Jan Hatzius, chief economist and head of global investment research at Goldman Sachs, joins ‘Squawk on the Street’ to discuss what the new job reports suggest about the economy, his expectation from Fed’s next meeting, and more….(read more)
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According to Jan Hatzius, the chief economist at Goldman Sachs, the latest jobs report indicates that the economy is far from entering a recession. With the release of the report, there is a sense of relief and optimism regarding the overall state of the economy.
The job report is an essential indicator of the health of the economy as it provides insights into the labor market. It reveals how many jobs were created or lost during a specific period, the unemployment rate, and the average hourly earnings. A positive report, like the one recently released, suggests that companies are hiring, unemployment rates are low, and wages are increasing.
The report showed that the US economy added 943,000 jobs in July, which greatly surpassed economists’ expectations. Furthermore, the unemployment rate fell to 5.4%, reflecting a significant drop compared to the previous month. Additionally, average hourly earnings increased by 0.4% month-on-month.
These indicators point towards a strong recovery in the labor market and indicate that the economy is on solid footing. Hatzius argues that the report provides evidence that the Delta variant and rising COVID-19 cases have not significantly impacted the job market and economic growth. These positive signals are a positive sign for businesses and investors, as they suggest that consumer spending will continue to rise and drive economic expansion.
Despite concerns about the Delta variant and its potential impact on the economy, Hatzius believes that the job market will remain robust. He suggests that the current surge in COVID-19 cases might not have a lasting impact on employment, as the vaccination rate is relatively high. Moreover, the economic recovery has shown resilience and adaptation to changing circumstances throughout the pandemic.
Jan Hatzius also emphasized the importance of the upcoming fiscal decisions made by the government. He noted that any delays or missteps in implementing fiscal policies, such as infrastructure spending or support for struggling industries, could jeopardize the current positive trajectory. Ensuring that the fiscal package is implemented effectively will be crucial to sustaining economic growth.
In conclusion, the jobs report released recently suggests that the US economy is far from entering a recession. The surge in job creation, the decline in the unemployment rate, and the increase in average hourly earnings all indicate a resilient and growing economy. Although there are still uncertainties related to the Delta variant and potential fiscal decisions, the overall outlook is positive. Business owners and investors can take solace in the fact that the economy is on a solid footing and primed for further growth.
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A world war is on the horizon. Recession is least of my worries.
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Recession is most likely the result of an external factor. For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.
On June 2, 2023 #CNBC said the "economy is nowhere close to a recession." Of couse it's not. Because by this date of June 2nd #CNBC and #WallStreet both knew that the debt ceiling deal between Biden and McCarthy, which in reality is an #AusterityBudget for the American people, was going to be signed into law by President Biden.
In this report, #CNBC is giving itself a victory lap by arbitrarily declaring "economy is nowhere close to a recession." #Propaganda #AusterityBudget #Thieves #Congress #WallStreet
The bubble is ready to burst. #HOUSINGBUBBLE2023
it seems like they are pushing back the inevitable there is no way there is growth its impossible
What are the values difference between 1 dollar, 1 rouble and 1 euro ?
1 euro…
The job of the fed is to "maximize employment and prevent recessions" yet they are DILEBERATELY trying to raise unemployment and cause a recession to fix inflation
He's looking more correct all the time, good for him.
Fed manipulate numbers! All lies! Inflation is SKYROCKET
Yeaa. They forgot to mention that these jobs are fake job listings. Nothing more
Be prepared for another rate hike. This jobs report is the fuel the fed needed
A recession starts after the first rate hike, no matter what the job report number is
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Taking credit for people getting back to work and people taking a second job to keep up with inflation.
Why is much of the main stream media saying the economy is in shambles. Malls and restaurants are overflowing, traffic jams everywhere as well as help wanted signs and college students getting up to $20 an hour summer jobs. Who ordered the brainwashing?
I'm buying more stocks. You other guys hold your breath waiting for recession till you pass out.
A recession comes with an equivalent market chance if you’re early informed and equipped, I’ve seen folks amassed up to $1m during these times and even pull it off easily in a favorable economy unequivocally, the cash/ recession is getting somebody somewhere rich
It's a white collar recession now. will roll into other sectors over time. It won't look like the last one at all.
Fed failing with weakness once again 29th time in a row
Only a moron would believe these numbers. We add 339k jobs – well above expectations – yet the unemployment rate rises 10% month over month. That's not even close to being a real possibility. Second, there isn't any economic indicator that says the economy is improving – NONE. In fact, they are all pointed down. Additionally, the Fed is about to burrow 600B to match the new debit ceiling – i.e. adding more cash to the economy – inflationary. The wages continue to rise at about 4-5% YoY, that alone ensures inflation continues at 5%. The new debt celling package allows unlimited borrowing over the next two years – more inflation. Lastly, employment numbers are not correlated to a recession, GDP or even inflation anymore – as our employment numbers have been nearly the exact same for the last 18 months – while GDP, savings, and productivity plummet, and inflation, interest rates, and cost of living continue to rise for normal people.
Mostly immigrants working for less
Now stop talking about a recession like you’ve been doing for five years the workers with lower wages are popping us up. Start pushing for higher wages, so that stimulate the economy even more.
This is why the fed is failing by not raising rates faster
I wonder how the doomers will bury their head in the sand and explain away this one.
Rigged to make it favourable to clear the path of further Fed rate hikes..
Biden a jobs president who is also paying down debt whoop whoop
Dems create good economies, Repubs destroy our economies. Biden 2024.
Ummm…..thats a good thing that we are not close to a recession