future economic performance.
Despite the differing viewpoints, it is undeniable that the latest jobs report has provided a momentary reprieve from the concerns of a looming recession. It has injected a sense of optimism and confidence into the American business landscape.
Morial suggests that the government should capitalize on the positive trend by pursuing policies that further stimulate job creation. He urges lawmakers to invest in infrastructure projects, improve access to affordable healthcare, and prioritize education to build a skilled workforce. By addressing these areas, he believes the country can ensure sustainable economic growth and reduce the risk of recession in the future.
In conclusion, the recent U.S. jobs report has challenged recession calls, providing evidence of a robust labor market and economic resilience. Former New Orleans Mayor Marc Morial argues that the numbers suggest a strong and vibrant economy, fueled by pro-growth policies. However, skeptics warn against premature celebration, emphasizing the importance of resolving other economic challenges. Nonetheless, this positive employment report offers a glimmer of hope and highlights the potential for continued economic expansion in the coming months.
Let's go BRANDON
Welcome to BIDENFLATION
The majority of people who apply these strategies generate tremendous profits; yes, the risks are higher, but isn't the current corporate sector similarly risky? Momentary trading, rather than long-term trading, looks to be the ideal strategy for handling the present downturn and high expansion.
Many investors and economists are concerned about the global economy due to rising debt, political instability, and the effect of COVID-19 pandemic. Experts warn that these factors could lead to an economic downturn or recession
Apparently EVERYTHING is fundamentally wrong.
US FED'S MEGA MADOFF PONZI SCHEME IS DESTROYING EVERYTHING.
With the bank runs and backstop gaurantees it's clear HYPERINFLATION is here to stay FOREVER !
Fake numbers! You're fooling no-one!
Mayor Miriam has always been a Class Act
The government fudged the jobs report to make sure Biden gets reelected for a second term. Because he's done a great job for oil and defense companies, generating mega profits by provoking Russia to start a war in Ukraine, which triggered skyrocketing high cost of living worldwide. U.S. oil and gas companies are selling Europe oil and gas at four times the price Europe was getting from Russia. U.S. Defense companies are working around the clock to meet high demands for European and Asian countries to beef up their defenses.
Disagree with him on most things…
Keep buying buddy!!!! Let me no how it turns out when the market breaks new lows!!! I’m a nobody and I know things are deteriorating. I can’t wait for people to twist there words on how they were right . By the way a pause means nothing at this point. It’s like drinking 10 glasses of bourbon and then stopping the damage is done.
These numbers are and absolute shady lie, either that or there’s seriously ignorant people that they have to revise numbers every month.
I prefer my politicians to be concerned about the whole community not just African Americans and Latino
Exactly right. Stop the doom and gloom!
No pausing. We weren't buying houses anyway
Could be that jobs report is phony data. Maybe intentional.
This is what they say every time folks. This is only going to make the fed want to hike again. You can't win. If the jobs/wages don't come down neither will inflation and they will hold/hike until they do. Wages rose and core PCE is sticky nobody seems to want to talk about that though. The fed left room for a rate hike next meeting it doesn't mean they have to but it certainly means they can. And with sticky core pce and sticky wages they will continue to raise until it is a restrictive level.