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12 06 24 CSU Economics Professor Stephan Weiler talks about the November Jobs Report
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A Bond account allows you to lock in a 6% or higher yield with a diversified portfolio of high yield and investment grade corporate bonds. So, while other people are watching their return shrink, you can sit back with regular interest payments. But you might want to act fast, because your yield is not locked in until you invest. The good news? It only takes a couple of minutes to sign up at public.com. Lock in a 6% or higher yield with a Bond account, only at public.com. Brought to you by public investing member FinRAT SIPC. Yield to worst is not guaranteed. Not an investment recommendation. All investing involves risk. Visit public.com/disclosures for more info. It is Colin Zorado's Morning News as we continue on this Friday. The monthly jobs report shows payroll increases more than expected for the month of November. The Labor Department reporting 227,000 jobs created last month compared to October's Upertly revised 36,000. Joining us now on the KOA Common Spirit Health Hotline to talk more about it is CSU economics professor Stefan Weiler. Professor Weiler, thank you so much for your time as always. Overall reaction, biggest takeaways that we should take from the November jobs report? I think after, first of all, it's great to be with you again. But I think after the October storms and strikes, I think people were wondering whether the labor market would sort of steady itself. And I think the numbers this morning, there were about 20,000 above expectations at 227. I think they show that the ship is still afloat, it's still pretty much on the same trajectory. And that said, as it's going to start making its decisions for December, can I think take some solids from that labor market's number? What is one data point professor you look at and think that is encouraging or discouraging? Is there any one thing that you say this may be an outlier, this may be good for the headwinds or the future ahead? Good question. It's kind of a mixed picture in some ways. On the plus side, things like leisure, which overlaps a little bit in Colorado, the beginning of the CCU started a little early for us. Leisure in general went up 53,000. The finance industry now that interest rates are beginning to fall a little bit, got a bump. And the wages went up about 4% year over year, which is kind of a Goldilocks figure for the Fed. It's not too strong to think that the labor market is getting out of hand, but not weak enough to think that you really need to drop interest rates fast. On the other hand, though, there are some downsides. The average unemployment duration, in other words, it's just taking longer for people to find jobs. It now takes the average unemployment person 23.7 weeks to find a job, which is four weeks longer than it was just a year ago. Delinquency and credit cards, grazed in 10 years, retail dropped, even though we had a good black Friday, retail sales looked good. Retail actually dropped 28,000, which means that online purchasing must be picking up the slack there. So it's kind of a mixed bet. Professor Weiler, when we look at these numbers, have we fully recovered nationally when we look at overall layoff concerns, the hurricane damage and the job losses that we saw with that? Are we just recovering nationally when it comes to those natural disasters that we saw? I think that's right. I mean, the boat, we took a hit with Boeing strike and with those two hurricanes, Helene and Nurt Milton. And I think basically the ship righted itself really quickly. And I think that, again, is a good sign for the economy in general. So the CPI comes out next week that will tell us how prices look, and those factors will also be a piece of the Fed's decision on the 17th and 18th of December. We may have to have you back on to talk about those CPI's. While we have you though, and wrapping up with you, I know you watched the comments of Jerome Powell, the Fed Chair, maybe the last comments he makes in that role. One of the things he says we can afford to be a little more cautious, what's your takeaway from some of his final words or potential final words in that position? Well, you nailed one of them with cautious. And I think there is a sense that there might be political pressure to drop interest rates. I think what he was saying that we need to be cautious, the fact is that we do have pretty sustained strong growth. And so right now that people are betting still that there are going to be about 25 basis points or a quarter of a percent decline in the Fed funds rate. When the Fed made 17th and 18th, the other word is independent. The Fed maintains the fact that it should not be a political instrument and that with the new administration coming in and having some history of being unhappy with the way the Fed runs its business, Powell emphasized the importance of an independent Fed. CSU economics professor Stefan Weiler, thank you so much for your insight on this as always. Hey, it's Ryan Seacrest. Life comes at you fast, which is why it's important to find some time to relax a little you time. Enter Chumba Casino with no download required. You can jump on any time anywhere for the chance to redeem some serious prizes. So treat yourself with Chumba Casino and play over 100 online casino style games all for free. Go to ChumbaCasino.com to collect your free welcome bonus. Sponsored by Chumba Casino, no purchase necessary, VGW Group, void where prohibited by law, 18 plus terms and conditions apply. All right, we're all set for the party. I've trimmed the tree, hung the mistletoe and paired all those weird shaped knives and forks with the appropriate cheeses. And I plugged in the Partition. Partition? It's a home cocktail maker that makes over 60 premium cocktails plus a whole lot of seasonal favorites too. I just got it for 50 off. So, how about a Cosmopolitan or a mistletoe margarita? I'm thirsty. Watch. I just pop in a capsule, choose my strength, and... Wow. It's beginning to feel more seasonal in here already. If your holiday party doesn't have a bartender, then you become the bartender. Unless you've got a Partition because Partition crafts every cocktail perfectly in as little as 30 seconds. And I just got it for $50 off. 'Tis the season to be jolly-er. Add some holiday flavor to every celebration with a sleek, sophisticated home cocktail maker, Partition. Pick up your phone and shake it to get $50 off any cocktail maker. Yes, you heard me. Shake your phone and get $50 off. Don't delay. Heads up, folks. Interest rates are falling. But as of September 23, 2024, you can still lock in a 6% or higher yield with a Bond account at public.com. That's a pretty big deal, because when rates drop, so can the interest you earn on your cash. A Bond account allows you to lock in a 6% or higher yield with a diversified portfolio of high yield and investment grade corporate bonds. So, while other people are watching their return shrink, you can sit back with regular interest payments. But you might want to act fast, because your yield is not locked in until you invest. The good news? It only takes a couple of minutes to sign up at public.com. Lock in a 6% or higher yield with a Bond account, only at public.com. Brought to you by Public Investing member FinRAT SIPC. Yield to worst is not guaranteed, not an investment recommendation. All investing involves risk. Visit public.com/disclosures for more info. (upbeat music)